Vancouver Stock Exchange Eurus and Thios results disappoint

Although the Vancouver Stock Exchange’s composite index remained virtually unchanged at the 524-level, the resource index did an about-face during the week ended Feb. 19, dropping 27.46 points to 557.70. Market action continued to be concentrated around issues with ground near the Rock and Roll property owned by Eurus Resources and Thios Resources in the Iskut River area of northwestern British Columbia.

The long-awaited release of assay results from drilling on the Rock and Roll property precipitated a selloff in the two stocks after the results fell short of market expectations.

Eurus lost $1.25 from its high of $3.55 to close at $2.30 on more than 1.4 million shares. Thios followed suit, shedding 32 cents to finish at 82 cents with more than 1.7 million shares traded.

Although the results were disappointing, indications from the continuing drilling program show the sulphide zone getting thicker as the drilling steps out to the southeast. This progress, coupled with reports of increased total sulphide content, should keep speculation simmering at least until the next assays are released.

Consolidated Bel-Air, which has a 25% interest in the adjacent Bornagain property, dropped 16 cents on more than 700,000 shares to finish at 63 cents.

Prime Equities, which has close ties to Eurus and Thios through a 16% and 18% respective shareholding in each company, remained virtually unchanged at 92 cents.

Galico Resources took second trading spot to Thios with more than 1.6 million shares changing hands. The issue added an impressive 71 cents during the period to close at $1.36 after announcing it was negotiating to acquire claims in the Iskut River area.

After reaching a high of $1.30 during the period, Goldnev Resources did some backtracking, closing up 6 cents at $1. Recent drilling on its 50%-owned Goldstream project near Revelstoke, B.C., intersected the possible down-plunge extension of the deposit. Recent insider trading reports show Murray Pezim, chairman of Prime Equities, increased his shareholding in Goldnev by a net 294,800 shares to hold almost 1.6 million shares. Bethlehem Resources, the company’s partner on the project, added 18 cents during the report period to finish at 55 cents.

Investor interest in Chase Resources and its porphyry copper-gold deposit in the Philippines seemed to cool over the period as the issue shed 80 cents to close at $3.30.

Closer to home, El Condor Resources continues to release good copper-gold values from its South Kemess joint venture in north-central British Columbia. The drilling has encountered a wide, near-surface porphyry deposit which is open in all directions. El Condor and Kennecott have earned a 60% interest in the property from St. Phillips Resources and an affiliate.

El Condor remained unchanged over the period at the $1.65 level while St. Phillips added 4 cents to close at 49 cents.

Digger Resources jumped 59 cents over the period to close at $2.89. Digger’s joint venture with BP Resources Canada on the Chuchi Lake copper-gold porphyry in north-central British Columbia seems to be generating some interest.