STOCK MARKETS — Murgor still adding shine to dull western

Trading activity on the Vancouver Stock Exchange in February was down considerably from the same time a year ago. At 331 million shares, volume was off by 35%, while the value of the shares at $290 million had slipped by 54% from February, 1994. The number of transactions was likewise lower, by 43%.

Vancouver-listed companies managed to raise $50 million in financing during the month, adding to the $38 million raised in January for a total to date in 1995 of $88 million.

For the 5-day report period ended March 7, the Vancouver Stock Exchange composite index increased slightly to close at 696.97, up 2.21 points. The resource index, on the other hand, fell 12.24 points to finish at 1,095.96. The shine of Murgor Resources rubbed off a bit on the release of further assay results from its Barry Twp. gold property in northwestern Quebec. On a volume of more than 7.6 million shares, the issue dropped to a low of 95 cents before closing at $1.06, down 82 cents. Hole 95-2 returned three separate intervals grading 4.8 grams per tonne over 2.3 metres; 3.1 grams over 1.4 metres; and 3.8 grams over 3.4 metres. The hole was drilled to undercut the shear structure intersected in Hole 95-1, which returned 11.6 metres of 3.4 grams. Hole 95-3 was stepped out along strike and returned 6.4 metres of 4.4 grams. Murgor reports that, upon completion of the current 10-hole program, it will use the results to plan a second phase of drilling, the objective of which will be to test the zone at depth and along the eastern extension.

On news of a significant gold discovery on its wholly owned property in southern Chile, Arauco Resources more than doubled its share price to close at $1.55, up 84 cents. Preliminary exploration work along a grid area, measuring 2,000 by 800 metres, identified at least six anomalous gold zones. Trenching within two of the gold anomalies — A zone and B zone — recovered 149 samples taken over 2-metre intervals, for an average grade of 5.6 grams gold per tonne. The grade is consistent within the samples, indicating the potential for a bulk-tonnage deposit minable from surface. Mapping and hand-trenching continue, with additional assay results expected within three weeks, and follow-up drilling is planned.

Closing at $2.17, War Eagle Mining dropped 58 cents, prompting president Timothy Brock to issue a statement to shareholders outlining the company’s strengths. Among these is War Eagle’s recently signed Candle Lake joint-venture agreement with Kennecott and its right to acquire the La Fortuna silver-gold project in Mexico.

The staking of 300 claims in the Voisey Bay area of Labrador added 10 cents to Rupert Resources, which finished up at 90 cents. The claims cover a prospective area identified from regional geochemical maps. Rupert also increased its position in the Surf Inlet gold property to 100% and subsequently entered a joint venture allowing NDT Ventures to earn a 60% stake. NDT is required to spend $1.6 million during three phases of exploration. The Surf Inlet property, 90 miles south of Prince Rupert, B.C., on the Princess Royal Island, hosts the former-producing Surf Inlet and Pugsley gold mines. These produced more than 910,000 tonnes grading 13.7 grams per tonne. Underground reserves at Pugsley are estimated at 42,954 tonnes grading 13.7 grams. Mine dumps at the Surf contain an estimated 136,363 tonnes grading 3.4 grams while mill tailings are estimated at 170,000 tonnes grading 1.1 gram.

Carson Gold continued its upwards climb, closing at $1.62, an increase of 18 cents. The company issued a news release stating there are no material changes in the affairs of the company. Drilling is in progress in the Kilometre 88 district of Venezuela on the Nueva Alaska concession, which it has joint-ventured with Toronto-listed Vengold, and additional targets are being evaluated on the Bloque A and C concessions. Meanwhile, Carson is exploring for porphyry copper-gold mineralization on its Marion property in the Philippines.

In Nevada, partners Cactus West Exploration and Pamlico Gold have resumed reverse-circulation drilling on the Pamlico gold property. Pamlico remained unchanged at 40 cents while Cactus West lost 4 cents to finish at 17 cents.