MARKET STORY — Rise in resource index reflects stronger western markets

Western markets gained ground over the report period ended Sept. 12, with the Vancouver Stock Exchange resource index adding more than 28 points to close at 1,385.87.

The composite index ignored the move in resource issues, finishing the period unchanged at the 865 level.

Atna Resources continued to put in a stellar performance, touching a new high of $3.55 before settling for a gain of $1.40 at $3.35.

Additional drill results from the company’s Foot property in the southern Yukon have extended the dip length of the Wolverine discovery to 210 metres.

Westmin Resources, which is earning a 60% interest in the property, says the hole intersected 6.8 metres grading 19.23% zinc, 1.45% copper and 1.4% lead, plus 2.52 grams gold and 435.1 grams silver per tonne.

Atna took advantage of the runup in its share price with the sale of 1.5 million units through a private placement at $2.75 per unit. The units include one share and half a warrant, each of which is exercisable at $3.50 until Sept. 30, 1996.

Although Cominco holds much of the property in the area (a result of its ownership of the Kudz ze Kaya discovery), several juniors also hold ground positions.

Trading in Expatriate Resources heated up, pushing the issue up 30 cents to $1.40. The company owns more than 1,300 claims comprising 19 properties in the area and is conducting ground exploration on several targets.

Pacific Bay Minerals, which recently reached an agreement to acquire a property 25 km southeast of Cominco’s deposit, added 18 cents to close at 75 cents. Previous work by Cyprus Anvil Mining outlined a broad zone of highly anomalous copper in soils and identified numerous showings. Pacific Bay is mobilizing an exploration crew to the property.

Drilling on the Niblack project in southeastern Alaska is confirming previous drill results on the Dama zone, according to Abacus Minerals, which edged up 9 cents at $1.14. Previous drilling on the zone encountered 15.7 metres grading 6.97% copper and 3.87% zinc, as well as 1.37 grams gold and 59.6 grams silver. The confirmation holes will be used to direct stepout drilling on the zone.

Additional drill results from the JD claims in the Toodoggone River area of north-central British Columbia did not help property owner AGC Americas Gold, which dipped 35 cents to $2.15. The recent results ranged from a 0.64-metre intersection grading 4.66 grams gold, up to a 7.01-metre intersection grading 14.9 grams gold and 62.3 grams silver.

BHP Minerals has started drilling on the Coahuila copper project in northeastern Mexico in an effort to test a sedimentary-hosted, copper-silver horizon. BHP can earn a 70% interest in the property from a company which is 50.1% owned by Francisco Gold. That company put in an impressive performance, leaping $1.35 to close at $4.60.

Drilling is under way on the Corey property in northwestern British Columbia with the objective of locating a look-alike to Prime Resource’s nearby Eskay Creek deposit. Kenrich Mining, owner of the Corey, tacked on 20 cents to close at $1.90.

Navarre Resources, which recently acquired the Kettle River property in Nevada, had a good week, touching a new high of $1.25 before closing at $1.14 for a gain of 30 cents.

Ace Developments managed a rebound, closing up a nickel at $1.90 after dipping as low as $1.40. The company will form a joint venture with Archean Resources to explore properties in Labrador. Archean is owned by the discoverers of the Voisey Bay deposit.