WESTERN MARKETS — Starcore, ProAm among most active on VSE

The Vancouver Stock Exchange composite index tacked on 3.41 points, or 0.8%, to close the week ended March 16 at 424.67. The mining index followed suit, adding 1.9 points, or 0.6%, to close at 313.85.

The combined value of the Alberta Stock Exchange shot up 21.95 points, or 1.2%, to finish the week at 1,916.32.

Starcore Resources and joint-venture partner ProAm Explorations have been making waves on the Vancouver Stock Exchange’s most active list over the past week. The partner’s platinum-palladium-copper venture on the Samuels Lake property, near Atikokan in northwestern Ontario, is stirring interest.

The market is speculating on pending drill results, which were said to contain semi-massive-to-massive sulphides. Starcore rose 39 cents and closed at $1.05 while ProAm tacked on 21 cents and finished at 76 cents.

VSE sweetheart Argentina Gold released further results from its 60%-held Veladero property in northwestern Argentina. Drilling further defined the continuity of mineralization at the Filo Federico and Amable targets.

Another high-grade intercept was cut at the Western Filo Federico target.

Assays for hole 129 returned 43 metres averaging 5.01 grams gold. Silver assays are still pending. Argentina Gold lost a dime and closed at $6.75.

Winspear Resources plummeted 35 cents and finished the week at $3.03 after announcing that its joint-venture partner, Toronto-listed Aber Resources, had elected not to contribute to the planned $12-million exploration budget for the Camsel Lake diamond project in the Northwest Territories. Aber says it had, on numerous occasions, informed Winspear of its intention to continue to participate in the program, but Winspear maintains that Aber’s intention was not given in writing (an apparent requisite of the joint-ventre agreement). Aber is disputing this position and preparing to begin litigation for its 32.24% interest in the project.

Engergold Mining lost 23 cents and closed at 42 cents. The company released results from the first seven of 20 holes drilled at its Longyear property in the Dominican Republic. Assays for hole 2051-1 revealed a 5-metre interval averaging 2.9 grams gold and 6.08 grams silver per tonne plus 0.53% copper, starting from the surface. Expectations were high, and the market reaction was low-key.

Lucero Resources rocketed 23 cents and closed at 74 cents. The company has expanded the geophysical signature at the Cielo intrusive complex on its Macromin property in northern Chile. Targets are to be drill-tested in the spring of 1999.

Excelon Resources added 6 cents and closed at 54 cents. The company agreed to a non-brokered private placement that is expected to raise $410,000. The proceeds will be put towards outstanding debts, property payments, taxes and working capital.