STOCK MARKETS — Western markets see the sun through the clouds — Greystar, Great Basin rise on strength of encouraging results

The Vancouver Stock Exchange composite index gained 17.65 points, or 2.9%, to close at 630.65 over the report period ended March 3. The mining index followed that trend, rising 13.47 points, or 2.7%, to close at 513.77.

The combined value of the Alberta Stock Exchange rose 52.21 points, or 2.5%, to close at 2,173.29.

Vetta Resources jumped 79cents to close at $1.28 on news that the company can acquire a 60% interest in the Ocampo mining claims of Minera Fuerte Mayo in Chihuahua state, Mexico. The company is required to issue four blocks of 250,000 shares. The first block, and payment of $250,000, are due immediately. The company must also spend an additional $3.5 million on exploration and other payments before the third year.

Great Basin Gold rose 18cents to $2.15 on news that it recovered bonanza intercepts at its Ivanhoe property, along Nevada’s Carlin trend. Highlights from hole 4 included 4.6 ft. grading 11.13 oz. gold and 103.4 oz. silver per ton. Mineralization is thought to be similar to that of the Ken Snyder gold mine — which hosts reserves of 2.17 million tons grading 1.04 oz. gold and 11.65 oz. silver — situated 15 miles to the northwest.

International Freegold dropped 4cents to close at 41cents on the announcement that Toronto-listed Barrick Gold elected to make an additional $1.5-million equity investment in the company. The money will be used for work programs at Freegold’s 22,000-acre Golden Summit project in Alaska. The 1998 exploration program will include 30,000 ft. of reverse circulation drilling, as well as extensive soil and geochemical surveys.

Indo Metals watched its issue jump 14 cents to 93cents on the release of results from the second half of an exploration program on its Maluku joint venture, on the Indonesian island of Ambon. Indo Metals identified 42 new base metal, silver-gold targets through prospecting and mapping. Its $2-million 1998 exploration program will consist of helicopter prospecting in the centre of the island. Indo Metals can earn a 49% interest from Inco, which holds an 85% interest in the property. The state-owned mining company holds the remaining 15% interest.

Greystar Resources received step-out drilling results from its wholly owned Angostura gold project in northeastern Colombia. Holes 1, 2 and 3 were collared along the northwest margin of the deposit known as La Alta, while hole 4 was put down at the southeast margin. Highlights include 44 metres of 1.31 grams gold in hole 3, including 5 metres of 2.94 grams. Hole 4 hit 12 metres grading 3.22 grams gold. The company’s issues rose 13cents to 89cents.

Argosy Mining rose 7cents to 42cents after releasing new resource estimates for its Kremnica epithermal gold-silver property in Slovakia. The new in-situ geological resource there has been pegged at 15.6 million tonnes grading 1.91 grams gold and 15 grams silver, using a cutoff grade of 1 gram.

With a cutoff of 0.5 gram, the resource weighs in at 22.3 million tonnes grading 1.54 grams gold and 12.5 grams silver.

Avalon Ventures lost a dime to close at $1.75 after Consolidated Westview Resources dropped its option to earn a 50% interest in the Home-Glenwater and Bateman Lake properties in Ontario’s Matawin gold belt. Westview’s issues rose 4cents to close at 28cents.

International Vestor Resources gained 6cents to close at 86cents after the company raised $1 million in non-brokered private placements. The proceeds will be used to fund exploration in Aljustrel, Portugal. Vestor’s partner there, Auspex Minerals, dropped 2cents to 63cents.