Vancouver Stock Exchange Tide has turned for the VSE

At press time the action was curbed somewhat by a round of profit-taking, but most brokers say the tide has definitely turned for the Vancouver Stock Exchange.

The record-breaking day was Monday, August 28 when a total of 53.5 million shares valued at $59.4 million changed hands. Tuesday’s total was 45.2 million shares — the second highest total in the exchange’s history. (The VSE’s computerized trading system obviously worked without a glitch

At press time the VSE Index was up 1.05 points at 804.86, which represents a gain of 50.49 points from a week ago. Trading was still brisk at press time, with 19 million shares valued at $21.9 million changing hands halfway through the session.

Adrian Resources was the most active issue over our report period, gaining $1.35 to $3.25. At press time it gained a further 15 cents to settle at $3.40. Adrian’s property is contiguous to Eskay Creek and it is believed to contain the strike extension of the 21 zone. To secure its stake in this property, Adrian has option agreements with both parties contesting title to the claims. (A number of recently-staked claims in the region are also affected by the dispute between these same parties.)

Murray Pezim is a director of Springer Resources, which together with Cove Resources has a significant land package in northwestern British Columbia. As operator, Granges Inc. is earning a 50% interest by spending $3 million over three years. Drilling is expected to begin shortly on the AP zone where preliminary trench assays recently returned values of up to 0.58 oz gold, 4.16 oz silver, 6.1% zinc and 1.9% lead. Springer gained 30 cents to 80 cents .

Prime Resources — which will be held about 28% by Corona Corp. after a share swap is completed — gained $1.70 to $4.85. The Prime group currently owns about 40% of Calpine Resources.

Calpine and Consolidated Stikine Silver each owns 50% of the Eskay Creek project. Calpine moved up $1.37 to $7.25 while tightly-held Stikine jumped $14.25 to $46.50. Interestingly enough, Stikine has held a stake in the Eskay Creek property since the early 1930s.

Interest in Tamavack Resources and its partners Consolidated Powergem Resource Corp. and Calvada Resources is focused on the Albino property, located one mile north of Eskay Creek, which is also believed to have good potential to host a strike extension of the 21 zone. Tamavack, which will have a 50% interest, gained 18 cents to 51 cents .

Solomon Resources isn’t a Prime company, but it gained 45 cents to $1.90 after announcing it is earning an interest in two separate claims blocks in the Unuk River area. The company says the first block is underlain with stratigraphy similar to rocks hosting the Eskay Creek deposit. (That favorable belt of felsic volcanics is called the Mount Dilworth Formation, and it has become the focus of considerable attention because of the many gossans and mineralized showings along its length.)

How long all this excitement will last is anyone’s guess. But barring a second discovery brokers say the onset of winter is likely to bring a lull for all but the key players because only a small number of projects are sufficiently advanced to be drilled throughout the winter.

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