STOCK MARKETS — All quiet on the western front

Western markets continued to languish over the report period ended Oct. 10. The Vancouver Stock Exchange resource index fell 28.74 points to finish at 1,329.49, while the composite index closed down 25.35 points at 823.60.

Trenching results from Teuton Resources’ and Minvita Enterprises’ joint-ventured property in the Red Mountain area near Stewart, B.C., propelled the issues to 52-week highs. Teuton climbed as high as $1.08 before closing at 90 cents for a gain of 64 cents, while Minvita rocketed to $1.80 before closing at $1.60, up $1.35. A series of trenches across shear structures returned values such as: 18 ft. of 3.59 oz. gold per ton; 24.6 ft. of 0.76 oz.; and 14.8 ft. of 2.08 oz.

The first two holes of a diamond drill program on the Boundary Block claims of Dentonia Resources intersected several intervals of sulphide mineralization consisting of mainly pyrrhotite, with some pyrite and chalcopyrite. Dragoon Resources is operating the program and can earn a 25% interest. Consolidated Brenzac Development can also acquire 25%. Dentonia closed up 85 cents at $1.45, Dragoon added 31 cents to finish at 66 cents and Brenzac gained 69 cents to close at $1.29.

Heavy trading in AFF Automated Fast Foods saw the issue reach a height of 15 cents, before closing at 10 cents for a gain of 2 cents. The company is negotiating for a joint venture on a set of claim blocks it holds in the Voisey Bay area of Labrador.

Management of AGC Americas Gold, replying to a statement made by a U.S.-based investment newsletter writer, said it is not negotiating the sale of a controlling interest in the company; nor has it previously considered seeking offers from third parties. The release of additional assay results from drilling on the Toodoggone property in northern British Columbia, which included 15.4 ft. of 0.54 oz. for hole 119, helped the issue rebound from a low of 70 cents before closing at 93 cents for a loss of 32 cents.

Drill results from the Foot property in southern Yukon confirmed the continuation of the Wolverine polymetallic massive sulphide discovery 50 metres east of the initial discovery section. Toronto-listed Westmin Resources is operating the project and can earn a 60% interest from Atna Resources. Atna continued to lose ground, closing at $2.75, down 70 cents.

Archon Minerals slipped 36 cents to finish at $1.75. The company has suspended, until after freeze-up, its 6-hole drill program of diamond prospects in the Northwest Territories. Technical difficulties encountered on two of the drill targets caused the holes to come up short. It is felt that since all the targets lie below lakes, they can be better assessed once the lakes are frozen.

Minefinders is undertaking an initial, 25-hole program of reverse-circulation drilling on the Bolsa gold-silver property in Mexico’s Sonora state. Preliminary trenching returned 560 ft. of 0.023 oz. gold per ton. Within this zone, two higher-grade sections averaged 0.034 oz. over 100 ft. and 0.14 oz. over 50 ft. Minefinders closed up $1.30 at $5.50.

Drill results from the Niblack project in southeastern Alaska failed to spark a rally in Abacus Minerals. The issue closed down 19 cents to 75 cents.

Kenrich Mining closed at $1.40, slipping 8 cents. The company is drilling the TV zone at its Corey property in the Eskay Creek area of northwestern British Columbia. Mineralization was encountered in two of the first four holes drilled.

In Panama, Arlo Resources completed a second phase of drilling, consisting of 14 holes on the Chorcha concession. Significant intervals of copper mineralization were intersected by several holes, including 118 ft. grading 1.23% copper from hole 21. Arlo closed down 14 cents at 90 cents.