Vancouver Stock Exchange Pezim’s Delaware star performer

The Vancouver market has turned much more positive with trading volume and prices reflecting activity at several key gold plays, particularly the Skyline/Iskut River area northwest of Stewart, B.C.

It promises to be one of the hottest in Canada this season and Murray Pezim’s Prime Group companies hold the largest land position in the area. For the moment anyway, investor attention is focusing on Pezim’s Delaware Resources and its controlling shareholder, Colossus Resource Equities, a Prime Capital company.

Delaware was trading at $24 by press time and it’s proposed a three- for-one share split which is understandable.(Over our report period the stock was ahead $7.75.) Underground development and diamond drilling is under way at Delaware’s SNIP property and the results are said to be very impressive.

The SNIP deposit is located in sediments whereas the much narrower and smaller Skyline deposit is located in volcanics. Skyline was supposed to begin production June 1 but startup is rumored to have been pushed forward to later this month. Colossus, a heavy trader today on a volume of 220,000 share s was unchanged at $5.87 and several other companies located in the Skyline/Iskut River were quite active as well. Meridor Resources, a Hughes-Lang company whose property is surrounded by Delaware, was ahead 8 cents to $1.58 while Tungco Resource Corp (which has ground bordering Skyline to the northeast), was up 4 cents to 79 cents .

During our report period Colossus climbed $1.68 to $5.88 and the A and B warrants were 55 cents and 60 cents higher at $2.15 and $2.20 respectively. Colossus was also the volume leader with a turnover of 1.1 million shares. Meanwhile, Skyline was up $2 to $14.

Prime Capital’s Androne Resources, which has property under option from Skyline, shot up 30 cents to $2 while International Prism closed the week 24 cents stronger at 81 cents . Pezgold Resource Corp, a major player in the area, is involved in five of Prism’s properties. Central Crude, which is involved in an important gold discovery in Ontario’s Mishibishu Lake area, jumped $1.13 to $5.38.