STOCK MARKETS — Western markets backtrack as Voisey Bay play evolves

Western markets finished the week ended June 13 somewhat mixed amid continued investor interest in Labrador’s Voisey Bay nickel-copper-cobalt area play.

The Vancouver Stock Exchange resource index gained 10.27 points to finish at 1,336.05 while the composite index closed down 8.56 points at 798.87.

Joint-venture partners Goldnev Resources and Starcore Resources continued to gain ground on impressive volumes as investors anticipate the start of a preliminary 3-hole drilling program on the companies’ Niatak property in the Voisey Bay area.

Goldnev jumped $1.19 to $2.79 while Starcore posted a 38 cents gain to $1.77. Prime Equities International, which owns 58% of Goldnev’s outstanding shares and controls several other companies with ground in the area, added 53 cents to finish at $2.68.

Most of the other companies with ground in the Voisey Bay play have yet to start preliminary programs to identify drill targets, and the market is now backtracking a bit, following its recent run.

NDT Ventures, which holds interests in an extensive land position in the Voisey Bay area, has started a 15,000-line-km airborne magnetic and electromagnetic survey. The issue shed 50 cents on the week to close at $4.25.

International CanAlaska Resources, which expects to start field programs on its large Voisey Bay ground position by the end of June, also lost ground, finishing down 24 cents at $1.49.

The staking of 25,000 hectares of claims in the Voisey Bay area did not help International Northair Mines, which lost 11 cents to close at 74 cents.

Turning to gold exploration, Cumberland Resources added 19 cents to finish at $1.90 after signing Australian giant WMC International onto its Meliadine project near Rankin Inlet, N.W.T. The major can earn up to a 60% interest in the western portion of the property by spending $12.5 million. Cumberland and 50% joint-venture partner Comaplex Minerals retain their full interest in the eastern part of the property.

Akiko Gold Resources added 16 cents to finish at 70 cents. The company recently completed a US$1-million financing to fund a continuing infill and stepout drilling program at the New Burgin silver-lead-zinc joint venture in Utah.

Exploration is now under way on the Trinidad concession in the Venezuelan area of El Dorado, giving a boost to joint-venture partners Norcan Resources and Contiki Resources. Contiki, which is earning a 51% interest from Norcan, edged up 9 cents to 84 cents while Norcan gained 6 cents to 37 cents.

Hera Resources touched a new high of $3.20 before closing up 75 cents at $3.15. The company recently started an initial 3,000-metre drill program to test a copper-gold porphyry target on its NAK property in central British Columbia. Hera also holds a large share position in International Taurus Resources which jumped 40 cents to close at $4.25.

A subsidiary of Cyprus Amax Minerals is drilling on Taurus’s claims near Cassiar, B.C., in a program designed to test a large, low-grade sulphide gold system.

The recent start of a $250,000 exploration program on the Springpole joint venture between Gold Canyon Resources and a subsidiary of Santa Fe Pacific Gold was enough to give Gold Canyon a 19 cents boost to $1.06. Santa Fe is going back to basics on the property with a program of mapping and sampling, the purpose of which is to gain a better understanding of the property geology.

Partners Mountain Province Mining, Camphor Ventures and Alberta-listed Glenmore Highlands all gained ground, while investors await further results from kimberlite analysis. Mountain Province added 60 cents to close at $4.40, Camphor gained 34 cents to close at $2.99 and Glenmore posted a 40 cents rise to $4.20.

Full results from core analysis at the AK diamond property in the Northwest Territories are still awaited.