Vancouver Stock Exchange Promising results from Congress

Trading continues to be active but with gold hovering at $460- $465(US) and supposedly poised to make a run at $500, investors seem to be taking a moment for reflection. The vse index on the week closed at 1,955.95 pts, up slightly from last week.

Reporting additional high grade gold values from within the Howard tunnel on their joint venture Congress property near Gold Bridge, B.C., were Levon Resources and Veronex Resources. Levon moved up $1.47 to $5.38 on 160,500 shares, while Veronex gained 25 cents to $15.75 on a volume of 116,400. Drifting on the property has encountered a third mineralized zone.

Dolly Varden Minerals, which closed up 5 cents to $1.55 on a volume of 3,200, has announced a $3-million exploration program, with the work to focus on the Red Point — Red Point Extension gold zone and an area between the Dolly Varden and North Star ore deposits, at the western Canadian mining camp.

Joining forces to explore the Crawford gold property in northwestern Ontario, between Red Lake and Pickle Lake, are Gabbs Resources and Ex-Terra Resources. Ex-Terra has the option of earning a 50% interest in the property by spending the next $100,000 on exploration work. Gabbs closed down 41 cents to 56 cents on a volume of 1,285,200.

Announcing a 6-month production (January-June) this year of more than 24,000 oz gold from its Summitville mine in Colorado was Galactic Resources, which moved up $1.63 to $14.75 with 4,500 shares changing hands. In its first full year of production (June, 1986-June, 1987), the heap-leach operation turned out about 78,000 oz gold.

Baden Explorations, with $192,000 in its coffers following completion of a private placement, has planned a program of surface stripping and drilling on its 18 claims in Baden Twp. in northeastern Ontario. Baden was down 9 cents on the week to 30 cents on 28,500 shares.

Assays have been received by Rea Gold and Verdstone Gold from their joint-venture property located 52 km northeast of Clearwater, B.C., where drill-inferred tonnage from the New Showing zone has been reported at 1 .64 million tons grading 8.6% zinc and 1.4% lead. The drilling continues. Rea slipped 50 cents on the week to $8 on 47,800 shares, while Verdstone moved up 5 cents to $1.90 with 123,500 shares changing hands.

Alotta Resources, which traded 139,800 shares and closed up 35 cents to $3.10, has reported intersecting a new gold zone on the Ingham property in the Val d’Or area of Quebec. The company is in the midst of a 20,000-ft drilling program.