Vancouver Stock Exchange Eskay Creek results lift Calpine 77 cents

Several recent exciting discoveries are credited with reviving investor interest, not to mention the current spate of acquisition activity led by cash-rich majors. A number of analysts are already predicting the emergence of the “mega- major” mining company and some also say juniors may be forced to return to the traditional major/junior working relationship to develop projects of promise.

At press time the VSE Index was down marginally at 725.35 points, an increase of 7.95 points from a week ago.

Calpine Resources was once again the volume leader over our report period, adding a further 77 cents to settle at $3.50. Some impressive drill results were reported from recent infill and step-out drilling on the 21 zone at Eskay Creek, including a spectacular 45.9 ft grading 1.67 oz gold and 57.75 oz silver per ton.

The Eskay Creek project in northern British Columbia is owned equally by Calpine and partner Consolidated Stikine Silver. Stikine jumped $4.00 to reach a new high of $20.50 per share.

Trading was also active in a number of companies in the Prime Capital stable. Consolidated Powergem Resource Corp. lost 3 cents to 26 cents , Calvada Resources gained 14 cents to 44 cents and Tamavack Resources climbed 13 cents to 23 cents . The three companies are exploring a property about one mile from the 21 zone discovery at Eskay Creek. Adrian Resources was also active; the issue gained 37 cents to 75 cents .

Continental Gold Corp. climbed $1.12 to settle at $8.62 after announcing it had discovered a new deposit some 2,000 ft southwest of the Mt. Milligan gold-copper deposit proper. The company also released additional results from ongoing drilling at Mt. Milligan, B.C., including 498.6 ft grading 0.43% copper and 0.053 oz gold and 531.4 ft of 0.44% copper and 0.052 oz gold. Continental owns 70% of the project while BP Resources Canada holds the remainder.

Drilling is finally under way on the McNickel property located north of Lac St. Jean, Que., a nickel- copper project that is being closely watched by both retail and institutional investors. St. Phillips Resources has a 30% carried interest in the property while Ramcor Resources has a 10% carried interest. Trading in both companies has been brisk. Ramcor picked up a dime to settle at 70 cents , while St. Phillips got a boost of 20 cents to $2.60.

Fairbanks Gold climbed a further 95 cents to $4.65 after reporting some impressive assay results from its Fort Knox project in Alaska. This potentially open pittable gold project is located just 15 miles by road from the city of Fairbanks.

Dolly Varden Minerals jumped 52 cents to settle at $1.40 after it announced the start of an exploration program on its property in northwestern British Columbia. A number of prospective zones, including a recent gold-copper target, will be tested this season.

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