STOCK MARKETS — Juniors fuel trading on western markets

The Vancouver Stock Exchange composite index remained flat over the report period ended Oct. 29, closing at 1,112.81, up 2.84 points, while the resource index rose 108.72 points to finish at 2,254.72.

Arizona Star Resource lost ground in heavy trading after releasing the latest batch of deep drilling results from the Cerro Casale gold-copper porphyry project in northern Chile. Arizona Star, which owns a 51% interest in the project, closed down $1.75 to $8.05. Toronto-listed Bema Gold owns the other 49% interest.

Booker Gold Explorations was forced by the VSE to amend a recent news release on its Hearne Hill copper-gold porphyry project northeast of Smithers, B.C.

The original release, described as over-enthusiastic and exuberant, gave a resource estimate and in situ value, which were considered premature. The amended news release said additional work is required to establish definitive tonnage and grades. To date, Booker has spent more than $2 million on exploration and has been drilling the property since 1994. Booker slipped 65 cents to close at $3.75.

A second phase of drilling on the Soup gold property in north-central British Columbia has been suspended until the spring of 1997, owing to deteriorating weather conditions. Vital Pacific Resources, which holds a 74% interest, was down 4 cents at 14 cents, while Athlone Resources, which holds the remaining balance, closed at 29 cents, up 1 cents.

Partners Greystar Resources and Churchill Resources were both up on the release of further drill results from the Angostura gold-silver project in northeastern Colombia. Greystar finished up 8 cents at $1.43, while Churchill, which can earn a half interest in the project from Greystar, was up 18 cents at 83 cents.

Consolidated Silver Tusk Mines tacked on 25 cents to close at $4.60 on further results from its 80%-held former producing Pt. Karya Bukit Utama gold-silver property at Sumatra, Indonesia. Hole 96-6 was completed to a depth of 195.2 metres and preliminary results from the top third of the hole included 2 metres averaging 60.2 grams gold and 4,780.6 grams silver per tonne at a depth of 40 metres. Two additional trenches, 500 metres apart, returned 20 metres averaging 136.24 grams gold and 2,417 grams silver, and 22 metres averaging 54.06 grams gold and 1,565 grams silver.

An exclusive exploration contract on the 2,000-ha Porvenir concession in eastern Bolivia was awarded to Essex Resource. The property is adjacent to its Miguela concession and is considered favorable for both gold and copper-rich massive sulphide mineralization. Essex added 7 cents to finish at $1.43.

Argosy Mining closed down 30 cents to $1.50. Further drill results were released from a first phase of drilling comprising 3,632 metres in 29 holes on the former-producing Sturec gold-silver deposit at the Kremnica project in Slovakia. The drilling is aimed at confirming a previously defined near-surface resource of 8.3 million tonnes grading 1.45 grams gold and 11.6 grams silver. A second phase of drilling is under way with 20 additional holes planned.

A 20-hole, 2,500-metre program of reverse-circulation drilling is testing the Chinchillas, Centenario and Oculto properties held by Aranlee Resources in northwestern Argentina. The targets are all large porphyry systems. Aranlee slipped 3 cents to 93 cents.

Recent drilling at the Skukum Creek project in southern Yukon intersected a true width of 28.4 ft. grading 0.67 oz. gold and 7.56 oz. silver in one of the deepest holes drilled to date. Omni Resources is focused on expanding a reserve of 513,000 tons grading 0.22 oz. gold and 8.01 oz. silver. The issue closed at 84 cents, up 7 cents.

At the Cariboo Gold Quartz mine project in central British Columbia, recent underground drilling by International Wayside Gold Mines on the Pinkerton zone intersected 96 ft. averaging an uncut 0.27 oz. gold, while surface drilling on the Rainbow zone hit a 90-ft. interval averaging an uncut 0.83 oz. gold. International Wayside was up 17 cents at 70 cents.