STOCK MARKETS — Western resource index inches its way back

While the Vancouver Stock Exchange composite index slipped 5.63 points to close at 1,099.65 over the report period ended July 30, the resource index managed a gain of 51.28 points to finish at 2,014.93.

Partners Fleck Resources and Alberta-listed Anvil Resources have commenced a minimum 9-hole drilling program on a 92-claim block, adjoining, and northwest of, Diamond Fields’ Voisey’s Bay discovery block. Pushed by heavy trading, Anvil, which can earn a 40% interest from Fleck by incurring $1 million in exploration expenditures, climbed as high as $1.20 before settling back at $1 for a 35 cents gain. Fleck traded as high as $1.35 before closing at $1.12, up 52 cents.

Ivory Oils & Minerals is set to begin a surface exploration program on the Trout Pond property, adjacent to, and immediately west of, the Voisey’s Bay discovery block. The issue finished up 13 cents at 65 cents.

Abacus Minerals was up 5 cents at $1.05 on the release of three additional drill results from the Lookout area of the Niblack project in southeast Alaska. Results included 92 ft. grading 0.23 oz. gold and 7.63 oz. silver, plus 7.33% zinc and 1.33% copper for hole 99, which tested a sulphide horizon downdip of hole 97.

A private placement generated proceeds of $459,000 for First International Metals. The financing will be used for exploration on Nevada’s JDN and E & E gold properties, which are held jointly with Coral Gold. First International jumped 26 cents to close at 53 cents, while Coral Gold closed at $4.90, up 20 cents.

The acquisition of an option to earn a full interest in a massive sulphide prospect in the Yukon helped Klondike Gold close at 60 cents, a gain of 15 cents.

The market soured on the release of drilling results from the Plomp Farm gold-silver prospect held by Alberta-listed Champion Bear Resources in the Dryden area of northwestern Ontario. Hitting as low as $3.90, the issue closed at $4.75 for a loss of $2.75.

East Africa Gold was up 12 cents at 65 cents. The company is undertaking a brokered private placement of 16 million special warrants, at 50 cents each, for gross proceeds of $8 million. The proceeds will be used to help fund the acquisition of a 98% interest of East African Mines, a Tanzanian company, as well as to finance exploration of its gold properties there.

AGC Americas Gold released assay results from the first 15 holes of a 30,000-ft. drilling program now under way on its fully owned JD property in north-central British Columbia. Early drilling has focused on extending the near-surface expression of the Finn zone. Results range from 44.5 ft. of 0.036 oz. gold per ton to 9.9 ft. of 0.38 oz. AGC closed down 22 cents to $1.65.

In order to reflect its expanded focus on gold, copper and cobalt exploration, South Atlantic Diamonds has changed its name to South Atlantic Resources. The company has completed a private placement of 3 million units at a price of $1.65 each to raise gross proceeds of about $5 million. The issue rose 42 cents to $1.18.

Santa Catalina Mining jumped 30 cents to close at 85 cents following the release of initial drill results from the Pilar gold property in Sonora state, Mexico.

Mar-West Resources appears to be benefiting from a high-grade, gold-silver discovery made by New York-listed Battle Mountain Gold at the optioned Cacamuya project of Toronto-listed Breakwater Resources in Honduras. Mar-west holds an extensive land position in Honduras, including a 50-50 joint venture with Battle Mountain on 45,000 hectares in the Choluteca gold belt, in the southern part of the country. Mar-West was up 22 cents at $1.05.

All six resolutions were passed at the recent annual shareholder meeting of Sutton Resources, including motions to give two new directors 3-year terms, and the granting of options to management. Those resolutions were being challenged by the Sutton Action Committee, a group of dissident shareholders.

Sutton closed at $15.60, up $1.85

Three additional holes from the main Veta Grande structure at the Promontorio property of Sierra Nevada Gold in Mexico’s Chihuahua state returned selected intervals, including: 21 ft. grading 0.03 oz. gold, 1.2 oz. silver and 3.36% copper in hole 20; 26.2 ft. grading 0.14 oz. gold, 2.07 oz. silver and 2.1% copper in hole 21; and 77 ft. grading 0.03 oz. gold, 0.95 oz. silver and 2.5% copper in hole 22. Sierra Nevada closed up 4 cents at 59 cents.