Vancouver Stock Exchange Tymar, Akiko-Lori, Varitech busy

Both the Vancouver Stock Exchange composite and resource indices staged rebounds over the week ended Feb. 26. The composite index added more than 10 points to finish at the 534 level while the resource index rose 10.48 points closing the period at 568.18. The increases come despite gold’s break below the US$360 level during the week.

Tymar Resources was active over the period trading 1.3 million shares to close at 61 cents, down 32 cents. Tymar and partners Akiko-Lori Gold and Varitech Resources recently released assay results from the company’s drilling program on the Lakewater property south of the Eskay Creek property in northwestern British Columbia.

The drilling was designed to test the stratigraphic extent of a mineralization intersected in 1990 which returned 9.8 ft. grading more than 1 oz. gold per ton. Hole LW91-23 returned 0.055 oz. gold and 2.4 oz. silver over 9.8 ft. while hole LW91-24 returned a 6.6-ft. intersection grading 3.1% lead, 5.2% zinc, 0.7% copper, 0.022 oz. gold and 1.6 oz. silver. The remaining holes did not return any significant values.

Akiko-Lori fared better than Tymar on the release of the results, rising a nickel to close at $3.40 while Varitech dropped 7 cents to finish at 80 cents.

Eurus Resources continued to rebound from the previous week’s losses, jumping 65 cents to close at $2.95.

The company recently released poorer than expected results from drilling on the Black Dog zone of its Rock & Roll property in the Iskut River area of northwestern British Columbia. Drilling is continuing with the market anticipating better results from stepouts to the southeast.

Thios Resources, Eurus’ joint venture partner on the property, added 22 cents over the week to finish at $1.04.

More than 6,000 ft. of drilling is planned to begin shortly on the Phiz property by partners Adrian Resources, Crest Resources and Magenta Development. The property is about two miles southeast of the Rock & Roll property’s Black Dog zone.

Crest added 11 cents to finish at 43 cents while Magenta rose 4 cents to close at 29 cents. Adrian closed up 2 cents at $2.22.

Quattro Resources did well over the reporting period, jumping $1.30 to $2.35. The company recently announced the termination of an option agreement with Bellex Mining on that company’s Jack Wilson property in the Galore Creek area of northwestern British Columbia.

Quattro stated it planned to concentrate on its Summit claims in Nevada with partner Red Lion Management. The property is located to the north of Bruner project, now wholly owned by Miramar Mining after Newmont Mining’s decision to terminate an earn-in agreement.

Bellex rose 28 cents over the week, closing at $1.38. A drilling program recently commenced on the Monument Bay project in Manitoba to test the extent of three known gold zones. Bellex is earning a 50% interest in the property from Noranda and plans to spend about $1.5 million this year.