Western markets lost ground again over the report period ended June 17. The Vancouver Stock Exchange dropped 42.73 points to 918.59, whereas Alberta was off 62.58 points at 2,388.22.
Gold Canyon Resources plummeted $1.90 to a low of 70 cents before recovering somewhat to $1.55. The issue lost $1.05, or 40%, on the week. The company announced that Cameco Gold, a wholly owned subsidiary of Sasktoon-based Cameco, would not exercise its option to earn an interest in the company’s Springpole Lake project in Ontario. Gold Canyon is continuing talks with other companies and has planned a summer drill program.
Alberta-listed Gitennes Exploration reported assays from the first four diamond drill holes of its second-phase exploration program at the Virgen property in Peru. The issue was down $1.20 to close at $6.15.
Highgrade Ventures was down 70 cents to close at $2. The company released assays results from the first six holes of a 5,000-Metre program of diamond drilling at the Tucuma property in northern Brazil. Three of the holes intersected intervals grading more than 1 gram gold per tonne, including 3 metres of 5.38 grams gold. The other three holes, however, returned no significant results.
A few rays penetrated through the western gloom. Reward Mining leapt 95 cents to close at $2.10 following the release of drill results from its 60%-owned Corocoro copper project in Bolivia. Reward was the second most active issue in Vancouver, with 1.8 million shares changing hands. George Resource, which controls 40% of Corocoro, jumped 40 cents on 1.6 million shares to close at $1.
In Calgary, Minera Andes was up 40 cents to close at $2.60 on news of chip sampling and drill results from its Argentine properties. Assays from a 9-hole drill program at Pino Andino included 9.09 metres of 1.49 grams gold, 14 grams silver and 0.07% copper, as well as 6.06 metres grading 1.22 grams gold and 10.1 grams silver.
Taseko Mines gained 55 cents after releasing results from a program of large-Core diamond drilling at its Prosperity project in central British Columbia. Assay results from that program compare favorably with the average grade of a previously established minable reserve of 675 million tonnes grading 0.43 gram gold and 0.24% copper. The issue closed at $7.05.
Madison Enterprises was up 30 cents to $5.10. The company issued new results from its Mt. Kare property in Papua New Guinea. Assays included 10.5 metres from surface grading 22.83 grams gold and 18.5 grams silver, as well as a 100.5-Metre interval of 7.63 grams gold and 37.4 grams silver, in hole 17.
Hole 12 returned 67.5 metres grading 3.05 grams gold and 43 grams silver.
Other issues posting gains were Cepeda Minerals, up 70 cents to $6.50 and Anooraq Resources, up 35 cents to $1.60.
On the down side, Mar-West Resources lost 25 cents to finish the week at $2.20. The junior and 20% partner Curion Ventures recently announced more drill results from the Sinter zone on the San Martin project in central Honduras.
Farallon Resources lost $1.40 to close the report period at $8.55. The company recently announced the discovery of two new massive sulphide deposits at its Campo Morado project in Mexico.
TKO Resources lost 42 cents, or 45% of its value, to close at 52 cents. The Vancouver-based junior, which also has interests in the oil patch, announced an agreement with American Eagle Resources to acquire oil and gas interests in Nebraska.
Other losers included New Claymore Resources, which fell $1.09 to $1.60 and Trivalence Mining, which took a 55 cents tumble to $1.
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