STOCK MARKETS — Investors remain attracted to Kilometre 88

The Vancouver Stock Exchange resource and composite indices slowed their advances during the week ended March 16, 1993. Since the start of the year, the resource index has gained more than 25% at its current 836-point level, while the composite index has jumped more than 21% to its recent close at 765.38 points.

Crystallex International and Eurus Resource released additional results from drilling on their Albino concession in the Kilometre 88 district of southeastern Venezuela. Drilling to date on the shallow-dipping La Conductora shear zone has returned variable grades and widths ranging from 18.9 metres grading 19.8 grams gold per tonne in hole 93-1 to three metres at 1.83 grams in hole 93-9.

Crystallex closed down 38 cents at $5.87 while Eurus lost 63 cents to finish at $2.30.

Another property battle appears to be flaring up in the Kilometre 88 district. Both Canalaska Resources and joint-venture partners Consolidated Newgate Resources and European Ventures claim to have entered into agreements with two separate groups to acquire the right to explore and exploit the El Pauji concessions. Which group actually owns the rights to the concessions remains unclear.

Canalaska added 3 cents to close at 37 cents, Newgate lost 7 cents at 89 cents and European Ventures slipped 3 cents to finish at 45 cents. Rare Earth Resources shot up $1.10 to close at $3.10 after announcing the acquisition of additional ground in Venezuela. Rare Earth and Consolidated Madison Holdings will each have a 40% interest in 1,000 ha, about 2.5 km northeast of the companies’ Yuruan concession. In addition, the joint venture applied for a further 1,000 ha in the immediate area of the acquisition. Madison added a nickel, finishing at $2.35.

An agreement to earn half of a 5,000-ha concession in the El Callao district of Venezuela’s Guyana shield gave Alberta Stock Exchange-listed Gold Vessel Resources a 28 cents boost to 64 cents.

ASE-listed Naxos Resources touched a new high of $3.10 before closing at $2.90 for a gain of 93 cents, which is surprising considering the highly speculative nature of its project. The company has been testing its Franklin Lake, Death Valley Junction gold project in California using experimental extractive metallurgy. Naxos believes standard fire assay procedures undervalued the gold content and the company hopes to release results shortly from a bulk sample.

Goldcap more than doubled to 25 cents following a change of control and the acquisition of five diamond-prospective properties aggregating 1.1 million acres in the Peace River Arch area north and west of Edmonton, Alta. The company also agreed to earn a 50% interest in 100,000 acres in the Northwest Territories.

Sutton Resources pushed to a new high of $16.25 before closing up $2.12 at $15.87. The company holds nickel concessions in northwestern Tanzania in a joint venture with BHP Minerals International as well as gold concessions in Guyana.

Plans to acquire a 50% interest in the Ealue Lake property, about 60 km north of Eskay Creek in northern B.C., helped Save-on Automotive Industries with a 32 cents increase to 49 cents.

St. Jude Resources released drilling results from its Uchi Lake gold property in the Red Lake district of northwestern Ontario, reporting a 3.5-metre intersection grading 35.5 grams gold per tonne. St. Jude finished up 21 cents at 85 cents.

The share price of Consolidated Pine Channel continued to sparkle, adding $1.05 to finish at $3.55. The company reports that Noranda has completed drilling on the Reindeer Lake and Stackhouse Bay joint ventures in Saskatchewan and results are pending. The company is also continuing with work on various diamond exploration joint ventures in Saskatchewan. Joint-venture partners Dentonia Resources, Horseshoe Gold Mining and Kettle River Resources recently announced that Kennecott has started drilling on the WO claim group in the Northwest Territories to test its diamond potential. Dentonia and Horseshoe Gold both closed down 7 cents, finishing at $1.83 and $1.93, respectively, while Kettle River managed a 50 cents gain to $3.