MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Junior mining issues help buoy VSE

The Vancouver Stock Exchange composite index climbed 4.75 points, or 1.2%, to finish the report period ended Oct. 27 at 389.37. The mining index remained steady, edging up only 0.03 of a point, to close at 282.47. Meanwhile, the combined value of the Alberta Stock Exchange slipped 21.85 points, or 1.2%, to close the week at 1684.41.

Argentina Gold continued its reign on the VSE’s most active list, gaining 39 cents and closing at $2.30. The junior released more drill results from its 60%-owned Veladero project in San Juan province. Drill hole 82 intersected 91 metres averaging 1.49 grams gold and 35.75 grams silver per tonne. The hole ended in mineralization at a depth of 318 metres. Hole 81 returned disappointing results, cutting only anomalous gold in discontinuous fractures and veinlets. Assay results are pending for holes 83 and 84.

Winspear Resources rose 23 cents to finish the week at $1.99. The market was anticipating bulk-sample results, as well as assays from the previous season’s drilling at the Snap Lake diamond dyke in the Northwest Territories.

White Knight Resources announced that drilling had intersected carbonate rocks at the Indian Ranch property in Nevada. Previous drilling intersected sub-economic gold grades in rocks above the Lower Plate carbonates. The drilling is being managed by White Knight, with funds provided by Chapleau Resources. Chapleau stands to earn a 50% interest in the property. White Knight saw its issue rise 20 cents and close at 76 cents, whereas Chapleau jumped 13 cents and closed at 88 cents.

Alberta-listed Rondal Gold launched an 8,000-ft drill program on its 11,700-ha property in central Mexico. Rondal’s issue rose 17 cents to close at 80 cents.

Balaclava Mines slid 43 cents to closed at 85 cents. Drill results from the company’s El Corazon project, 60 km northeast of Quito, Ecuador, focused on the Tres’X area. Results were varied — three of the eight holes returned no significant values, though hole BCD-13 hit 23.7 metres averaging 48.97 grams gold per tonne uncut and 15.2 grams cut. Hole BCD-10 intersected 2.5 metres grading 84.56 grams gold uncut and 13.15 grams gold cut. Six holes were completed in the Rio Verde Cico area, though most of these hit only low-grade material.

Primo Resources picked up 4 cents to finish the week at 24 cents. A geophysical survey at the Los Dos Buhos quartz vein system provided numerous anomalies over a 10-km grid. A 10,000-metre diamond drill program will focus on the Los Dos Buhos, Vallecito, Portezuelo and Esperanza vein systems. Mitsubishi of Japan can earn a 30% interest by spending US$1.5 million on exploration. Once the earn-in is complete, Golden Peaks, the operator, and Primo will each hold 35%. Golden Peaks’ issue jumped 13 cents to close at 80 cents.