Vancouver Stock Exchange Buying frenzy is dissipated

Much of the earlier buying frenzy on Vancouver has dissipated and the market is now see-sawing its way from one day to the next. Trading volume has dropped about a third from recent highs but it’s still over 20 million shares per day which is pretty heavy.

Heading the list of active traders at presstime was Angus Resources which was 6 cents stronger at 35 cents . At last report the company was negotiating an interest in a B.C. placer property. International Thunderwood, which is refinancing to carry out exploration work on its mineral properties, climbed 45 cents to $4.40 and MacMillan Energy jumped 15 cents to $2.90. MacMillan recently reported that gold-bearing mineralization had been traced for over one mi on its Mishibishu Lake property in Ontario.

Royal Crystal, a new listing which is planning work on its Hawk claim in northeastern, B.C., traded heavily at $2 and Golden Trend Energy was also active at 70 cents . In thin trading, Marco Resources posted a 60 cents increase to $2. The company has been making some bizarre claims about a property it has in California. Marco has forcasted returns of 506,000 oz gold and 4.7 million oz silver per year from what appears to be an alluvial gold property. Pretty heavy stuff.

Over our report period, Newfields Minerals shot up $2.25 to $5.75. The company cut some impressive polymetallic mineralization recently on its property north of Pickle Lake, Ont. Alaska Apollo, which says nearly a dozen companies have expressed interest in its Alaskan gold properties, was the volume leader with a turnover of 1.6 million shares. It was ahead 2 cents to $1.07.

Lady Robyn, a junior oil company which plans to acquire a business machines company for $1 million(US), was $1.50 stronger at $6.63. Mahogany Minerals, whose Jolu property in Saskatchewan is being explored by Royex, ended the week 90 cents higher at $3.95. Canadian Premium, which is part of the same project, was 70 cents better at $3.85.

Technigen Platinum, which was taken to task by the VSE over statements made about a golf simulator it plans to market, had a rough time and $2.25 sliced off its share price to $10.00. Nor- Quest, which had made a takeover offer for Northair Mines (N.M., Apr 27/87) lost 50 cents to $4.10.

New listings for the week included: Consolidated Azure, Supertech Industries (formerly Silver Cup), Schmitt Industries (formerly Folkestone Resources), Gold Ventures, and Richwell Resources (formerly Hambro Resources).