Vancouver Stock Exchange Blue chip issues draw investors

Vancouver hasn’t been able to match recent gains in Toronto and New York because it’s much more speculative. Investors bold enough to participate in the market today have tended to concentrate on blue chip issues rather than higher risk situations.

Trading activity has been very sluggish lately and by press time the vse index was ahead one point to 1,130.8 and the advance-decline ratio was even.

There were two new listings today: Dutch Creek Resources traded at 60 cents on a turnover of 603,000 shares and Glendale Resources was 38 cents on 411,000 shares. Among the heavier traders was Golden Nevada which slipped 5 cents to $2.40 while Nuspar Resources was off 1 cents to 41 cents .

Recent results from Golden Nevada’s Grew Creek property were encouraging but they weren’t as good as those released a few weeks ago. Trading activity in Nuspar probably relates to bullish statements made by the company about its gold property on Vancouver Island.

Stabell Resources slipped 1 cents to 31 cents after the company announced some “significant drilling results” from an underground program at its Dubuisson property near Val d’Or Quebec. Among the higher grade values reported was 4 ft of 9.3 oz gold.

Over our report period Grandview Resources shot up $1.51 to $7.38 and Castello Resources climbed $1.10 to $4. Drilling at Grandview’s Carson Hill gold mine in California recently indicated a substantial increase in reserves. A $700,000 exploration program has been recommended for Castello’s Cariboo Mining Division claims in B.C. The work should begin in the near future.

International Impala jumped 61 cents to $2.26 and Montello Resources ended the week 45 cents stronger at $2.65. Impala, a Pezim Group company, has a gold property in Newfoundland under option to Noranda. Montello’s Lost Horse claims in south-central B.C. are under option to Chevron. The volume leader this week was Cosmos Resources which was ahead 7 cents to 47 cents on a turnover of approximately 1.5 million shares. The company says gold-silver ore is being processed by a 50-ton mill at its Gold Hill property in Colorado. (Alexander Lenec is behind this one.)