STOCK MARKETS — Western markets stay the course

The Vancouver Stock Exchange composite index remained relatively unchanged over the report period ended Aug. 13, closing at 1,134.06 for a 1.14-point gain. The resource index rose 11.01 points to 2,156.86.

Arizona Star Resource was as high as $9 before closing at $8.30, up 70 cents on expectations of results from a deep drilling program below the Cerro Casale gold deposit on Chile ‘s Aldebaran property. The property is held 51% by Arizona Star and 49% by Toronto-listed Bema Gold.

A gaffe in disseminated assay results prompted the VSE to halt trading in Gold Canyon Resources, and cancel all Aug. 9 morning trades. The company released partial assay results of hole 208 from the joint-venture Springpole Lake gold property in northwestern Ontario but erroneously reported them in ounces per ton, instead of grams per tonne. Gold Canyon said the error originated with Saskatoon-based TSL Laboratories and was passed on to it by operator and 50% partner Santa Fe Canadian Mining. At Gold Canyon ‘s request, trading will remain halted until full results from hole 208 and 209 are available for release. The issue last traded at $6.30.

Columbia Gold jumped 22 cents to $1.07. The company is drilling the Fyre Lake massive sulphide property in the Finlayson Lake district of southeastern Yukon.

Partners Castle Rock Exploration and United Compass Resources are set to resume drilling a scheduled 10-hole program on their OKG property in Labrador. United Compass finished down 10 cents at 90 cents, while Castle Rock added on 5 cents at 85 cents. Castle Rock has acquired an option from Alberta-listed Absolut Resources to earn a 51% interest in the North West Webb Bay property, adjacent to the NBK property.

Northern Crown Mines closed up 9 cents at $1.44. The company released results from an additional nine holes of a 22-hole, reverse-circulation drilling program completed on the Guadalupe mine zone at the Guadalupe de los Reyes gold-silver project in northwestern Mexico. Drilling tested a 1,100-metre portion of the 2,000-metre-long zone. Significant results included 61 metres grading 2.62 grams gold and 105.8 grams silver per tonne, including a 10.7-metre interval grading 6.63 grams gold and 148 grams silver.

Following the release of further drill results from the Pilar gold project in Mexico ‘s Sonora state, Santa Catalina Mining dropped 24 cents to close at 61 cents.

Pacific Rim Mining was up 23 cents to $1.13 on reports that results from drilling on the Oculto zone at the Diablillos gold-silver property in Argentina were visually encouraging. More than 13 holes totalling 3,175 metres have been drilled by Toronto-listed Barrick Gold, which holds the right to purchase a 70% equity position in a subsidiary of Pacific Rim, whose sole asset is an option to buy the Diablillos property.

Using two drill rigs, Pacific Wildcat Resources is advancing the Sulut project in Sulawesi, Indonesia, which hosts a previously defined resource of 12 million tonnes grading 2.09 grams gold and 4.4 grams silver. To the end of June, 52 holes totalling 5,738 metres were completed. A further six holes released included 132 metres of 3.04 grams gold. Pacific Wildcat, which will hold a minimum 52% interest, closed up 25 cents to $2.50.

Alberta-listed Gitennes Exploration has optioned up to a 60% interest in its Fishhook gold property in the Northwest Territories to Toronto-listed Placer Dome. Placer can earn an initial 55% interest by spending $3.4 million over four years, and an additional 5% interest by spending another $2 million.

Gitennes tacked on 28 cents to close at $1.17.

Klondike Gold closed up 51 cents at $1.11. The company completed a private placement, raising $525,000 to be used for exploration on the company ‘s Klondike properties, as well as a massive sulphide prospect in the Yukon.

The market responded to a $2.5-million funding of Alberta-listed Cartaway Resources by pushing it to a high of $2.49 before it fell back to $1.58, a gain of 58 cents. Cartaway will use the funds to resume drilling at the Cirque prospect in Labrador. Ventures, a private company controlled by Vancouver financier James Pattison, can retain a 40% interest in Cartaway ‘s Okak Bay properties with funding of $8 million.