STOCK MARKETS — Vancouver’s mining index heads skyward — Solid drill results from several projects bolster western markets

The Vancouver Stock Exchange composite index gained 9.46 points over the report period ended Aug. 12 to close up 1.1% at 834.3, whereas the mining index finished 13.71 points higher at 753.93, for a gain of 1.9%.

The combined value of the Alberta Stock Exchange was off 14.54 points at 2,316.76.

Columbia Gold Mines slipped to 61 cents, down 13 cents after reporting results from another six infill holes on the Kona zone at its Fyre Lake project in the Finlayson Lake district of southeastern Yukon. The company is drilling a 350-metre stepout hole from 96-65, the most southerly hole of last year’s drill program. That hole intersected 31.1 metres grading 2.29% copper, 0.07% cobalt and 0.53 gram gold (including a 7-metre interval grading 6.07% copper, 0.05% cobalt and 0.68 gram gold).

Mountain Lake Resources pulled a 15.9-metre interval averaging 5.9% zinc, 0.24% lead, 0.09% copper and 16.1 grams silver from its second drill hole on the Malisect property near the Bathurst mining camp in northern New Brunswick. The hole was collared 25 metres from the first hole, which intersected narrow widths of mineralization containing up to 0.8% copper-nickel. A third hole stepped out 400 metres and intersected disseminated nickel-copper mineralization, assays for which are pending.

Mountain Lake closed up 22 cents to 60 cents.

Omni Resources rose 17 cents in light trading to close at 70 cents after announcing results from three new underground holes at its 70%-optioned Goddell Shear project in southern Yukon, including a 53-ft. interval averaging 0.45 oz. gold. Arkona Resources, which holds a 30% carried interest, was up 5 cents at 65 cents. Omni also reported the discovery of a potential new zone at its wholly owned Skukum Creek project. Drilling there cut 38 ft. averaging 0.24 oz. gold and 7.51 oz. silver per ton, plus 3.26% zinc, 2.06% lead and 0.24% copper.

With the market continuing to show little interest in companies exploring in Indonesia, Consolidated Silver Tusk Mines managed to buck the trend, doubling to $2.06, for a gain of $1.06. The company holds an 80% interest in the past-producing Pt. Karya Bukit Utama gold-silver property in Sumatra.

Alberta-listed Canadian Mountain Minerals shot up $1.05 to close at $2.75.

The company has acquired an option to earn a 20% interest in a joint venture with Toronto-listed Dia Met Minerals and Australian-based Quadrant Resources on a 15,530-sq.-km land package in western Greenland prospective for diamonds.

Argentina Gold climbed 22 cents to finish at $1.41. The company holds a portfolio of gold projects in Argentina, several of which have been joint-ventured with Toronto-listed Barrick Gold and WMC of Australia.

Catherine McLeod-Seltzer’s Pacific Rim Mining bounced back to $2.80, up 80 cents. Barrick Gold is currently drilling on the joint-ventured Diablillos gold-silver property in the Argentine province of Salta.

Brett Resources was up 16 cents at 50 cents. The company can earn a 60% interest from Toronto-listed Westmin Resources in the Bennett gold property, near Atlin, B.C., by spending $1.8 million over three years. Brett has arranged a non-brokered flow-through private placement of 625,000 units at 40 cents each, proceeds from which will be used to fund a planned 1,000-metre drill program.