STOCK MARKETS — African plays add heat to VSE

The Vancouver Stock Exchange composite index was up 4.47 points at 1,199.47 over the report period ended Jan. 28, while the resource index slipped 7.05 points to finish at 2,237.03.

Speculation continues to grow on the potential size of a gold prospect at the Stenpad property in Ghana. The prospect is held by Hixon Gold Resources, which climbed $3.25 to close at $12.85, and Toronto-listed Golden Rule Resources, which retains a 50% back-in right.

Australian junior Goldminco Mining reached a high of $2.05 before pulling back to $1.56, up 65 cents. The company released promising gold values from a small number of shallow test pits at the Alice River project in northern Queensland. Goldminco has agreed to a private placement of 1.6 million special warrants at a price of 73 cents each.

A geophysical anomaly measuring 1,500 metres in length is the target of a minimum 1,500-metre drill program by Athlone Resources on the Norteno property in Bolivia. Surface sampling has identified widespread gold-copper mineralization, with values of up to 2 grams gold per tonne. The first hole encountered disseminated sulphides over its 150-metre length. The issue closed at $1.03 for a gain of 45 cents.

Golden Trump Resources closed up 11 cents at 62 cents after entering into a preliminary agreement to earn up to an 80% interest from Swannell Minerals and Harlow Ventures in 23 concessions totalling 206,000 ha in the Argentine province of Santa Cruz. Swannell was down 1 cents to 31 cents, while Harlow added 15 cents to finish at a $1.30.

At the Guinaoang copper-gold porphyry project in the Philippines, Pacific Falcon Resources intersected a 630-metre interval grading 0.5% copper and 0.6 gram gold in the fourth hole of the program, which is aimed at expanding a high-grade core of 73.2 million tonnes grading 0.61% copper and 0.62 gram gold. Pacific Falcon closed up 4 cents at 53 cents.

Sterling Pacific Resources announced its intention to acquire six copper-gold properties in the Philippines. The issue gained 12 cents to close at 86 cents.

Chapleau Resources jumped to $1.80, up 65 cents, on the resumption of drilling at the Sewell Brook massive sulphide project in northern New Brunswick. Chapleau can earn a half interest in the property from Toronto-listed NovaGold Resources.

Western Premium Resource rose 16 cents to 42 cents. The company is just completing a 5-week soil and stream-sediment sampling program on its 60%-optioned Kelian property in East Kalimantan, Indonesia.

A minimum 7,000 ft. of drilling has started on Golden Hemlock Explorations’ San Jose de Gracia gold project in Mexico’s Sinaloa state. The issue finished up 23 cents at 94 cents.

Consolidated Samarkand Resources closed at 80 cents, up 22 cents, on the strength of the company’s negotiations for potential acquisitions of mineral properties in Mexico.

Toronto-based Morgain Minerals has received partial drill results from operator BHP Minerals for the Cuatro Hermanos copper-molybdenum project in Sonora state, Mexico. Morgain is not releasing the results until it receives the remaining assays, including re-checks.

The project was previously estimated to host a preliminary resource of 200 million tonnes grading 0.48% copper and 0.035% molybdenite. BHP holds the right to earn a 51% stake in Cuatro Hermanos. Morgain closed down 90 cents to $4.