Vancouver Stock Exchange: Gold boosts precious metal issues

Wednesday close, Oct 8 Strengthening precious metal prices took their expected effect on VSE-listed gold issues. Although volumes dipped to 60.3 million shares for the week, many issues experienced strong upswings in price.

Highland-Crow Resources was a steady performer, trading up to $4.50. That’s up more than a $1 over a two week period. The company is mounting a major exploration program on its Pickle Crow property near Pickle Lake, Ont. (see front page story). The company has set its sights on 1988 as a production year.

Golden Shield Resources continued churning through volume of more than 350,000 shares which helped propel the stock through $3 — a superior gain for an issue which traded in the 30 cents range a year and a half ago. Golden Shield’s primary project is at the Mirado mine near Kirkland, Lake, Ont . which has yielded several spectacular high grade drill sections.

Other strong issues include Consolidated CSA Minerals and Geddes Resources which traded at $1.95 and $1.40 respectively. For CSA, that’s a 45 cents advance. CSA has a 50% stake in Canamax Resources Bell Creek project near Timmins, Ont. Word is that Canamax will give the decison to build a mill a greenlight soon. Geddes advanced on news that its joint ventured Windy Craggy massive sulphide deposit in northern B.C., will be evaluated as a possible gold producer.

Producers reflecting surging gold prices include Galactic Resources which added almost $2 to $12 and Goliath Gold Mines which continued soaring, setting a new high of $15.5. Although Goliath is not receiving gold production yet, it does hold a 23.12% net profits interest in Noranda’s Golden Giant mine at Hemlo.

Investors are taking sides on the upcoming hearing in an Ontario Court which will exmine the appeal of Lac Minerals against International Corona Resources. The market appears to be siding with Corona, which raced into new high territory of $26.75 — up $2.25 for the week. The markets, however, can be dreadfully wrong. Just ask Lac buyers who snapped up that stock on March 7, 1986. Consult your broker about hedging strategies when playing Corona and the L