MINING MARKET & INVESTMENT NEWS — WESTERN MARKETS — VSE dozes in dog days of summer

The Vancouver Stock Exchange composite index edged up 1.37 points to close the report period ended Aug. 31 at 407.88. The mining index slipped 1.93 points, or 0.7%, to finish the week at 272.36. The combined value of the Alberta Stock Exchange tacked on 33.74 points to close at 2,650.88.

Avalon Ventures gained 25 cents to close at 94 cents. The company discovered high-grade tantalum mineralization on its Raleigh Lake property near Ignace, Ont. A grab sample from the host dyke yielded 0.22% Ta2O5, as well as anomalous lithium, rubidium and cesium.

Volatile Winspear Resources lost 28 cents at $2.80. The market has been anxious over the pending release of capital and operating cost estimates at its Snap Lake diamond project in the Northwest Territories. Winspear operates the project and holds a 67.76% interest.

Major General Resources and partner Ascot Resources struck a deal with Toronto-listed Dia Met Minerals to option 644,300 acres of land on Victoria Island in Nunavut. Dia Met can earn a 51% interest with a one-time payment of $32,500 and by spending $7 million over five years. Major General held steady on heavy trading, closing at 19 cents. Ascot rose 7 cents to wrap up the week at 27 cents.

At 93 cents, EuroZinc Mining lost a dime despite having discovered a new zinc-rich zone at its Aljustrel project in Portugal. The best intersection cut 40.7 metres averaging 8.5% zinc, 2.81% lead and 68.44 grams silver per tonne.

The release of more drill results from Rubicon Minerals Palmer project near Haines, Alaska, wasn’t enough to intrigue the market. Hole 11 hit 7.4 ft. of massive sulphides averaging 4.9% zinc and 2.98 oz. silver. The company lost a nickel to close at 60 cents.

Eastfield Resources and its Toronto-listed partner, International Curator Resources, began a 1,000-metre drill program on their Crowsnest gold project, southeast of Fernie, B.C. The companies intend to drill six to nine holes to test geophysical targets outlined in a previous program. Eastfield closed at 25 cents, up 4 cents.

Starcore Resources lost 2 cents at 25 cents. The junior plans to carry out a third-stage drill program to test the downward extension of an ultramafic intrusion at its Samuels Lake polymetallic property in northern Ontario. Partner ProAm Exploration held steady at 25 cents.

Gallery Resources announced it had intersected a 3-metre section of strong sulphide mineralization at its Okak Bay property in Labrador. Assays are pending. Gallery closed at 27 cents, up 3 cents.

Barramundi Gold swelled 5 cents to 20 cents on news that a subsidiary of Newmont Mining will invest $500,000 in the junior in return for a 51% interest in the Longline gold property in the Yukon.