STOCK MARKETS — Resource issues keep pace in western

Considering the turmoil experienced by major markets in Toronto and New York, western markets fared relatively well during the report period ended March 29.

Although the Vancouver Stock Exchange composite index slipped 15.9 points (about 1.4%) to 1139.90, the resource index gained ground, adding more than 21 points to close at 1,831.18.

Tenajon Resources jumped 65 cents to $1.75 after announcing it had intersected kimberlite in three drill holes at its Cross joint venture with TSE-listed Pure Gold Resources and Ashton Mining in the Northwest Territories. Joint-venture partners War Eagle Mining and Great Western Gold released additional results from their Candle Lake property in Saskatchewan. A 38-kg sample from Pipe 29 contained one macrodiamond and 15 micros. John Kaiser, an analyst at Pacific International Securities, notes that the diamond counts are substantially below those of the top Lac de Gras pipes and he believes the companies are significantly overpriced given the early stage of exploration.

War Eagle slipped 38 cents to $7.88 while Great Western added 13 cents to close at $8.38, giving the companies a combined diluted market capitalization of about $170 million.

Etruscan Enterprises did well, jumping $1.10 to close at $3.15. Replying to a request from the VSE to comment on the increase, Etruscan President Gerald McConnell said there have been no material changes in the company’s affairs. Etruscan has mobilized equipment to its Hackett River joint venture with Cominco in the Territories. The companies plan to start a $600,000 drilling program on June 10 to test the East Cleaver Lake deposit (5 million tons grading 6.8% zinc) at depth, as well as last year’s Knob Hill discovery (15 ft. grading 18.5% zinc).

The acquisition of 119 claims in the Contwoyto Lake area of the Territories helped Consolidated Texas Northern Minerals gain 9 cents to 45 cents. Almaden Resources gained 20 cents to $2.95 on drilling results from the company’s 49%-owned La Trinidad joint venture with TSE-listed Eldorado. Results from the Mexican property include a 79-ft. intersection grading 0.12 oz. gold per ton, a 151-ft. intersection grading 0.082 oz., and a 72-ft. intersection grading 0.1 oz. An additional 10,000 ft. of drilling is in the planning stages.

Responding to a more than doubling in its share price to 55 cents, ASE-listed Big Valley Resources reports no new corporate developments. The company is, however, planning a diamond drill program for its Lloyd Nordic copper-gold property, adjacent to Imperial Metal’s Mt. Polley property in British Columbia.

NDU Resources now holds interests in almost 2 million acres of diamond prospective ground in the Territories and the company plans to carry out an “aggressive” exploration program this year. The issue added 15 cents to close at $1.05.

The intersection of possible kimberlitic mineralization at the Montreal Lake property in the Molanosa Arch area of Saskatchewan helped owner Kensington Resources add 30 cents to $3.60. The company is also planning an 8-to-10 hole drilling program to test targets in the Whiteswan and Candle Lake areas. Aquamin Resources expects soon to begin preliminary exploration work of its two properties in the coastal gold belt of southwestern Peru. The issue added 20 cents to close at $1.65.

Romulus Resources, a shell company controlled by the Hunter-Dickinson group, traded as high as $2 before finishing up 14 cents to $1.68. The company is looking for a project to develop.