Vancouver Stock Exchange prime Resources leads upbeat market

Pezim is still on top of the world from the recent decision by the Supreme Court of Canada to uphold Corona Corp.’s ownership of the Williams gold mine at Hemlo, Ontario.

“I was right from day one and I’m glad to be proven right by the courts,” he said. But Pezim is also extremely pleased with recent developments on the Eskay Creek gold project in northwestern British Columbia owned 50% by Calpine Resources. Trading activity in Calpine and in other companies with exciting summer exploration results boosted the VSE Index to 736.32 points at press time, which represents a gain of 10.97 points from a week ago.

Rumors of spectacular assays from recent drilling at Eskay Creek have been circulating for weeks, including talk of one hole intersecting 60 ft averaging 7.5 oz gold per ton.

Chester Idziszek, who heads up Prime Explorations, said results of hole 89-109 will be released in the next week or so. Assays from the recent stepout hole are eagerly awaited because Calpine announced last week it contained a 50-ft interval containing sections with visible gold mineralization. And judging from a recent longitudinal section released by Calpine, recent step-out drilling has important tonnage (not to mention grade) implications for the 21 zone.

Calpine Resources jumped $1.10 to $4.60 over our report period, however at press time the issue slipped 15 cents to settle at $4.45. Equal partner Consolidated Stikine Silver reached a new high of $26.00, a gain of $5.50 from a week ago.

Prime Resources was the volume leader over our report period based on investor interest in the company’s holdings in Corona and in Calpine Resources. Prime recently increased its stake in Calpine to 39.2% of the company’s issued and outstanding shares.

Prime’s Adrian Resources gained 3 cents to 78 cents after announcing it is mobilizing crews for a work program on claims located contiguous to ground being explored by Calpine in the Eskay Creek area.

At press time, spectacular results were released by Newhawk Gold Mines for its 60%-owned Sulphurets project located in northwestern British Columbia.

The most spectacular was hole 89-292 which returned an 84.6-ft core length grading 7.479 oz gold uncut (cut 3.489 oz gold) and 41.52 oz silver. President Don McLeod estimates the true width of the interval at between 23 ft and 26 ft. The issue was unchanged at $3.75.

According to Eric Friedland, president of Fairbanks Gold, tonnage is continuing to increase at the company’s 51%-owned Fort Knox intrusive-hosted porphyry gold discovery near Fairbanks, Alaska. Assays from several new holes were released, including 650 ft of 0.051 oz gold per ton. Fairbanks gained 60 cents to reach a new high of $5.25.

Springer Resources has also been active this past week, gaining 15 cents to 40 cents . The company has a substantial land position in northwestern British Columbia in a partnership venture with several other companies.

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