Vancouver Stock Exchange (March 30, 1992)

Both the composite and resource indices of the VSE gained ground during the period ended March 25. The composite index added 8.73 points to finish at 653.72, while the resource index gained just over 5 points to close at 549.46. Gold managed to reverse its downward slide, struggling up to the US$340-per-oz. level from a low of US$337.

In an impressive show of strength, Taseko Mines broke through its previous high of $12.25 to close at $15, for a gain of $3.25 on the week. Volume on the issue was 641,400 shares, for a trading value of more than $8 million. Doug Forster, senior vice-president, said the buying was likely tied to anticipation of the company’s recent NASDAQ listing as well as the start of drilling at the Fish Lake porphyry copper-gold property southwest of Williams Lake, B.C.

The company has three rigs working on the property and recently completed drilling of the first three holes, all of which are reported to have intersected visual copper mineralization. Assay results from the holes are pending.

Golden Ring Resources rebounded from the $1.40 mark after releasing additional assay results from drilling at its Bellas Gate property in Jamaica. The company finished the period up 4 cents at $1.54. The first hole on the Camel Hill deposit returned a 730-ft. intersection grading 0.48% copper and 0.006 oz. gold per ton. The top 415 ft. of the intersection averaged 0.63% copper and 0.008 oz. gold. Stepout drilling at Camel Hill is proceeding and a second rig is expected to be operating shortly. Prime Equities International, which owns about 17% of Golden Ring, touched a low of $2.60 before rebounding to $3 for a net loss of 15 cents. Recent insider trading reports show Murray Pezim, a director, added 23,200 shares to his position to hold 777,659 shares directly and indirectly. Prime-managed Galico Resources recently stationed a drill on the Hurdman property northwest of Cochrane, Ont. The company is earning a 55% interest in the property from Noront Resources and plans to follow up previous drilling which intersected 2.41% zinc over 44.3 ft. and 3.10% zinc over 59.7 ft. Galico added 9 cents to close at 94 cents while Noront finished up 4 cents at 34 cents.

Western Copper Holdings recently completed a $760,000 private placement to fund additional work on its Williams Creek joint venture with Thermal Exploration in the Yukon. The placement includes shares plus just over 700,000 warrants to purchase additional shares at $1.20 for one year. The companies hope to develop a solvent extraction-electrowinning copper operation. Western Copper added 35 cents to close at $1.45.

The completion of a number of private placements appears to have given Varitech Resources a boost. The company reports that the financings will raise a minimum of $409,500 for working capital purposes. Varitech edged up 18 cents to finish at 90 cents.