STOCK MARKETS — Junior deals strengthen western markets

The Vancouver Stock Exchange continued its impressive run, with the composite index advancing 66.44 points to finish at 1,361.01 for the report period ended May 14. The resource index soared 137.71 points to close at 2,435.73.

Preliminary drill results from Alberta-listed Cartaway Resources’ fully owned Cirque property in northeastern Labrador sparked a renewed interest in junior companies holding ground in the immediate area. Cartaway completed two holes on the property, both of which are reported to have intersected multiple zones of net-textured to massive sulphides over intervals of up to 32 metres. The issue rocketed to a high of $16.50 before closing at $13.25 for a gain of $9.65.

Companies with holdings in the area include: NDT Ventures, up $1.10 at $4.35; Layfield Resources, up 23 cents to 55 cents ; Birchwood Ventures, up 10 cents at 90 cents; Aranlee Resources, up 44 cents to $1.40; Alberta-listed Columbia Yukon Resources, up 62 cents at $2.80; Silverstone Resources, up 2 cents to 85 cents; Eastfield Resources, up 28 cents at $1.43; Ace Developments, up 15 cents to $1.30; First Western Minerals, up 10 cents at 91 cents; Castle Rock Exploration, up 25 cents to $1.70; United Compass Resources, up 50 cents at $3.20; Alberta-listed Absolut Resources, up 40 cents to $2.25; International Canalaska Resources, up 54 cents at $1.81; Prime Equities International, up 10 cents to $4.65; Consolidated Magna Ventures, up 32 cents at $1.84; Golden Sitka Resources, up 21 cents to 55 cents; Mongolia Gold Resources, up 7 cents at $1.52; Island-Arc Resources, up 15 cents to $1.50; Warner Ventures, up 38 cents at $1.11; Falcon Ventures International, up 18 cents to 60; Olympic Resources, up 40 cents at $2.80; Double Creek Mining, up 11 cents to 83 cents; Essex Resource, up 15 cents at $4.25; Corum Resource, up 1 cents to 76 cents; Westpine Metals, up 6 cents at 29 cents; and CDN-listed Canadian States Resources, up $1.90 to $3.70.

The intersection of a third kimberlite on the Afridi Lake property in the Northwest Territories was not enough to counteract the disappointing results of a 4-hole drill program on the C.J. claim group in the Lac de Charloit area. Cypango Ventures, which can earn a separate 51% interest in each project, slipped 25 cents to $2.55. Afridi Lake is held 90% by Intertech Minerals, which was up 21 cents at $1.60. The C.J. claims are held by partners ITL Capital and Riley Resources, both of which slipped 5 cents to close at 25 cents.

America Mineral Fields closed up $2 at $17 on the conclusion of an agreement that could see South Africa-based Anglo American become an equal participant in the development of the Kipushi and Kolwezi projects in Zaire by contributing up to US$100 million in equity funding.

The activation of diamond drills at the 21.4-sq.-mile Barama gold concession in northwestern Guyana sparked a $1 jump for International TME Resources. The company, which is earning a 50% interest in the project, closed at $3.50.

A second stepout hole at Goldbelt Resources’ 60% held Abyz deposit in Kazakhstan, intersected 35.2 metres from a depth of 56.1-92.3 metres and average/d 3.25 grams gold and 43.5 grams silver per tonne, as well as 4.95% zinc, 1.03% copper and 0.36% lead (including a 2.2-metre interval grading 22.4 grams gold and 100.6 grams silver, plus 18.58% zinc, 3.05% copper and 1.22% lead.) The deposit hosts existing reserves of 8.2 million tonnes grading 4.7 grams gold, 42.3 grams silver, 3.5% zinc, 1.6% copper and 0.38% lead. Goldbelt tacked on 14 cents to finish at $1.77.

Drilling is set to begin on the Cabot Lake claims of Bismillah Ventures and Western Premium Resource. The claims are 22 miles southwest of the Voisey’s Bay discovery in Labrador. Bismillah hit a high of $1.70 before closing at 90 cents for a gain of 48 cents, while Western Premium reached a high of $1.14 before settling in at 70 cents, a gain of 32 cents.

Global-Pacific Minerals closed up 90 cents at $1.68 on reaching an agreement with Toronto-listed Southwestern Gold. In return for granting Southwestern the first right of refusal for equity participation in all of Global’s current and future Chinese projects, Southwestern will participate in a private placement being arranged by Global.