Vancouver Stock Exchange (November 07, 1988)

Although eastern markets and the Canadian dollar slumped in sympathy with the Tory drop in the polls, the VSE ignored all that and had one the busiest, most exciting trading periods seen here for quite some time. Investors were lured out of the trenches by a number of new discoveries, including a large oil find in northwestern B.C.

At press time the VSE Index gained 4.06 points to 841.16 in active trading. Once again advancers led decliners, 200 to 149, with 436 issues unchanged.

By far the busiest trader over our report period was a Prime Capital company, Calpine Resources, which posted a dramatic gain of $1.46 to $1.67 (at presstime it reached $1.95) after announcing impressive gold and silver assays over substantial widths from the Eskay Creek project north of Stewart, B.C. Calpine is earning a 50% interest from Consolidated Stikine Silver, which has held the property since the early 1950s. Consolidated Stikine jumped $2.75 to $3.05 (at press time, $4.40).

Another Prime Capital company, Tamavack Resources gained 30 to 40 after announcing it had initiated staking in the vicinity of Calpine’s discovery. Canarc Resource Corp., which has claims immediately surrounding the Calpine ground, gained 39 to 75 after completing a private placement.

War Eagle Mining climbed a further $2.75 to $4.35 on heavy volume as speculation continues to mount as to exactly what the company may have on its War Eagle Mountain property in Idaho. Assays are expected shortly from the 4- way 100-ft offset drill holes to the discovery holes which should help considerably to bring the underground picture in focus. (All that can be safely said at this point is this one could go either way, boom or gloom, as two drill holes do not a gold mine make.)

Meanwhile, War Eagle is disputing a statement by Del Norte Chrome Corp. that an oral agreement exists between the two companies involving certain claims adjacent to the block on which War Eagle’s discovery was made. Whatever the case, Del Norte gained 16 to 32 *

Doron Resources climbed a further 35 to $1.66 after announcing high grade assays from the first of 12 holes drilled on its Caribou Creek property in the Yukon. The property is adjacent to its newly acquired La Forma mine which has proven reserves.

Base metal producers are getting more respect these days as profits mount. American Pacific Mining, which has a producing mine in Honduras, gained a further 50 to $5.50.

Athabaska Gold Resources, which is expected to release check assays soon from a 12-hole drill program on the Nicholas Lake property (with Chevron Minerals) north of Yellowknife, NWT, gained 17 to 52 * The company said preliminary assays “indicate high grade gold values over mining widths”.

Thompson Gold, working a project near the Zeballos camp on Vancouver Island, climbed 23 to 65 while Uranium Resources gained a further 42 to $2.10. Noront Resources, now active in the Mishibishu Lake area, moved ahead 35 to $1.25.