STOCK MARKET — Western markets, mining index inch skyward — Investors still hot for NWT diamonds, interest in Voisey’s Bay exploration cools

The Vancouver Stock Exchange composite index gained 10.36 points, or 1.7%, to close at 637.31 over the report period ended April 7. The mining index rose as well, adding 14.76 points, or 3%, to close at 512.03. The combined value of the Alberta Stock Exchange climbed 68.68 points, or 3.1% to close at 2274.16.

Victory Ventures closed down 3 cents, settling at 39 cents. The company is drilling on the Syd 1 mineral claim, situated north of Lesser Slave Lake in the Buffalo Hills area of Alberta. The high-priority targets being drilled were defined by seismic data and coincident magnetic anomalies, and followed up by ground exploration. Victory Ventures holds a 100% interest in the Syd 1, 2 and 3 mineral claims.

Avalon Ventures saw its issue rise 8 cents to close at $1.90. A decision was made to commission a prefeasibility study for a development plan at the Separation Rapids rare metals project, situated 60 km north of Kenora, Ont. A recent market study concluded that the petalite markets have enormous growth potential, and that the project could generate initial annual net income of $13.5 million.

Cypress Minerals lost 8 cents to close at 62 cents upon the release of information about this year’s exploration plan at South Voisey’s Bay. About $2.7 million will be spent on the Cypress property, work on which will include 7,000 metres of drilling. Cypress holds 37.5% of the property, with Donner Minerals holding the remainder (Toronto-listed Teck can earn half of Donner’s interest). Donner’s issue dropped 8 cents to close at $2.47.

Alberta-listed Cartaway Resources and 50% partner International CanAlaska Resources are conducting electromagnetic surveys on their SVB-1 property, situated 7 km south of the joint venture of Donner Minerals and Northern Abitibi. Cartaway’s issues rose 2 cents to close at 16 cents, whereas International CanAlaska gained a nickel to finish at 40 cents. Alberta-listed Northern Abitibi lost 6 cents to close at $1.69.

Kalahari Resources rose 7 cents to close at 93 cents on a report that Toronto-listed SouthernEra Resources had begun drilling on Munn Lake, part of the Black Lake diamond project in the Northwest Territories. Ten to 13 targets will be drilled at Munn Lake and three at nearby Margaret Lake.

SouthernEra is operator and has a 70% interest, Kalahari Resources holds 19.38% and Island Arc Resources holds the remaining 10.62%. Island Arc’s issue closed at 66 cents, up a nickel.

Steppe Gold Resources rose 3 cents to close at 33 cents on the receipt of results from a volcanogenic massive sulphide exploration project near the Akbastau and Kosmurun gold-base metal deposits in Kazakstan. That program, completed in late 1997 on the northern half of the Mizek licence, defined a large geochemical anomaly 1 km east of the Akbastau North area, which is on strike with the Akbastau deposit. Coincident gold, copper, lead and zinc were discovered within a zone measuring about 400 metres in width. Maximum values include; 698 parts per billion gold, 5,200 parts per million zinc and 1,130 ppm lead. These values are higher than what was found in the soils over the Akbastau deposit.