STOCK MARKETS — Rising resource index adds cheer to new year

Western markets rang in the new year on a positive note, with the Vancouver Stock Exchange resource index climbing more than 33 points to 1,292.05.

The composite index also gained ground, closing the report period ended Jan. 2 up 26.75 points at 804.27.

A change in focus from Labrador to hotter Indonesian climes, helped Consolidated Brenzac Development

post a 50 cents gain to $1.26. The company’s exploration team is mobilizing to conduct a detailed evaluation of the four projects under option on the island of Kalimantan.

Arequipa Resources did an about-face after hitting a new high of $2.65, closing the week down 23 cents at $2.27.

The company received results from 26 holes drilled by Phelps Dodge on the Los Calatos porphyry copper prospect in Peru. The most significant intersections ranged from 223 ft. grading 0.18% copper up to 170 ft. grading 0.65% copper.

The acquisition of several industrial mineral properties in Saskatchewan and British Columbia helped Daren Resources gain 9 cents to 34 cents.

Saddlerock Resources took an inexplicable jump, finishing up 37 cents at 80 cents. The company says it is unaware of any material change in its business or affairs that would explain the market activity.

Buyers pushed Farallon Resources to a new high of $4.85 for a gain of 50 cents on anticipation of results from an ongoing exploration program at the company’s holdings in the Camp Morado volcanogenic massive sulphide belt in Mexico. Drilling is expected to start by late February.

A recommendation by an Arizona-based investment newsletter in combination with a recent 4-for-1 stock split helped International Taurus Resources gain 51 cents to finish at $1.47.

A subsidiary of Cyprus Amax Minerals is testing the company’s Taurus property in northern British Columbia as a potential low-grade, bulk-tonnage gold mine.

Hera Resources, a major shareholder of International Taurus, also jumped, finishing up 38 cents at $2.10.

The acquisition of an option on additional ground in Labrador helped Carmelita Petroleum touch a high of $1.40 before settling for a gain of 13 cents at $1.25.

NDU Resources continues to advance, closing up 21 cents at 72 cents. The company recently acquired ground at Howards Pass on the Yukon-Northwest Territories border adjacent to Placer Dome and USX’s XY stratiform zinc-lead-silver deposit.

A new property in eastern Nevada is attracting attention for Aquaterre Mineral Development which added a nickel to close at 59 cents. The company plans to carry out geochemical work, as well as geological mapping and regional prospecting, on the Red Hills Arla property in an effort to define drill targets over a large, low-grade gold system.

Copperstone Resources tacked on 36 cents to close at $2.31, while investors awaited additional drill results from the Boleo copper-cobalt project in Baja California Sur, Mexico. Copperstone is earning an 80% interest in the property from Island-Arc Resources, which closed unchanged at $1.30.

Trenching results from a recently optioned property in central Nevada helped Digger Resources edge up 15 cents at $1.30. Initial trenching returned widths of up to 60 ft. grading 0.036 oz. gold per ton, and the company is conducting further trenching to define drill targets.

Zappa Resources continues to advance off its recent low at the 40 cents level, finishing the report period up 20 cents at 95 cents. And Ecuadorian Minerals is conducting additional drilling on the Gaby gold deposit in Ecuador. The deposit straddles Ecuadorian’s wholly owned Gaby property and the Guadalupe property, which is held under a 51-49 joint venture between Ecuadorian and Zappa.