STOCK MARKETS — Western indices movin’ on up

The Vancouver Stock Exchange composite index rose 19.4 points over the report period ended Nov. 12 to close at 1,154.5, while the resource index tacked on 9.97 points to finish at 2,345.12.

At the request of Columbia Gold Mines, trading in the shares of the company was halted at 65 cents, up 11 cents. The company announced that follow-up assaying on drill core from the Kona massive sulphide zone at the Fyre Lake project in the Finlayson Lake district of southeastern Yukon revealed significant values of cobalt. Twelve of the 71 holes that have been reassayed to date average a grade of 0.12% cobalt. Columbia holds an option to earn up to an 80% interest in the project from Welcome Opportunities, which remained unchanged at $2.50.

Ballad Enterprises jumped $1.25 to $3.25 after entering into a series of agreements providing for the acquisition of interests in 10 prospective gold and copper concessions totalling 8,000 ha in Peru’s Arequipa province.

A 29-hole, 2,500-metre drill program was completed by Peruvian Gold on the Encanto prospect in northern Ecuador. Initial assay results for the first nine holes, which were drilled in the vicinity of trenches 1 and 2, included sporadic, low-grade gold numbers in four of the holes, with a highlight of 6.5 grams gold per ton over 4 metres in hole 2. Assays for the remaining 20 holes are pending. The issue slipped 8 cents to $2.52.

Recent drilling at the Awak Mas gold project on the Indonesian island of Sulawesi has increased the gold resource there by 33%, to 50.5 million tonnes grading 1.7 grams gold. Holding a 45% interest, Australian-based Lone Star Exploration closed up 7 cents to 75 cents.

The commencement of a second phase of reverse-circulation drilling, comprising 3,200 metres at the Pilar gold project in Mexico’s Sonora state, marked a 7 cents jump for Santa Catalina Mining, finishing at 57 cents.

Three holes totalling 3,900 ft. were completed by Yukon Gold at the Arrowhead property in the Hess River region of the Yukon Territory. Results included 900 ft. grading 0.74 gram gold, 1.4 grams silver and 0.035% copper (including a 315-ft. interval grading 1.84 grams gold, 1.78 grams silver and 0.016% copper). Yukon Gold was down 45 cents to $2.50.

Further trenching in the south-central part of the Stenpad property, in the western region of Ghana, tested the Seidu gold soil anomaly, which covers a 300-metre-by-100-metre area marked by old artisanal workings. Two hand trenches, roughly 200 metres apart, returned 19.3 metres averaging 54.5 grams gold and 14.3 metres averaging 7.3 grams. The property is held by Hixon Gold Resources, which added 12 cents to close at $2.35. Parent company Golden Rule Resources holds a back-in right to a half interest.

Alberta-listed Gitennes Exploration, sparked by further surface chip-sampling at its Virgen gold project in northern Peru, reached as high as $4 before settling back at $3.72, for a gain of 92 cents.

Drilling is set to begin on the Moose Calf gold property in Shebandowan, Ont.

Castle Rock Exploration and partner United Compass Resources each have the right to earn a 25% interest in the property from Green Ice. The target is a broad, gold-bearing shear zone identified this past summer. Castle Rock tacked on 16 cents at 56 cents, United Compass was down 1 cents to 64 cents, and Green Ice closed up 15 cents at $1.

International Tournigan slipped 8 cents, to $2.52, on the release of drill results from 11 holes on its Riyadh concession in Ghana. Recent drilling tested a 125-metre strike length of the R Reef 5050 zone. Results ranged from 0.03 oz. gold over 6.3 ft. to 0.95 oz. over 4.92 ft., including 13.45 ft.

averaging 0.36 oz.

A 20-hole drill program totalling 5,000 metres is under way on Francisco Gold’s El Sauzal gold project in Mexico’s Chihuahua state. The issue closed up $3.40 at $14.50.

First Choice Industries completed 10 drill holes testing an area measuring 800 by 250 metres at its Knob Hill gold target on northern Vancouver Island.

The first set of assay results are expected shortly. First Choice finished at 35 cents for a gain of 6 cents.