STOCK MARKETS — Voisey Bay players still calling the shots

Investor interest in the Voisey Bay discovery has been adding excitement to western markets for almost six months. It’s not surprising, then, that much of the initial enthusiasm is beginning to fade.

Now that most of the juniors are carrying out preliminary exploration programs, there is a steady stream of news releases reporting geophysical anomalies and gossans. Market reaction to these initial results has been ho-hum, as investors await more meaningful results.

Over the report period ended Aug. 15, the Vancouver Stock Exchange indexes experienced little movement. The composite index remained relatively unchanged at 833.49, while the resource index added 3.71 points to close at 1,299.74.

Recently recommended by the brokerage firm McDermid St. Lawrence Chisholm as a “speculative buy” is International Avino Mines, which, together with partner Bralorne-Pioneer Gold Mines, is preparing the historic Bralorne gold mine property in southwestern British Columbia for production in early 1996. Avino jumped $1.45 to close at $3.75, while Bralorne added 5 cents to finish at $1.80.

Drill results from the Taurus project of International Taurus Resources included an intersection of 156 metres grading 0.51 gram gold per tonne. Cyprus Canada is drill-testing Taurus’ property near Cassiar in northwestern British Columbia, as well as surrounding ground held by Toronto-listed Cusac Gold Mines, in a bid to outline a bulk-tonnage deposit. Taurus closed at $4.70 for a loss of $1.05, while its majority shareholder, Hera Resources, lost 88 cents to close at $5.25. Hera is drilling a large, porphyry-style, copper-gold target at its Nak property in central British Columbia.

An initial geological reserve containing 835,000 oz. gold is estimated for the Increible project in Venezuela. The reserves are outlined in two deposits: La Victoria, which contains 6.3 million tons grading 0.1 oz. gold per ton, and La Cruz, estimated at 1.5 million tons grading 0.14 oz. El Callao Mining can earn up to a 70% interest in the property. The issue closed up 12 cents at 99 cents.

Camp preparation is under way at the Lorraine copper-gold property in north-central British Columbia. Lysander Gold (VSE) expects to begin a drill program shortly, initially consisting of 16 holes totalling 7,000 ft. The company has entered into a brokered private placement of 1.2 million units at a price of 60 cents per unit. Each unit is made up of one flow-through common share and half of a non-transferable share purchase warrant. Lysander gained 21 cents to close at 76 cents.

Etruscan Enterprises closed up 75 cents at $3.75. The company entered into a private placement with Toronto-listed Echo Bay Mines whereby Echo will buy 906,000 common shares of Etruscan (plus an equal amount of non-transferable share purchase warrants) at a price of $3 per share. The agreement requires Etruscan to apply at least $1.7 million of the proceeds to the Koma Bangou gold property in Niger, West Africa. The company holds a 67% interest in the property and is working toward completion of a bankable feasibility study by September, 1996. Echo Bay holds the right to acquire 65.67% of Etruscan’s interest.

AGC Americas Gold is in the midst of a 90-hole drill program on the JD property in the Toodoggone area of north-central British Columbia. Results from the Finn zone include: 33.6 ft of 0.21 oz. gold per ton for hole 95-63; 18 ft. of 0.32 oz. plus 12.9 ft. of 0.41 oz. for 95-64; and 42.7 ft. of 0.11 oz. for 95-67. AGC jumped 86 cents to close at $2.91. (The prospect was previously explored by Energex during the flow-through years.) Kenrich Mining closed at $1.60, for a gain of 45 cents. The company is conducting an exploration drill program on its 83,000-acre Corey property, south of the Eskay Creek mine in northwestern British Columbia.