Vancouver Stock Exchange Red Fox active, high flyers drop

At press time the market remained quiet except for the sound of two oversold high flyers falling back to earth. Fircrest Resources dropped $1.45 to $1.90 and Kelan Resources slumped 60 cents to $1.00.

Suntac Minerals was ahead 9 cents to 79 cents after showing good gains all week. Three recent surface holes from the company’s Polaris-Taku mine project in Alaska returned impressive values; notably 8 ft of 1.17 oz; 18 ft of 0.548 oz and 44.2 ft of 0.536 oz gold per ton.

Red Fox Minerals was among the more active issues over our report period after announcing the acquisition of a 50% interest in a gold project near Salmo, B.C. The property once produced 180,000 tons grading 0.75 oz gold and we gather a report detailing a recently completed drill program is anxiously awaited. The issue gained 61 cents to $1.36.

Bunker Hill Mining, which re- opened the Bunker Hill zinc-lead- silver mine in Idaho earlier this year, was even at $3.65. The company says it is aiming for a 2,000- ton-per-day production target by mid-year.

After concluding a private placement with a Swiss bank to raise $1.25 million, Reg Davis’ Inel Resources is set to begin exploring a new property near Princeton, B.C., for its potential to host near- surface bulk tonnage gold mineralization. The issue gained 3 cents to 83 cents .

Ramcor Resources lost a nickel to 47 cents while associated company St. Phillips Resources dropped a dime to $3.10. Both companies have minor interests in a Quebec property where a recent nickel find was made.

Investor interest in companies actively exploring for platinum group metals was piqued by recent fusion experiments that use platinum and palladium to generate an energy source. Despite the fact that the search for economic PGM deposits has been disappointing at best, several issues posted gains. Fleck Resources was up 11 cents to 94 cents while All-North Resources gained 15 cents to $1.45. All-North, a 59%- owned subsidiary of Galactic Resources, says a pre-feasibility study is due shortly for its Wellgreen nickel/copper/PGM project in the Yukon.

It should be kept in mind that Canada’s 4.9% share of world mine production for platinum group metals (1988) comes as a by-product of large base metal mining operations.

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