Vancouver Stock Exchange NCA sees heavy action

The VSE remained relatively stable during the week ended May 28. The composite index was virtually unchanged at the 560 level while the resource index staged a rebound to finish at 518.8, up by 13.7 points.

NCA Minerals gained 36 cents during the period on heavy volume. The issue traded almost 1.2 million shares, closing at 76 cents. Kokanee Explorations recently started a drilling program on NCA’s Sans Lazarus property in New Mexico.

Kokanee may earn a 60% interest in the New Mexico property by spending a total of US$600,000 on exploration and meeting property payments. Kokanee remained unchanged at the $2 level.

Vera Cruz Minerals took a big spill when trading was reinstituted after a 2-week halt. The issue plunged $1.20 on the first day of trading after the halt, finishing the week at 95 cents. The company announced check assays from drilling on the Vera Cruz property in New Mexico matched originally announced figures except for two intervals in hole V-91-15. The company plans to proceed with an IP survey and diamond drilling on the property.

A new reserve figure was released by Consolidated Rhodes Resources for the Copper Canyon project in the Galore Creek area of northwestern British Columbia. The issue closed off three cents on the week at 55 cents. Preliminary reserves on the deposit are now estimated at 35.7 million tons grading 0.75% copper, 0.5 oz. silver and 0.034 oz. gold per ton. Rhodes is earning a 50% interest in the property from Canamax Resources.

The release of a number of high-grade gold and silver grab samples from two properties in Mexico did not seem to help Kalahari Resources. The issue finished the week up a nickel at 65 cents. Kalahari, which also has a property package near the Homestake mine in South Dakota, has an option to purchase the two Mexican properties and is currently preparing sites for drilling programs.

Noranda and partner Bellex Mining recently completed a drill program on the Monument Bay property in Manitoba with the best hole returning a 9.5-ft. intersection grading 3.1 oz. gold. Bellex gained three cents during the week to close at 84 cents. The companies plan to begin a second drilling program in early June.

Akiko-Lori Gold and associated companies Omega Gold, Koala Resources and Golden Pyramid Resources are negotiating with Gold Fields Canadian Mining to form a joint venture. The agreement would give Gold Fields the right to earn a 50% interest in the companies’ large land position in the Golden Triangle area of northwestern British Columbia.

All of the issues remained relatively unchanged. Akiko finished off a nickel at $2.50, Omega closed unchanged at 60 cents, and Koala and Golden Pyramid sat at the 28-cent and 11-cent levels, respectively.