STOCK MARKETS — Western markets remain flat over week

The Vancouver Stock Market Exchange composite index remained flat over the report period ended Nov. 19, slipping 4.71 points to close at 1,149.79. The resource index closed down 43.5 points at 2,301.62.

Climbing as high as $1.29, Columbia Gold settled back at 94 cents, up 29 cents. The discovery of cobalt mineralization in the Kona volcanogenic massive sulphide deposit at the Fyre Lake project in southeastern Yukon has the potential to enhance the deposit’s economic viability. Twelve holes, which averaged 2% copper and 0.66 gram gold per tonne, were re-assayed to reveal cobalt values averaging 0.12%. The addition of cobalt boosts the contained gross metal value to US$104 per tonne from US$48 per tonne.

Columbia Gold holds an option to earn up to an 80% interest from Welcome Opportunities by spending $6 million there. Welcome holds a back-in right to a 55% interest if it elects to arrange financing and place the project into production. Welcome rose $1.10 to close at $3.60.

Low-grade gold numbers from the first nine holes of a 29-hole drill program on the Encanto prospect in northern Ecuador triggered a massive sell-off of Peruvian Gold. The issue traded as low as $1.55 before closing at $1.75, a loss of 77 cents.

Alberta-listed Gitennes Exploration continued its upward trend, rising 63 cents to $4.65. An ongoing surface chip-sampling program on the prospective Rio Suro gold zone at Gitennes’ Virgen gold project in northern Peru is yielding interesting results.

At the Compa project in Mexico’s Sonora state, Morgain Minerals has discovered two gold-bearing stockwork zones on the Chunibas property, 400 metres south of, and on strike of with, Santa Rosa workings. One of the zones is exposed over a strike length of 400 metres and a width of 120 metres, and averages 1.01 grams gold and 50 grams silver. The other zone, exposed over 250 metres of strike and 80 metres of width, averaged 0.95 gram gold and 45 grams silver. Morgain closed up 38 cents at $2.03.

Partners Churchill Resources and Greystar Resources were both up on the release of results from eight holes on the newly discovered Road zone at the Angostura project in Columbia. Churchill, which can earn a 50% interest from Greystar, rose 33 cents to finish at $1.23, while Greystar closed at $1.65, up 20 cents.

Cypango Ventures has begun drilling the first of five proposed kimberlite targets at the Yamba Lake property in the Northwest Territories. Cypango holds an option to earn up to a 70% interest from partners Mill City Gold Mining and Alberta-listed Tanqueray Resources. Cypango was up 25 cents at $1.90, Mill City added 2 cents at 42 cents, and Tanqueray closed up 20 cents at 85 cents.

While Solidor Resources invites enquiries regarding its Squall Lake gold property in the Snow Lake area of Manitoba, the company is eyeing acquisitions south of the border in Mexico. Solidor closed up 7 cents at 38 cents.

Gulf International Minerals has expanded its Aprelevka joint venture in northern Tajikistan by acquiring an exploration and development licence covering an 8-km perimeter around each of nine gold deposits. Gulf, which holds a 49% interest, gained 9 cents to finish at 64 cents.

Steppe Gold Resources was up 15 cents at $1.20. Assays are pending for 83 holes comprising 5,168 metres of reverse-circulation drilling that tested eight gold-copper gossanous targets within the 4,400-sq.-km Mizek exploration licence in Kazakhstan. Prefeasibility drilling on the Central Mizek deposit tested the primary sulphide mineralization beneath the proposed oxide open-pit. One of the better intercepts returned 27 metres grading 1.6% copper, 10 grams gold and 2.52 grams silver.

The acquisition of the Dyke gold-silver claims, 58 unpatented mining claims in Humboldt Cty, Nev., marked a 31 cents boost for Coromandel Resources. The company closed at $2.30.