Vancouver Stock Exchange Encouraging results at Silbak bet

Profit-taking, the troubled U.S. dollar or whatever the reason, the Vancouver market appeared to follow the lead of other stock exchanges this week and pulled back. On the week, the vse index closed down more than 36 pts to 1,919.43 pts.

Encouraging results have been reported from a further 20 holes drilled this past spring to test the Glory Hole, Northern Light and West zone at the Silbak Premier Mines property in northwestern British Columbia, in which Westmin Resources is earning a 50% interest. Silbak “A” shares closed up 10 cents to $4.60 on a volume of 13,200.

Production by late 1988 is a possibility at the Lamaque property in the Val d’Or area of Quebec where Tundra Gold Mines is involved in a joint venture with Teck Corp. Tundra this week traded 116,200 shares and closed down 63 cents to $6.38.

Golden North Resource and Mascot Gold Mines have reached agreement in principle whereby they will equally share in a $300,000 exploration and development program on Agio Resources’ Eagle’s Nest property on Nickel Plate Mountain, near Hedley, B.C. Golden North, which moved up 13 cents to $8.63 on 9,600 shares, and Mascot may earn an 80% interest in the property through the above expenditure. Agio traded 255,400 shares and slipped 7 cents to close at $1.

Teeshin Resources, which lost 14 cents to $1.60 on 69,200 shares, says it anticipates production at the joint- venture Dome Mountain gold property near Smithers, B.C., to be under way by the summer of 1988. Teeshin’s partner in the project is Canadian United Minerals, which closed unchanged at $1.10 with 111,400 shares changing hands. Holding the right to back in for a 50% interest is Total Erickson, which moved up 13 cents on the week to $6.13 on 1,000 shares.

Recently beginning the first phase of an exploration program on property in Ontario’s Hemlo area was Consolidated Reactor Uranium Mines, which traded 4,300 shares and closed down 5 cents to 67 cents.

Positive results from drill work carried out this past spring on gold property in Dubuisson Twp., in Quebec’s Val d’Or area, in which Goldstack Resources has a 50% interest, have been reported. Goldstack moved down 14cents to $1.85 on a volume of 96,900. Goldstack’s partners in the project are Aumine Exploration and Sullivan Mines.