STOCK MARKETS — Cinola JV was bright spot in lacklustre

The Vancouver Stock Exchange composite and resource indexes continue to reach new lows for the year.

For the report period ended Nov. 22, the composite index dropped 32.22 points to close at 762.98. The resource index fell 61.45 points to finish at 1,243.46.

On the announcement of a joint-venture agreement with Misty Mountain Gold to explore the Cinola gold project in the Queen Charlotte Islands of British Columbia, Romulus Resources hit an all-time high of $2.40 before closing at $1.85, up 5 cents. Romulus, as operator, can earn a half interest by spending up to $15 million over a staged period. Upon earn-in, the project will be advanced on a 50-50 basis. Previous work outlined a low-grade, potentially open-pit, diluted mining reserve of 31.3 million tonnes averaging 2.2 grams gold per tonne. Romulus believes the potential to develop high-grade zones by alternative mining methods exists within and below the previously proposed open pit adjacent to associated fault structures. Representative intersections of significant values from prior drilling include 21.9 metres of 23.6 grams and 20.1 metres of 8.1 grams. Minimal trading in Misty Mountain Gold resulted in a 5 cents loss, closing at 55 cents.

Results released for two drill holes from its Rendell-Jackman project in Newfoundland did little for Major General Resources. The issue closed down 7 cents at 42 cents. Hole RJ-16, drilled 60 metres updip from the previously reported base metal intersection of RJ-13, returned two separate intervals: 8.7 metres grading 4.16% zinc, 0.36% copper, 1.06% lead, 14 grams silver and 0.14 grams gold per tonne, plus 7.6 metres grading 4.61% zinc, 0.5% copper, 2.69% lead, 113.2 grams silver and 1.39 grams gold. Along strike, 50 metres to the east of RJ-13, hole RJ-14 intersected weakened extensions of the mineralized zone returning 1.3 metres of 0.82% zinc, 0.07% copper, 0.5% lead, 51 grams silver and 0.37 grams gold, plus 2.5 metres of 0.75% zinc, 0.1% copper, 0.18% lead, 23.9 grams silver and 0.28 grams gold. Drilling continues on the property, and assays from additional holes are pending. The release of assay results for the first three holes of an 8-hole, 1,829-metre program on the Rainbow property near Kamloops, B.C. was met by a 24 cents downward slide of Getchell Resources, to close at 65 cents. Getchell holds a 30% interest in the joint venture, with Toronto-listed Teck acting as the operator and holding 70%. Copper and gold mineralization in the three holes is sub-economic in grade, and assays are pending for the remaining holes.

Booker Gold Explorations fell 55 cents to $1.80 after releasing assay results for its Hearne Hill project northeast of Smithers, B.C. Hole 94-5, drilled to a depth of 217.6 metres, returned a grade of 0.114% copper for the first 43.9 metres of the hole and a grade of 0.214% copper and 0.114 grams gold per tonne over 173.7 metres for the remainder of the hole. A total footage in excess of 1,500 metres is expected to be drilled.

Carissa Mining jumped 12 cents to close at 28 cents on more than 1.1 million shares. The company recently completed a 9-hole, 1,615-metre diamond drill program on the historic Carissa gold mine in Wyoming. Assays range from 0.6 metres of 1.37 grams gold per tonne from Hole 94-9 to a significant 33.9 grams over 7.3 metres in hole 94-1. A 1995 program is expected to call for the rehabilitation of the old mine workings, together with an underground drill program.

The acquisition of the Champion copper property added 5 cents to Summo Minerals, which closed at $1. The property is situated in New Mexico and has a drill-indicated geologic resource of 18 million tonnes grading 0.4% copper. The company believes the deposit is amenable to open-pit mining and solvent-extraction electrowinning. A full interest can be acquired by paying US$1 million to the vendors, as well as a royalty and finder’s fee. Bren-Mar Resources closed at 62 cents, up 19 cents. The company currently holds interests in concessions in California and Arizona. It recently announced a private placement of 620,000 units at 18 cents per unit.