STOCK MARKETS — Western markets flex muscles wider

The upward trend for Western markets continues as April proved to be another record-breaking month for the Vancouver Stock Exchange, with 867 million shares changing hands for a value of more than $1.2 billion. Over the report period ended May 7, the resource index closed up 105.08 points at 2,298.02, while the composite index tacked on 32.53 points to finish at 1,294.57.

South Atlantic Diamonds climbed $1.73 to close at $2.37 on news it is seeking to acquire copper-cobalt projects in central Africa. Chairman Adolf Lundin has submitted proposals to government agencies for the development of the Konkola North copper deposit in Zambia and the Kingamyambo copper-cobalt deposit in Zaire. The former contains 350 million tonnes grading 2.5% copper and 0.05% cobalt, while the latter hosts 60 million tonnes grading 1.34% copper and 0.26% cobalt. A third proposal is in the works for the Ruashi-Etoile copper-cobalt tailings deposit in Zaire, which is reported to host 62 million tonnes grading 3.5% copper and 0.6% cobalt.

Indonesian explorer Indomin Resources is working to advance its 60%-held Martapura onshore alluvial diamond project to the bulk-sample stage by the third quarter. To date, the company has completed 164 churn drill holes totalling 4,532 metres. The holes confirm that the paleovalley system extends at least 9 km through the project area. Two macrodiamonds have been recovered from the drill holes, which has identified two east-west paleochannels. The gravel beds average a thickness of 3.6 metres, with a basement depth averaging 27-31 metres. Indomin gained $2.70 to close at $7.55.

A preliminary phase of reverse-circulation drilling has begun on the Dura gold project in Mexico’s Sonora state. Adola Gold, a subsidiary of Irish-listed Ormonde Mining, can earn an initial 50% interest from Francisco Gold by providing property payments totalling US$250,000 and spending US$1.5 million in exploration over three years. Francisco closed at $6.25, up $1.75.

The market met the start of this year’s drill program at Abacus Minerals’ Niblack massive sulphide project in southeastern Alaska with a 5 cents slide, to $1.52. The junior plans to drill up to 25,000 ft. in the first phase of work.

A $1.4-million exploration program is set to begin in early June on the Clone gold project near Stewart, B.C. The project comprises the bulk of the southern and western portions of the 100,000-acre Red property, which is jointly held by Teuton Resources and Minvita Enterprises. The 1996 program will include at least 5,000 metres of diamond drilling to test high-grade gold mineralization discovered during the 1995 field season. Teuton closed up 30 cents at $2.55, while Minvita added 32 cents to finish at $2.60.

The mobilization of an exploration crew to the Taurus gold project near Cassiar, B.C., was met by a 50 cents gain for International Taurus Resources, which closed at $2.15. Cyprus Canada, which can earn up to a 70% interest in the project under separate agreements with International Taurus and Toronto-listed Cusac Gold Mines, will resume drilling and begin trenching.

Corriente Resources jumped 60 cents to $4.45 on the release of an updated reserve estimate for its Tasna bismuth project in Bolivia. Proven and probable reserves stand at 509,252 tonnes grading 1.47% bismuth and 1.28% copper, plus credits for gold, silver and tungsten. Also, an underground program has discovered a new vein called the Vega C. With a width of just under 1 metre, the vein is outlined over a length of 100 metres and averages 3% bismuth, 1.43% copper, 0.2% tungsten and 4.21 grams gold per tonne.

The acquisition of the 2,100-hectare Silvia One mineral claim, which borders the Mexican states of Mexico and Guerrero, resulted in a 54 cents jump, to $1.50, for Sultan Minerals. The property adjoins the northeastern boundary of the Mamatla mineral concession, which is being drill-tested for massive sulphides by Valerie Gold Resources. Valerie closed up $3.75, to $13.65.

By paying a total of US$75,000 and spending US$100,000 on exploration over a period of three years, Camnor Resources can acquire the Argentite gold property in south-central Nevada. Camnor closed at 87 cents, an increase of 27 cents.