Vancouver Stock Exchange (March 09, 1992)

Investors on the VSE are showing a bias for non-resource issues, but despite this trend, the VSE resource index managed an 11.48-point gain to 530.27 during the week ended March 3. The composite index added 9.98 points to close at 674.55.

Topping the most active list at 1.41 million shares was Melinga Resources, which slipped a dime to 90 cents. Melinga is currently setting up a camp at its Griffin Lake project in the Northwest Territories. The company is earning a 55% interest in the property from Suncor and Comaplex Resources and plans to begin a detailed ground geophysical survey shortly. The geophysics will be followed by a minimum 5,000-ft. diamond drilling program to test a number of sediment-hosted gold targets.

Melinga is also planning a drilling program on its oxide gold and porphyry copper project in northwestern Honduras. Following recent financings, Melinga has more than $3 million in working capital.

Trading was also active in Golden Ring Resources, with more than 1.4 million shares changing hands as investors await further assay results from drilling on the company’s Bellas Gate property in Jamaica. The issue managed a high of $1.55 before closing at $1.45 for a gain of 15 cents.

Prime Equities International, which provides management and consulting services to Golden Ring, announced the purchase of an additional 285,400 shares of Golden Ring, bringing its holdings to 928,650, or about 15.12% of the company. Prime Equities closed down 25 cents at $2.15.

Trading in Silver Glance Resources propelled the issue to a high of $10.50 before settling at $10 for a gain of $3.50. The company is drilling its Silver District property near Yuma, Ariz., to firm up reserves on its fluorite-silver deposit. The company is promoting fluorite as the chief feedstock for “the new ozone benign products.”

Hemisphere Development added 28 cents to finish at 90 cents following the release of sampling results from the Leopold Downs diamond property in Western Australia. Hemisphere is earning an 80% interest in the property and announced that tests on a 1,000-lb. sample returned a mathematical estimate of 30 diamonds per ton. No weight was reported for the diamonds although they were described as clear-white with some graphic inclusions. The company is planning to test a 1,000-ton sample which was mined from five different areas of the Leopold Downs pipe.

Diamond explorer Dia Met Minerals slipped a quarter to $7.38. BHP-Utah and Dia Met are in the process of extracting a 200-ton bulk sample of kimberlite from their Northwest Territories joint venture to test for the presence of diamonds.

Garnet miner Hawkeye Development continued to gain ground, jumping $1.25 to $7.12. The company recently signed an agreement with Flow International for the marketing of Hawkeye’s water jet garnet production from its operations in Idaho.

Candorado Mines took a jump following the release of plans to finance and manage the rehabilitation of one or more gold mines within the former Soviet Union federation. The issue finished at 75 cents, for a gain of 49 cents.