Vancouver Stock Exchange (October 28, 1991)

The market managed to reverse its downtrend during the week ended Oct. 22, with the resource index gaining 13.49 points to finish at 510.81 and the composite index closing up 3.54 points at 556.96.

Springer Resources and Cove Resources remained among the most actively traded issues for the fifth week running. Springer finished up six cents at 48 cents on more than 2.9 million shares, while Cove gained a penny to close at 21 cents on 2.4 million shares. The companies released additional assay results from drilling on the Unuk River joint venture with Granges in northwestern British Columbia. Intersections ranged from 4.9 ft. grading 0.031 oz. gold per ton to 6.6 ft. grading 0.078 oz.

Dessir Resources released a number of wide high-grade intersections from its Gibbs property in Mariposa Cty., Calif. The results include 104.5 ft. grading 0.48 oz. gold, a 53-ft. interval grading 0.31 oz. and a 59.5-ft. interval grading 0.5 oz. The company also reported it had intersected mineralized vein material over widths of 69-147 ft. in stepout drilling and is awaiting assays. The issue traded as high as $3.10 following the release of the assays, before retreating to $2.60 for a 3-cent loss on the week. Drilling results from the Poplar project in central British Columbia appeared to boost the share price of owner New Canamin Resources. The issue jumped 50 cents to close at $1.05 following the release of a 232-ft. intersection grading 0.43% copper, 0.015% molybdenum, 0.23 oz. silver and 0.003 oz. gold. Additional assay results are expected shortly.

Barkhor Resources traded more than 1.2 million shares to finish down three cents at 25 cents. The company is searching for massive sulphide deposits on the Darlin claims near Kimberly, B.C., with partner Chapleau Resources. Chapleau closed at 19 cents for a loss of three cents.

Stepout drilling at the South Kemess property in north-central British Columbia is adding to reserves for partners El Condor Resources (60%) and St. Philips Resources (40%). Four recent 330-ft. stepouts to the west intersected an average of 537 ft. grading 0.21% copper and 0.018 oz. gold. The companies now estimate the deposit contains a preliminary reserve of 140 million tons grading 0.23% copper and 0.017 oz. gold. El Condor gained 35 cents to close at $3.35 while St. Philips added two cents to finish at $1.42. Golden Ring Resources executed a final agreement with ASE-listed Trev to acquire a 100% interest in the company’s Jamaican landholdings. There appear to be some skeptics, however. The short position in Golden Ring as of Oct. 18 had jumped to 377,100 shares, up 93,500 shares from the previous week. Golden Ring finished up four cents at $1.14.