STOCK MARKETS — Composite index continues downward slide

The Vancouver Stock Exchange composite and resource indexes continued their downslide for the report period ended Dec.6.

The former fell 17.64 points to close at 737.84, while the latter finished at 1,191.50, down 22.05 points.

Delta Gold Mining hit a 52-week low of $1 before closing at $1.20, down 40 cents. A drilling program of at least 1,500 metres is under way at the Diwalwal gold project in the Phillipines. Targets include the Tinago zone, where trenching of mineralized quartz veinlets returned 50 metres averaging 2.74 grams gold per tonne, and the Bango vein which averaged 50 grams over a 4-metre width. The properties are held by a Phillipine corporation, 75% of whose shares Delta may acquire from owner Marcopper, an affiliate of Placer Dome.

Anticipation for results from the Camsell Lake diamond project, situated in the Northwest Territories, triggered a movement upwards for operator Winspear Resources; the stock rose to $1.54, an increase of 43 cents. Results are forthcoming from the joint venture, which consists of Toronto-listed Aber Resources (40%), Amarado Resources (20%) and Consolidated Newgate Resources (10%). Amarado closed at 78 cents, up 7 cents, and Consolidated Newgate remained unchanged at 29 cents.

Amax Gold earned a 60% interest in Coral Gold’s Robertson project by completing a feasibility study on the Porphyry zone. The property is in Crescent Valley, Nev., within the Battle Mountain Trend. The Porphyry zone is a potentially open-pit, heap-leach deposit, and previous estimates point to a geological resource of 20 million tons grading 0.036 oz. gold per ton. Coral Gold lost 12 cents to close at 91 cents.

An interval of 90 ft. averaging 0.067 oz. gold per ton from hole 94-25 did little for Teryl Resources, which closed down 2 cents to 38 cents. A completed exploration program by Fairbanks Gold Mining, a subsidiary of Amax Gold, entitles Fairbanks to an 80% interest, leaving 20% to be retained by Teryl. Twenty-eight reverse-circulation holes were drilled over three grid areas within the Gil claims near Fairbanks, Alaska. Hole 94-25 is reported to be from the Hot Lips grid where three holes drilled in last year’s program encountered economic values.

Booker Gold Explorations dropped 54 cents to close at $1.51 on news of recent drill results from its Hearne Hill copper-gold project northeast of Smithers, B.C. Hole 94-7, drilled 164 ft. north of 94-5, returned 411 ft. of 0.115% copper from the top part of the hole while the remainder of the hole averaged 0.5% copper and 0.006 oz. gold per ton over 291 ft., including intervals of 0.93% copper over 60 ft. and 0.07 oz. gold over 5 ft.

Kalahari Resources closed at 40 cents, down 15 cents. The company is drilling geophysical targets at its Murdoch Creek project in the Kirkland Lake area of Ontario. Four targets have been drilled to date, with assays indicating trace to anomalous gold values. The initial phase of exploration calls for the drilling of three more holes by mid-December. A geophysical program is to begin in the new year, followed by a second phase of drilling. The completion of a diamond drill program on the Ned claims near Kamloops, B.C., resulted in a 9 cents increase for Rhino Resources, which closed at 60 cents. Five holes totaling 2,000 ft. were drilled to test for copper-gold mineralization associated with geochemical and geophysical anomalies. Assays are pending.

Milagro Minerals finished up 7 cents at 66 cents. A drill program, with Kennecott Exploration acting as operator, is under way on Milagro’s gold-copper prospect in northwestern Honduras. One hole is already completed in a planned 10-hole diamond drill program designed to determine the extent of the oxide gold mineralization. Kennecott can earn a 60% interest by paying US$1.5 million and completing a feasibility study.

Assays released from four holes at the Segala gold joint venture in Mali, West Africa, gave a 19 cents boost to Oliver Gold, which closed at 94 cents. Three holes intersecting a shear zone returned 38.7 metres of 2.54 grams gold per tonne, 55.5 metres of 1.89 grams and 33.7 metres of 4.42 grams. A fourth hole failed to intersect the zone. Oliver holds a half interest in the project and plans a large-scale drilling program for the new year.