STOCK MARKETS — Western markets quiet as Labrador players work claims

Western markets took a breather over the report period ended June 27, as investors awaited results from the myriad of geophysical programs under way near the Voisey Bay nickel-copper-cobalt discovery in Labrador.

The Vancouver Stock Exchange resource index slid 16.78 points to 1,345.15, while the composite index managed to hold its ground, adding 1.48 points to close at 822.26.

United Compass Resources dispelled rumors that a deal with Noranda was imminent on its joint-venture ground with Layfield Resources in the Voisey Bay area.

United Compass gained $1.03 to finish at $3.40, while Layfield remained virtually unchanged at 84 cents. The partners plan to follow up a 5-km-long-by-500-metre-wide magnetic feature, which coincides with an electromagnetic conductor at its eastern end.

The acquisition of additional claims in the Voisey Bay region of Labrador gave Spokane Resources a 12 cents boost to 82 cents.

The junior plans to co-operate with International Enexco and Ivory Oils & Minerals in initiating surface exploration programs on each company’s respective properties during the first week of July.

International Enexco added 94 cents to finish at $2.06, while Ivory Oils gained 9 cents at $1.60.

Plans to acquire ground in Labrador also gave a boost to joint-venture partners International Butec Industries and Troymin Resources. The 170-sq.-km property contains three known concentrations of sulphide mineralization and several untested geochemical and geophysical anomalies. Butec added 17 cents to close at 35 cents, while Alberta-listed Troymin gained 7 cents at 32 cents.

Dunlap Resources, which last traded at 60 cents, was halted prior to announcing a change in control and the acquisition of 800 claims in the Voisey Bay camp. Quest Capital, the company’s largest shareholder, will sell its 1.5 million shares to a new group, and Dunlap plans to complete a 1-million-unit placement at 50 cents.

Quest Capital also announced it was selling its 1.4 million shares of Leigh Resource to a new group, enabling the issue to gain 65 cents to close at $1.30. The new control group plans to acquire a 60% interest in a company that holds a prospecting licence on the Solomon Islands in the Western Pacific.

News that Alberta-listed Absolut Resources has identified

electromagnetic-magnetic anomalies associated with possible iron oxides on 10 of its claim blocks in the Voisey Bay camp did little to help the issue, which lost $1.10 to close at $3.70.

Continental Pacific Resources lost a quarter to finish at $2.25 after releasing assay results from four holes on its Anialik-High Lake polymetallic discovery in the Northwest Territories. One of the better intervals returned 6.29 metres grading 10.44% zinc and 0.56% copper, plus 83.9 grams silver per tonne.

Redell Mining, which plans to proceed this summer with a 100-ton-per-day bulk-testing program at its Forma gold project in the Yukon, added 17 cents at $1.05.

Trading in Aquiline Resources picked up on news that joint-venture partner Glamis Gold plans to proceed with mining and leaching operations at the companies’ Cieneguita gold deposit in Mexico. Aquiline hit a high of $2.75 before finishing up 40 cents at $2.15.

La Rock Mining gained 8 cents at 37 cents with the release of additional drill results from its Brandywine property north of Squamish, B.C. A recent hole returned a weighted average of 13 grams gold per tonne over 18.3 metres.

Further drill results from the Buckreef property in Tanzania helped East Africa Gold add 15 cents at $1.50. Gold values in the new batch of holes graded up to 6.39 grams over 9 metres.

Da Capo Resources also gained ground, jumping 50 cents to close at $2.35. The company initiated underground bulk sampling at its Amayapampa project in Bolivia in an effort to determine a grade estimate for a wide zone of gold mineralization.