Vancouver Stock Exchange (April 06, 1992)

Both the VSE resource and composite indices recorded gains during the period ended March 31. The composite index added 11.64 points to close at 665.36, while the resource index finished at 556.27, up 6.81 points. Gold managed to stabilize above the US$340-per-oz. level for the time being, finishing the week at US$341.

Mainly stable share prices for a number of companies active on the drilling front reflect the market’s general level of interest in the assay results. Drilling is continuing on the Bellas Gate property in Jamaica under option to Golden Ring Resources. The issue slipped a few notches after it was announced that stepout drilling on the Camel Hill deposit intersected chalcopyrite and chalcocite mineralization similar to that encountered in the first two holes on the zone. The first hole returned a 730-ft. intersection grading 0.48% copper from a depth of 40 ft., while assay results from the second hole are pending. Golden Ring finished down 17 cents at $1.37.

Galico Resources recently started drilling on the Hurdman property in Ontario under an agreement to earn a 55% interest from Noront Resources. Although previous drilling by Noront returned up to 2.41% zinc over 44.3 ft. and 3.10% zinc over 59.7 ft., both issues remained virtually unchanged during the report period at the 90 cents and 35 cents levels, respectively. Drilling results from the La Blanca property owned by War Eagle Mining did create some excitement, with the issue posting a 14 cents gain to $1.34. The drilling on the Mexican property returned a number of wide silver-gold intersections through what the company believes is a larger stockwork system. Results included a 230-ft. intersection grading 7.24 oz. silver and 0.022 oz. gold per ton, and a 350-ft. intersection grading 5.71 oz. silver and 0.022 oz. gold.

Drilling on the Preview Lake project in northern Saskatchewan intersected what partners Westward Exploration (20%), Uranerz Exploration and Mining (30%) and Cameco (50%) believe may be a new zone of gold mineralization. The hole returned a 82-ft. intersection grading 0.16 oz. gold, giving Westward a penny boost; it closed at $1.15.

After touching a record high of $15.25 last week, Taseko Mines took a bit of a breather, slipping to $14.50. The company recently started a stepout and infill drilling program at its Fish Lake deposit near Williams Lake, B.C. The company’s market success appears to have attracted the odd short seller; the issue’s short position as of Mar. 27 had edged up 28,900 shares to 95,950 shares.

Sutton Resources recently recommenced drilling at its Kabanga nickel deposit in a move to better define preliminary reserves of about 40 million tons grading 1.05% nickel, 0.21% copper and 0.11% cobalt. The issue added 40 cents to close at $4.95.

A deal to acquire a 45% interest in a large copper porphyry deposit in Central America gave Adrian Resources a 9 cents boost to 62 cents. Final details of the agreement have not been released.