Vancouver Stock Exchange (September 16, 1991)

Market indices turned downward during the week ended Sept. 10; the resource index closed at 550.54 for a loss of 7.50 points and the composite index slipped by less than a point to close at 566.83.

Taseko Mines remains a bright spot on the market. The issue jumped by $2.12 to finish at $7.50; investors await further assay results from drilling on the company’s Fish Lake porphyry copper-gold project southwest of Williams Lake, B.C. The first hole of this year’s program intersected more than 2,700 ft. grading 1.05% copper-equivalent.

Taseko management’s success has not been limited to the Fish Lake project. The principals are also directors and large shareholders of El Condor Resources, which is drilling on the Kemess South property in north-central British Columbia with 40% partner St. Philips Resources. El Condor added 80 cents to close at $4.60 while St. Philips gained 23 cents to finish at $1.93. Recently released holes from nine holes on the property intersected an average of 262.3 ft. grading 0.28% copper and 0.024 oz. gold per ton for an estimated copper equivalent grade of 1.11%.

Eurus Resource continued a prolonged slide, finishing off 19 cents at a low for the year of 61 cents. The company recently completed a first-phase drilling program at the Spectrum property in northwestern British Columbia. Eurus is earning a 50% interest in the property from Columbia Gold Mines and is now completing a preliminary reserve calculation. Columbia also managed to hit a low for the year, dropping seven cents to 33 cents.

War Eagle Mining took a dive, plunging 42 cents to $1.14 on heavy volume, after announcing a gold discovery on its La Blanca property in Mexico. The release of a 38-ft. intersection grading 0.44% copper, 0.014% lead, 0.048% zinc, 0.205 oz. silver and 0.701 oz. gold from the Goz-RDN property in northwestern British Columbia did not seem to help High Frontier Resources. The issue added three cents to finish at 28 cents. The company is earning a 50% interest in the property while Kennecott is earning 60% of High Frontier’s interest.

Newcoast Silver added four cents to close at 30 cents after Gibraltar Mines released a number of wide copper intersections from drilling on the Jan & Summit claims near the Gibraltar copper mine. Newcoast has a 30% net profits interest in the British Columbia property.

News of a planned one-for-ten consolidation did not seem to help Prime Equities. The issue slipped nine cents to close at 37 cents. Recent drilling on the Lockwood property, which is 65% owned by Island-Arc Resources and 35% owned by Formosa Resources, intersected 58.6 ft. grading 2.15% copper, 3.44% zinc, 0.047 oz. gold and 1.39 oz. silver. Island-Arc added a nickel to finish at 50 cents while Formosa closed up 30 cents at $3.60. Kennecott is earning a 51% interest in the property which is near Everett, Wash.