STOCK MARKETS — Trade figures illustrate slump in western

Negative sentiment remains firmly entrenched in western markets, with the Vancouver Stock Exchange resource index posting a 29.21-point decline to 1,161.79 and the composite index falling 10.24 points to 727.60 during the report period ended Dec. 13.

Trading figures for the period from October to November show a 7% decline in volume to 340 million shares, and an 11% decline in value to $406 million. A comparison of these figures with those of the previous year reveals an even bigger drop, with trading down 25% and value having fallen by a staggering 47%.

Carson Gold managed to buck the downtrend, adding 40 cents to close at $1.80. The company recently acquired an option to earn a 60% interest in the Marian gold-copper project in the Philippines. Carson will issue 1 million shares for the option and can earn the interest by spending US$1.5 million and paying US$1 million. The property contains porphyry copper-gold targets, including one with a resource of 12.8 million tons grading 0.52% copper and 0.018 oz. gold per ton. Drilling is slated for the new year. Plans to acquire an 80% interest in the Passagem gold mine in Minas Gerais, Brazil, gave Lysander Gold a 12 cents lift to 77 cents. Production from the Passagem mine began early in the 18th century and continued intermittently until 1974 for an estimated historic production of 1.1 million oz. Lysander says current estimates suggest that Passagem still contains up to 2 million oz.

Consolidated Newgate Resources was active, trading more than 1.6 million shares on anticipation of results from the company’s 10%-owned Camsell Lake diamond property in the Northwest Territories. Drill hole CL 25-1 returned 6 macrodiamonds and 112 micros from 116 kg of split core.

Consolidated Newgate added 3 cents at 32 cents, while 30% owner Winspear Resources slipped 8 cents to $1.46 and 20% owner Amarado Resources lost a penny at 77 cents. Toronto-listed Aber Resources holds the remaining 40% stake in the property.

Further drilling results from the Damoti Lake property in the Northwest Territories were not much help to Alberta-listed Gitennes Exploration, which slid 14 cents to close at 85 cents. The drilling returned values ranging from 0.1 oz. gold over 11.15 ft. to 4.38 oz. over 12.13 ft. Toronto-listed Athabaska Gold Resources and Consolidated Ramrod Gold also hold interests in the project.

Getchell Resources slid a dime to 55 cents after releasing results from the remaining five holes on its Rainbow joint venture with Teck Exploration. The drilling intersected sub-economic copper values in all five holes and Getchell is now awaiting a joint-venture meeting with Teck to discuss further work on the property.

Major General Resources slipped 4 cents to 40 cents with the release of additional drill results from its Rendell-Jackman project in Newfoundland. Hole 21 returned an upper and lower intersection on the Lochinvar base metal zone, with the higher-grade upper zone returning 7.4 ft. grading 13.24% zinc, 1.76% copper, 7% lead, 8.7 oz. silver and 0.062 oz. gold. The zone, which is thought to be contained within a 325-400-ft.-wide channel, remains open to depth, and drilling is expected to resume in early 1995.

Bouncing off a low of $1, Delta Gold Mining added 57 cents to close at $1.77. The company is now drilling several gold targets at its Diwalwal property interest in the Philippines.

Market weakness hurt joint-venture partners El Condor Resources and St. Philips Resources, with El Condor slipping 25 cents to $5.75 and St. Philips off 30 cents at $2.55. The companies are looking for a buyer for their 60-40-owned Kemess South copper-gold porphyry project in north-central British Columbia.