STOCK MARKETS — Few escape unscathed as crash KOs western markets — VSE struggles to recover from Hong Kong-triggered ‘severe correction’

The Vancouver Stock Exchange composite index fell 71.08 points, or 8.5%, to 762.36 over the report period ended Oct. 28. The mining index plummeted 81.86 points, or 11%, finishing at 662.75 points.

The combined value of the Alberta Stock exchange slipped 212.32 points, or 8%, to close at 2381.91 points.

Despite the “severe correction” in the markets, Avolon Ventures went against the grain to close up 76cents at $2.66. The company raised $1.1 million though private placements and intends to apply $650,000 to a drilling program on the Separation Rapids rare metals property in Kenora, Ont. Also, about $150,000 will be spent exploring the nearby Dubenski and Dogpaw Lake gold projects.

Most companies, however, had a much worse time of it over the report period.

Cross lake Minerals dropped $1.20 to close at $3.30. The junior tabled drill results from its wholly owned Sheraton-Timmins property. Highlights include 12.5 metres grading 1.77% copper, 0.41% zinc and 18.15 grams silver per tonne, and 66 metres of 0.19% copper, 1.12% zinc and 15.86 grams silver. Other stakeholders in the Nighthawk area include East West Resources, which edged down 2cents to close at 67cents, and Canadian Golden Dragon Resources, which slipped 2cents as well, to finish at 58cents.

Donner Resources didn’t escape the market slide either. The issue fell 68cents to close at $3.09. Other juniors, affiliated with Donner through joint ventures in the South Voisey’s Bay area of Labrador, also felt the wrath of the market. Mandorin Goldfields fell 17cents to close at 25cents, and Cypress Minerals closed at 94cents, down 66cents.

Teck and Donner drilled six holes on Major General Resource’s Sarah Lake property, situated in the heart of the South Voisey’s Bay project. Drilling was focused on the mineralized troctolites on the southern part of the claim. Major General intends to investigate a high-priority target along the eastern extension of the Northern Abitibi Nickel zone. Alberta-listed Northern Abitibi drill-tested the edge of a gravity anomaly which lies within 1 km of the Sarah Lake claim boundary. Evidence indicates the favorable gabbro complex dips northeasterly on the Sarah Lake claims. Shares of Major General Resources fell 1cents to 58cents, while Northern Abitibi slid 50cents to close at $1.70.

Rupert Resources closed down 5cents at $2.15. The company announced that drilling at the Crown diamond mine in South Africa has reached the 370-metre mark. The former producer operated between 1896 and 1931, during which time it cranked out more than 700,000 carats from 4.9 million tonnes of kimberlite. At the end of operations, a blind hypabyssal kimberlite body known as “the bulge” was discovered, but never mined. The company expects to hit the kimberlite at about 400 metres down-hole. A 5-hole drilling program comprising 3,500 metres will test the bulge. Rupert has an option to earn between a 60% and 70% interest in the mine.

Alberta-listed Blackstone Resources also had rough ride during the beleaguered report period. The issue tumbled 50cents to close at $1.03. Results from the Taiga Property in the Yukon indicated a stratigraphically controlled nickel-zinc horizon. The company has staked an additional 800 claims to cover 32 km of favorable stratigraphy. Alberta-listed Glenhaven Resources, which can earn a half interest in the property, closed down 18cents to 51cents.

Arizona Star Resource and Toronto-listed Bema Gold made a deal with Placer Dome to help develop the Cerro Casale gold-copper property in northern Chile. Arizona Star fell $1.21 to $3.61.