Employment figures kick-start western markets

Western markets managed to rebound from a 1-day drop triggered by a stronger than expected employment growth south of the border for the report period ended March 12.

The Vancouver Stock Exchange resource index was up 28.76 points to close at 1,857.06, while the composite index slipped 6.6 points to finish at 1,032.66.

Carson Gold is making a move to increase its presence in China. The company has agreed to acquire China Diamond, a private company that holds a 50% interest in the Changma diamond mine and 3,100 sq. km of prime diamond exploration ground. The Changma mine is reported to produce about 44,000 carats per year and contains a measured and indicated reserve of 1.8 million tonnes averaging 1.17 carats per tonne to a depth of 300 metres, with an inferred reserve of 1.4 million tonnes grading 0.77 carat to a depth of 600 metres. In a separate transaction, Carson has agreed to purchase all of the non-cash assets of Yunnan Mining, which include four operating joint-venture agreements pertaining to gold exploration in China’s Yunnan province and two memoranda of understanding on advanced-stage gold and copper exploration projects. Prior to the announcement, the issue was halted at the request of the company at $1.68, up 8 CENTS.

Surface channel sampling of a polymetallic target at the fully owned Cerro Torro property of Sonoma Resource in the Argentine province of San Juan returned an average grade of 4.83% zinc, 0.41% copper and 1.35% lead, as well as 0.17 gram gold and 162 grams silver per tonne over a 30-metre width for four channels, which were at least 200 metres apart. Sonoma tacked on 50 CENTS to close at $2.35.

Pacific Bay Minerals closed at 71 CENTS, a gain of 6 CENTS, thanks to the acquisition of more mineral claims in the Finlayson Lake area of southeastern Yukon. The company’s holdings in the region now total 434 claims.

The first two drill holes from winter drilling on the Mac prospect in the Babine Lake area of British Columbia yielded 656 ft. of 0.135% molybdenite and 0.22% copper for hole 96-24 and 216 ft. of 0.168% molybdenite and 0.13% copper for hole 96-25. Spokane Resources, which can earn a 60% interest in the property from Rio Algom, added 5 CENTS to finish at 49 CENTS.

Alberta-listed Gitennes Exploration completed 46 holes during a winter drilling program at Fishhook Lake, N.W.T. Twenty of the holes were drilled on the TQY property, a 50-50 joint venture with Alberta-listed Tanqueray Resources. Selected results, to date, from the Firefly Eastern iron formation extension include 9.8 ft. of 0.33 oz. gold per ton for hole 96-10 and 7.9 ft. of 0.31 oz. for hole 96-7. Drilling on the Firefly West limb, at Gitennes’ 100%-owned, neighboring Fishhook property, returned 17.9 ft. of 0.15 oz., including 3.4 ft. grading 0.58 oz. for hole 96-6. Meanwhile Gitennes is set to begin drilling at its Howard Lake nickel-copper property in Saskatchewan. Gitennes slipped 22 CENTS to close at 90 CENTS, while Tanqueray was down 5 CENTS to close at $1.50.

Further surface sampling of the Silla zone at Canmex Minerals’ El Limon gold project in Mexico’s Sinaloa state averaged 4.3 grams gold and 26 grams silver for 30 samples taken from trenches and test pits. The issue gained 65 CENTS, closing at $3.

Halted since Feb. 22, Golden Bear Minerals resumed trading on the announcement that it had acquired an interest in three Indonesian properties, one in Kalimantan and two in Sumatra. Golden Bear traded as low as 85 CENTS before settling in at $1.55.

Alberta-listed Champion Bear Resources rocketed to $11.50 for a gain of $7.25. The company reports it has received preliminary results from its fully owned Plomp Farm gold property near Dryden, Ont. Two drill rigs are currently turning and have completed 21 holes totalling 27,900 ft. Initial fire assays indicate values ranging from 0.2-14.3 grams gold per ton, with silver values described as exceeding the gold by a factor of 10.

A mutual decision by joint-venture partners Francisco Gold and NASDAQ-listed Nord Pacific to terminate their option on the Realito gold-silver project in Mexico, followed a detailed evaluation that concluded a preliminary resource of 974,000 tonnes grading 2.82 grams was too low to support a viable open-pit operation. Francisco closed up 75 CENTS at $5.