STOCK MARKETS — Western markets negotiate a slippery slope — Latin America explorers off, diamond explorers lacklustre

The Vancouver Stock Exchange composite index was down over the report period ended June 10, losing 28.76 points to finish the week at 961.32.

The Alberta Exchange, which also continued to slide, was off 52.42 points to close at 2,450.8.

The most active issue in Vancouver was Argentina Gold, with 4.6 million shares changing hands following the announcement of results from hole 55 at its Veladero project. The hole, drilled at the Filo Federico target, returned 168 metres grading 2.7 grams gold per tonne, including 4 metres of 39.7 grams gold and 54 metres of 4.1 grams.

Argentina Gold also announced lease agreements, including options to purchase three other mineral claims in Argentina. The stock rose 15 cents to close at $1.50.

Mango Resources soared to a high of $2.10 before settling in at $1.81 for a gain of 21 cents. More than 167,000 shares changed hands following the release of results from the first diamond drill hole on the company’s joint-Ventured Banyumas gold project in Java, Indonesia. Hole 2 intersected 38.85 metres averaging 2.25 grams gold, including 29.85 metres of 2.72 grams gold.

The 29,620-ha project is a partnership with Jakarta-based Harlan Bekti and Vancouver-based Hyder Gold. Hyder rose to 41 cents before sinking back to 30 cents for a loss of 9 cents. More than 556,000 shares changed hands.

Canadian base metal explorer Gossan Resources gained 15 cents to end the report period at $2.15. The company is continuing metallurgical testing on composite drill core samples from its wholly owned magnesium dolomite property in Inwood, Man., 83 km north of Winnipeg. The property has a drilled and defined resource of 67 million tonnes grading 21.6% magnesium oxide.

Other issues posting gains were First Quantum Minerals, up 35 cents to close at $5.35, Etruscan Enterprises, up 15 cents to $6.05, Expatriate Resources, up 20 cents to $2.80, and Rome Resources, up 40 cents to $4.50.

Farallon Resources was off 30 cents to close at $9.95. The company announced the discovery of two new massive sulphide deposits at its Campo Morado project in Mexico. The discovery brings to five the number of gold-silver-Copper-lead-zinc deposits currently at various stages of delineation.

The new El Largo and El Rey deposits were discovered by drill testing of geological targets. The best result came from hole 254 at El Rey, which returned 6.25 metres grading 6.19 grams gold and 339.7 grams silver. Other high-grade intercepts included hole 261 at El Largo, which returned 67 metres of 1.57 grams gold and 95.2 grams silver, and hole 252 at El Rey, which returned 3.1 metres grading 4.45 grams gold and 311.1 grams silver and 2.4 metres of 9.04 grams gold and 230.4 grams silver.

Summex Mines, which is in a dispute with Farallon over the title to Campo Morado, lost 33 cents to close at $1.68.

Golden Peaks was down 21 cents to close at $1.20 following the release of results from a recently completed trenching program on the Sierra de Las Minas project in Argentina. The project is a 50-50 joint venture with Primo Resources, which fell 17 cents to 70 cents.

Montreal-based diamond explorer Spider Resources was the most active issue in Calgary for the second week in a row, with 3.1 million shares changing hands.

Spider and 50-50 joint-Venture partner KWG Resources have recovered lamprolite indicator minerals from five samples of maar lake, crater facies material from the Contendas structure at their property in central Brazil.

Spider was unchanged at 53 cents.

Also in Alberta, New Indigo Resources lost 45 cents to close at $7.15. The company and 50-50 joint-Venture partner Lytton Minerals received results from a mini-bulk sample taken from the JD/OD-3 kimberlite pipe at the Snowpipe project in the Northwest Territories.