STOCK MARKETS — Reports from Labrador add zest to western markets

The usual summer doldrums are nowhere to be seen on western markets, as eager investors jockey for position in the growing suite of Labrador area stocks.

Over the report period ended July 18, the Vancouver Stock Exchange resource index managed to edge up 3.59 points to 1,334.33, while the composite index added 3.24 points at 839.52.

Castle Rock Explorations ran up to a high of $1.18 on reports that samples from its Charles Michael property in the Voisey Bay area of Labrador contain nickel-copper-mineralized massive sulphides. The issue finished the report period up 30 cents at 99 cents. Assays from the sampling are pending.

Reports of the discovery of a rusty gossan zone on the CUZA-1 prospect in Labrador did little for Goldnev Resources. Although the structure is said to contain semi-massive and massive pyrrhotite-chalcopyrite-magnetite mineralization, the issue increased in value by only 10 cents to close at $2.20.

In the meantime, drilling is under way on Goldnev’s Niatak joint venture with Starcore Resources in the Voisey Bay camp. Three holes will test an east-west-trending zone which returned grab samples assaying up to 0.65% copper, 0.32% nickel and 0.114% cobalt. Starcore closed up 25 cents at $1.60.

Texas T Resources is negotiating to pool its property interests in the nearby Harp Lake area into a syndicate of other property owners. The issue added a dime at 47 cents.

Reports of massive sulphide intersections on the Akie project in northwestern British Columbia gave Ecstall Mining a 32 cents boost to $1.90. Inmet Mining is earning a 60% interest in the property.

AGC Americas Gold halted trading at $3.80 prior to releasing assay results from drilling on its JD claim group in the Toodoggone region of northern British Columbia. The drilling is following up last year’s work, which returned values of up to 0.39 oz. gold per ton over 29 ft. The recent drilling returned values ranging from 0.11 oz. gold over 3.3 ft. up to 0.29 oz. gold over 16.5 ft. The issue dipped as low as $3.50 after trading was reinstated, but managed to reverse course to close up 20 cents on the week at $4.50.

The discovery of a new copper-gold porphyry zone at the Trinidad project in the Philippines helped Delta Gold add 29 cents to close at 93 cents. Trenching values graded up to 0.68% copper and 0.074 oz. gold over 23 ft.

Alberta-listed Bre-X Minerals continues to generate investor interest with its Busang gold property in Indonesia. The indicated and inferred resource at Busang is now estimated at more than 34 million tons grading 0.077 oz. gold. Bre-X closed up $4.13 at $11.88.

Copperstone Resources and Island-Arc Resources both gained ground as interest continued to grow in their Boleo copper-cobalt project in Mexico. The property is adjacent to International Curator’s claims, where a large, bulk-minable copper-cobalt resource is being outlined. Copperstone, which is earning an 80% interest in the property from Island-Arc, added 32 cents at $1.50, while Island-Arc gained 16 cents at 90 cents.

Plans to raise US$6 million through a debenture convertible into gold (2.5 oz. per US$1,000 face value) proved helpful to International Avino Mines and Bralorne-Pioneer Mines. The former added 15 cents at $3.50, while the latter closed up 20 cents at $1.65. The companies plan to use the funds to finance mill construction and mine development at their Bralorne gold mine property in British Columbia.

Pacific Wildcat Resources continued to gain ground following the acquisition of an interest in an Indonesian gold project that hosts a geological resource estimated at 13.2 million tons grading 0.061 oz. gold and 0.13 oz. silver. Pacific Wildcat traded as high as $1.75 before finishing up 35 cents at $1.60.

Recent drilling on the Brandywine property in B.C. helped La Rock Mining add 17 cents to close at 66 cents.