Vancouver Stock Exchange Asiatel benefits from Link option

The Vancouver market indices remained relatively quiet during the report period ended Jan. 8, with little news to help spur activity. The composite index remained virtually unchanged at the 627-level while the resource index rose by about 6 points to finish the period at 605.85. Gold was volatile over the period as it reacted to developments in the Middle East. The metal dipped to the US$383-per-oz. level before climbing back up to the US$390 level, unchanged over the week.

Although traders expect a big jump in the price of crude oil if hostilities break out in the Gulf, the jury remains out on the magnitude, if any, of gold’s reaction.

Top trading spot this week was taken by Asiatel Media with over 1.1 million shares changing hands. The issue reached a high of 26 cents before closing at 20 cents for a gain of 8 cents over the period.

Asiatel recently signed an option agreement with Link Resources to earn a 50% interest in that company’s Hoodoo and Inhini projects located in the Iskut River area of northwestern British Columbia. Link followed Asiatel’s lead, jumping 12 cents to close at 28 cents. Both companies are managed by Murray Pezim’s Prime Equities.

The Hoodoo and Inhini projects are located at the southern boundary of the Rock and Roll property, a massive sulphide prospect being explored by Eurus Resources and Thios Resources. Both Thios and Eurus did well over the period. Thios added 16 cents, finishing at 65 cents, while Eurus jumped 19 cents to close at $1.35.

A number of good gold-silver- zinc assays from drilling on the SB property north of Stewart, B.C., did not seem to help Tenajon Resources; the issue remained asleep at the 50 cents level. Westmin Resources, which is earning a 50% interest, recently completed a drilling program on the SB and hopes to develop a mining operation to feed its nearby mill as early as May of this year.

Goldpac Investments and White Knight Resources showed some life after announcing a “significant gold discovery” on their Lookout property in southeastern British Columbia.

In a somewhat promotional release, the companies compared the find to the large Beartrack gold deposit in Idaho being developed by Meridian Minerals.

Chip and grab samples from trenching on the Lookout returned good-grade gold, silver and lead values over wide widths. Goldpac added 6 cents on the news to finish at 31 cents, while White Knight doubled to the 30 cents level.

Drilling results from the Gold Basin and Cyclopic projects in Arizona did not seem to help partners Consolidated Rhodes Resources and Toltec Resources. The drilling returned grades of 0.03 oz. gold per ton or better over good widths.

Consolidated Rhodes lost 11 cents over the period finishing at $1.03 while Toltec dropped 8 cents to close at $1.19.

Dragoon Resources did well over the reporting period, adding over 25 cents at its high before finishing the week up 14 cents at 79 cents. Dragoon is in the midst of a drilling program with partner Greenstone Resources on the David/Lew claims in southeastern British Columbia.