Vancouver Stock Exchange Financing boosts Fairfield

A review of trading activity for the first half of 1991 shows a distinct drop compared with the same period last year. Daily volume during the first half fell by more than 14%, with daily value decreasing by 24%. Financings were the worst hit, with a 35% decline from the first six months of 1990.

For the week ended July 9, the composite index remained little changed, while the resource index staged a healthy 20-point rally to the 578 level.

Fairfield Minerals was among the most active issues, trading more than 1.1 million shares. The volume included a 1-million-unit public financing priced at $1.16. The unit included one share plus one half-warrant; one whole warrant permits the investor to purchase one share at $1.16 for up to a year. Fairfield closed up 19 cents to $1.24, with the warrants closing at 14 cents. The company is active at a number of gold and copper-gold properties in southern British Columbia.

Trading activity in American Fibre and Silver Butte Resources heated up during the period. Both issues were off on increased volume following completion of six holes on the companies’ SIB claims in the Eskay Creek camp of northwestern British Columbia.

The much anticipated SIB holes were drilled to test the extent of mineralization intersected in last year’s exploration hole which cut 46.9 ft. grading 0.42 oz. gold and 31.9 oz. silver per ton. Five of the holes are reported to have intersected the target horizon, although assays have not been completed.

Silver Butte finished the period off by 16 cents at $1.14, while American Fibre shed 22 cents to close at $1.10.

A takeover offer for all of the common shares of Goldnev Resources did not seem to help the company’s share price which remained unchanged at the 60-cent level. Prime Equities is offering shareholders five common shares of Prime in return for four shares of Goldnev. With Prime Equities trading at the 65-cent level, the offer is worth more than 80 cents per share.

A 176-ft. intersection grading 0.1 oz. gold at the Spectrum property in northwestern British Columbia did not do much to trigger trading interest in Columbia Gold Mines. The drilling, part of a 50% earn-in on the property by Eurus Resource, included a 20.3-ft. interval grading 0.71 oz. gold.

Sutton Resources released further results from its drilling program on the Kabanga nickel deposit in western Tanzania. The drilling included a 141-ft. intersection grading 0.78% nickel, 0.14% copper and 0.05% cobalt in hole No. 2 and an 84.6-ft. intersection grading 1.44% nickel, 0.24% copper and 0.14% cobalt in hole No. 5. The issue closed off by 25 cents at $6.50.

Cal Graphite took a hit during the report period, dipping to a low for the year of $3.75 before recovering to close down 65 cents at $4.25. The company produces graphite near Huntsville, Ont.