STOCK MARKETS — VSE composite index breaks record

Fueled by the resource sector, the Vancouver Stock Exchange composite index broke through the 1,000-point barrier for the first time since June, 1994.

The composite index closed the report period ended Feb. 27 at 1,000.93, for a gain of 34.52 points, while the resource index added 31.24 points to finish at 1,772.93.

TKO Resources has reached an agreement to acquire 119 gold claims comprising 2,400 acres in north-central Nevada and is undertaking a private placement of 200,000 units at a price of $1.60 per unit. The issue closed up 80 cents at $1.80.

Conquistador Mines jumped $1.65 to close at $4.45. The company has commenced exploration on several key Colombian properties held through its 50-50 Cordoba joint venture with operator Corona Goldfields.

Fancamp Resources is arranging to raise $2 million by issuing 2 million special warrants. The proceeds will be used to explore for base-precious metal in Botswana, where the company holds interests in 2.9 million acres. Fancamp closed at $1.53, up 67 cents.

A preliminary exploration program of geological mapping and channel sampling has commenced on the Encanto porphyry gold prospect in Ecuador. Peruvian Gold can earn a 60% interest in ground covering 21,000 hectares in the northern part of the country. Out of 300 previous rock chip samples, 79 exceeded 1 gram gold per tonne, 32 exceeded 3 grams, and seven graded between 10 and 293 grams gold. Peruvian finished at $3.30 for a gain of 92 cents.

A 6-hole program by Guardian Enterprises on the DK pipe in southwestern Wyoming intersected kimberlite in five of the holes. Selected samples will be processed by the Saskatchewan Research Council. A separate bulk sample taken from near-surface exposure of the DK pipe and from an extensive dyke system is being analyzed by the Wyoming State Geological Survey for indicator minerals. To date, partial sampling has recovered several hundred eclogitic pyropes, peridotitic pyropes and chrome diopsides. Guardian jumped $1.31 to close at $2.70.

While exploration work continues on the Cucaracha copper-gold project in Chile, Regeena Resources is expanding its Enriqueta mill to 400 tonnes per day. A contract to process 2.1 million tonnes of ore grading 2% copper, 2 grams gold and 25 grams silver is creating a pre-tax revenue of US$60,000 per month for Regeena. The company intends to use the revenue to fully finance the exploration and development of Cucaracha, in which it holds an option to earn a 70% interest. The issue gained 85 cents, closing at $3.05.

Exploration work is expect to commence within several weeks on the 129,952-acre Afridi Lake diamond property in the Lac de Gras area. Cypango Ventures can earn a 51% interest from 70% owner Intertech Minerals by paying for all exploration costs up to and including a 100-tonne bulk sample. Drilling is planned to test at least five of 10 high priority targets. Cypango closed up 20 cents at $1.50, while Intertech finished at $1.25 for a gain of 35 cents.

Recent drilling on the Hart property by Alberta-listed Solid Resources, 110 km northeast of Yellowknife, N.W.T., returned two intersections from hole 96-1 on a previously untested part of a volcanogenic, massive sulphide zone. From 406-431 ft., a 25-ft. interval grades 4.51% zinc and 1.85% lead, as well as 0.002 oz. gold and 2 oz. silver per ton. And from 477.5-501.5 ft, a 24-ft. interval grades 8.42% zinc and 3.77% lead, as well as 0.019 oz. gold and 27.64 oz. silver. Additional drilling is planned to confirm depth and strike length. Solid now holds a 26% interest and is earning up to a 39% interest on more than 5,200 acres by spending a further $1.3 million on exploration. The remaining interest is shared between a private company and Silver Hart Mines, with 51% and 10%, respectively. Solid slipped 13 cents to close at $10.