Vancouver Stock Exchange Brokers’ phones starting to ring

August went out like a lamb, and September came in like one too, but brokers do say the phones are beginning to ring now that the holidays are over. While the momentum doesn’t appear to exist for a boom September as in previous years, the general feeling is there is enough of a back-to-business mood to at least make the coming month better than August.

New listings accounted for much of the volume on the VSE at press time. The Index was down 3.75 points at 975.35 with 139 issues up, 176 down and 372 unchanged. Tenajon Silver, a junior in Donald McLeod’s Northair Group, was still a busy trader, climbing a further 6 cents to $1.54. The company reported some impressive results (33 ft true width assaying 0.883 oz gold per ton) from the S.B. property near Stewart, B.C. This easily accessible project is a 50/50 joint venture with Esso Minerals.

The most active trader over our report period was Magellan Resources, which posted a gain of 18 cents to $1.45. As reported last week, the company has a 50% interest in a 750-tpd producing heap leach operation near Silver City, Utah. The company says several million tons of surface material have been identified on the property, “with ore grades in some cases exceeding 0.25 oz gold equivalent”.

Destiny Resources gained 37 cents on strong volume to $1.03. The Prime Capital company announced some preliminary results from the Phase II program conducted by Noranda Exploration on its joint ventured Windjammer project near Timmins, Ontario. Wildfire Resources, a Prime Capital company active in Nevada and the Yukon, gained 3 cents to 18 cents .

Mahogany Minerals Resources jumped 28 cents to $2.43 on news that a $5.7 million underground exploration program is under way on the joint-ventured Fork Lake property in Saskatchewan. The company says 82 ft of 0.343 oz gold was intersected during recent surface drilling.

McConnell-Peel Resources gained 33 cents to $1.03 while associated company Sheba Copper Mines moved ahead 12 cents to 32 cents . The two companies hold a gold property in Idaho that will be drilled by Homestake Mining in order to earn a 60% interest.