Vancouver Stock Exchange Market ignores `black’ anniversary

The anniversary of “Black Monday” (Oct 19/87) came and went without too much fuss in Vancouver, and appeared to have no significant effect either way on trading patterns which have been stuck in a sideways rut for some time now. Although experts (mostly in hindsight) are still busy analyzing what happened last year, few predictions are being made as to when this current bear market will come to an end.

In recent weeks, however, a number of prominent financial advisors have stated that the time has come to stop snubbing stocks just because they are stocks. Indeed, local brokers are noting that more long-term investors are entering the market in search of quality issues with sound fundamentals and good prospects for growth. And of course, there is still some bargain hunting activity here by large mining companies eyeing good mineral projects held by cash-crunched junior mining concerns.

At press time the VSE Index was off 4.72 points to 836.70. Trading activity was generally quiet; 123 issues advanced, 181 declined and 426 issues remained unchanged. Oil City Lubricants, a recent player in the Mishibishu Lake camp, moved up 2 to 42 while Surf Inlet Mines climbed 15 to 50 after announcing drill results (including 0.6 oz gold over 6.4 ft along the length of a pyrite-sericite-quartz schist zone) from its Akweskwa Lake project near Timmins, Ont.

Wildfire Resources, a Prime Capital company, was the most active issue over our report period, gaining 5 to 24 . The company is earning a 60% interest in the Pat project located about 7 miles north of Amselco’s Alligator Ridge deposit in Nevada. A drill program is in progress.

Brican Resources slipped 2 to 65 . The company is gearing up for a drill program to test a zone of known copper/gold mineralization on its Man property in the Similkameen mining division of B.C.

Atlanta Gold Corp. jumped 45 to $2.80 after announcing four significant drill intersections from its Atlanta project in Idaho. Results include 110 ft of 0.18 oz gold and 100 ft of 0.26 oz gold; the company is now recalculating mineable ore reserves which will incorporate all the intersections.

Although Quartz Creek Gold Mines terminated several options involving a mineral property near Vernon, B.C., including one with Atlanta Gold, the issue climbed 60 to $1.80.

Tungco Resources moved ahead 15 to 40 after announcing that preliminary reserve calculations (based on 30 drill holes) were in progress for the Bluff and No. 7 veins on its Waratah property in the Iskut River gold camp of B.C.

Adams Silver climbed 4 to 6 after completing a private placement. The company has several mineral properties including a project in the Adams Plateau area of British Columbia.