MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Voisey’s Bay juniors on move as VSE posts modest gains

For the report period ended Nov. 10, the Vancouver Stock Exchange composite index inched up 3.45 points to 405.15, while the mining index added 5.48 points to finish at 300.55. The combined value of the Alberta Stock Exchange rose 54.65 points, or 3.2%, to close at 1,782.94.

Argentina Gold was off 67 cents at $2.48. The company recently provided an update on its drilling program at the Amable gold-silver discovery at its 60%-owned Veladero project in Argentina. To date, Argentina Gold has completed 3,000 metres of a 6,000-metre program. Results from the first eight holes have been reported. Future drill reports from the company will be released in batches rather than on a hole-by-hole basis, a method that drew criticism from analysts. Toronto-listed Barrick Gold holds the remaining 40% interest in the project.

Winspear Resources continues to be one of the most mobile VSE stocks, closing up 8 cents to $2.13 in heavy trading. Results from microdiamond analysis on a 500-kg sample from the NW Snap Lake dyke in the Northwest Territories are expected shortly, as are the micro results from spring and summer drilling. The results will be used to establish a geostatistical database on microdiamond distribution in the dyke in order to predict grade. Winspear holds a 67.8% interest in the Camsell Lake project, while Toronto-listed Aber Resources holds the balance.

International Northair Mines rose 8 cents to 61 cents on news that it is sending a drill rig to the Venturina gold-silver property in Mexico’s Chihuahua state.

A preliminary drill program will consist of at least 10 reverse-circulation holes to test portions of the main Venturina target zone. The holes will be spaced an average of 40 metres apart over a strike length of 410 metres. More than 400 chip and channel samples taken from the Venturina zone returned an average grade of 1.67 grams gold and 39 grams silver per tonne. The Venturina zone extends over a strike length of 1,500 metres, with a true width ranging up to 100 metres.

Canabrava Diamond was up 39 cents at $1.12 following the release of information on its diamond exploration projects in Canada and Brazil. Paramount Ventures & Finance, a joint-venture partner in Ontario’s Kap and Rocky Island projects and Brazil’s North Bahia project, tacked on 11 cents to finish the week at 38 cents. In related news, Toronto-listed Teck dropped the Canabrava project in Brazil.

Partners White Knight Resources and Chapleau Resources released disappointing drill results from the first five holes on the Indian Ranch gold property in central Nevada. Chapleau, which can earn a half-interest in the property from White Knight by spending US$1.5 million and paying US$500,000, remained unchanged at 76 cents. White Knight fell 20 cents to 60 cents. Drilling continues.

Quaterra Resources closed at 22 cents, up 6 cents. Thomas Patton, who serves as president of Western Copper Holdings, was appointed president of Quaterra. The company holds an extensive land package, under option from Kennecott Exploration, along the Altar shear gold trend in Mexico’s Sonora state. Also, Quaterra is negotiating with Western Copper to acquire a stake in a high-grade silver project in Zacatecas state.

Trading in several South Voisey’s Bay players remained lively. Donner Minerals was off a penny at 35 cents; Alberta-listed Northern Abitibi Mining slipped 3.5 cents to 18 cents; and Cypress Minerals was up a cent to 14 cents.

Western Keltic Mines picked up 8 cents to close at 31 cents. The company has acquired interests in a group of claims contiguous to the Stoneboy joint venture of Teck and Sumitomo in Alaska.