Vancouver Stock Exchange (February 24, 1992)

Although the VSE’s composite index managed a gain of 11.25 points to finish at 665.05 for the week ended Feb. 18, the resource index remained virtually unchanged at the 523-point level. A lack of further gains on major eastern markets as well as gold’s stubborn freeze-out at the US$355-per-oz. level provided little help.

Defying the generally lacklustre trend, Silver Glance Resources managed a gain of $2.27 to close at $6.12. The company is promoting its fluorite-silver property in Arizona as a potential feedstock source for hydrofluoric acid production. The acid is used in the production of hydrofluorocarbons which in turn are touted as a replacement for chlorofluorocarbons (CFCs). Silver Glance notes that the early phaseout of CFCs as a result of concerns over depletion of the ozone layer should result in increased demand for acid grade fluorite.

Following the previous week’s near doubling in price, Goldbelt Resources lost some ground, shedding 24 cents to close at 95 cents. The company hopes to develop a large gold tailings project in Russia as well as a large copper deposit.

Golden Ring Resources dipped a nickel to close at $1.20 after managing a high of $1.50 on anticipation of the release of assay results from the first hole on the Bellas Gate drilling program in Jamaica. Starting at surface, the first hole intersected 470 ft. grading 0.53% copper and 0.014 oz. gold per ton, including 210 ft. from 35 ft. to 245 ft. grading 0.64% copper and 0.018 oz. gold.

Golden Ring recently completed a second hole on the property about 100 ft. northeast of the first, and reported visible copper mineralization of an apparently higher concentration from a depth of 28 ft. to 538 ft. Assay results from the hole are pending.

Taseko Mines gave back some of the previous week’s rebound, losing $1.38 to close at $10.38. The company is in the process of raising up to $10 million to fund further drilling and engineering work on its Fish Lake project southwest of Williams Lake, B.C.

The trading halt on Dessir Resources remained in effect over the period at the request of the company. The halt is expected to continue until a review of the Gibbs property in California is competed. The VSE requested the review before it approves the payment of 2.8 million free-trading shares of Dessir to the property vendor for a 50% interest.

Sutton Resources recently mobilized a crew to its Marudi Mountain property in Guyana. The company plans to drill test at least three targets identified last year. Drilling last year concentrated on the Mazoa hill zone which is now estimated to contain preliminary reserves of about 4.3 million tons grading 0.083 oz. gold per ton. The zone remains open to depth and along strike in one direction. Sutton closed at $5.12, down 38 cents.