STOCK MARKETS — Western markets slink slowly skyward

The Vancouver Stock Exchange composite index rose slightly over the report period ended Nov. 26 to close at 1155.16, a gain of 5.37 points over last week’s finish of 1149.79. The resource index rose 15.5 points to 2317.12.

Francisco Gold was up $3.20 over the week, closing at $18.65. The company is drilling at the Sauzal gold project in Mexico, from which assay results are pending.

Abitibi Mining was up 17 cents to close at 60 cents. The company reported diamond drill results from the Tannahill project in northern Ontario, a joint venture with Sedex Mining. Sedex gained 10 cents over the week to close at 55 cents.

On Nov. 21, Oliver Gold released trench results from its Ipanema gold prospect in Zimbabwe. Results included 38 metres grading 0.6 gram gold per tonne, 95 metres of 1.7 grams, 57 metres of 2 grams and 211 metres of 1 gram.

Designed to test a strike length of 700 metres, the first phase of drilling, which included 14 diamond drill holes, was to have been completed by the end of November. Oliver lost 15 cents over the week to finish at $4.40.

Morgain Minerals continued to rise, one week after announcing the discovery of two gold-bearing stockwork zones at its Chunibas property in Mexico. The issue rose $1.05 over the report period to finish at $3.10, a gain of $2.05.

Diamond-hunter Botswana Diamondfields announced results from reconnaissance soil sampling at two properties in Botswana. Results from the 2,907-sq.-km Deception Pan Block revealed a belt of kimberlitic garnet concentrations, while several concentrations of kimberlitic indicator minerals were recovered from the 1,939-sq.-km Mopipi Block. The issue lost 5 cents to close at $5.20.

Miranda Industries is expanding its portfolio of Mexican properties. The company has acquired the 100-ha Leticia concession in Guerrero state. Terms call for the company to pay US$1.18 million and issue 15,000 common shares.

Miranda closed at 82 cents, a gain of 5 cents.

Farallon Resources, another Mexican explorer, gained $1.50 over the report period despite being slapped with a lawsuit by Summex Mines concerning ownership of the Campo Morado and Alina concessions.

Diamond drilling, however, continues apace at the Campo Morado polymetalic property in Guerrero, where the company has drilled 21,000 metres to date.

Farallon attributes market activity to a recent tour of the property by a mining analyst. The company closed at $17.

Booker Gold gained 5 cents over the week to close at $3.60. A drill program at its Herne Hill copper-gold property near Smithers, B.C., is ongoing.

New results include 9.2 metres of 0.9% copper in hole 70, and 246 metres of 0.74% copper and 0.2 gram gold in hole 71.

Partners Teuton Resources and Minvita Enterprises reported mixed results from the final 30 holes of a program that tested the Clone gold-cobalt project near Stewart, B.C. Fourteen of the holes intersected significant mineralization, including 32.8 ft. of 1.3 oz. in Hole 110. Teuton slipped 9 cents to 76 cents, while Minvita lost 8 cents to close at 72 cents.

Reward Mining intersected massive sulphides in two holes drilled to test a previously trenched area at its Dolly Varden property, 129 km north of Watson Lake, Y.T. The first hole cut a 6-ft. interval grading 11.3% zinc, 0.83% lead and 2.28 oz. silver, while a second hit 3 ft. of 5.18% zinc, 4.48% lead and 1.34 oz. silver. The issue climbed 21 cents to $1.02.

Mansfield Minerals announced the start of a first-phase, 10-hole program at its Cerro Samenta copper porphyry property in Argentina. The project is a joint venture with Teck. Mansfield gained 60 cents to close the week at $7.60.