Vancouver Stock Exchange Thios, Eurus intersect new zone

The week ended April 2 proved relatively quiet with the VSE composite index adding about 10 points to finish at the 580 level. The resource index slipped 3.4 points to close at 574.24. Gold remained lethargic, climbing a few dollars to finish at the US$357-per-oz. level.

The release of further drilling results from the Rock & Roll property being explored by partners Thios Resources and Eurus Resource did not seem to help the two companies.

Results from the property, in the Iskut River area of northwestern British Columbia, included the discovery of a new zone. The zone was intersected by four holes with the best cutting 19.7 ft. grading 0.59% lead, 2.56% zinc, 0.63% copper, 0.032 oz. gold and 5.76 oz. silver per ton.

Eurus dropped 4 cents to finish at $1.82, while Thios slipped by a penny to close at 60 cents.

Consolidated Del Norte Ventures added 20 cents over the week, closing at $1.05. Consulting firm James Askew Associates is preparing a reserve calculation for the companys Idaho-Maryland gold mine in California using old mine records. The mine shut down more than 35 years ago and the company hopes to rehabilitate the old workings and begin an underground exploration program.

Pacific Talc gained 15 cents over the period to finish at 85 cents. The company is negotiating to raise $500,000 from a group of investors to finance a bankable feasibility for a talc mining and processing facility in British Columbia. Consultants Minproc Engineers and Bacon Donaldson & Associates have agreed to carry the company for their part of the study.

Vananda Gold recently completed an option deal with Sundance Resources, allowing that company to earn a 50% interest in its Texada Island property. Sundance can earn the interest by paying $250,000 in cash and spending a total of $2 million.

Recent drilling on the property returned some wide copper-gold intersections including a 68.2-ft. intersection grading 0.29 oz. gold and 2.5 oz. silver. Vananda added 8 cents over the period to finish at 28 cents while Sundance remained unchanged at the 35 cents level.

After announcing a financing deal with Rio Algom, St. Philips Resources slipped 13 cents to $1.12. Rio Algom will make an initial investment by buying 500,000 shares at $1.50 each with the option to purchase a further 3.3 million of treasury shares on a graduated price scale to April, 1993.

St. Philips plans to use the funds to finance its portion of expenditures on the South Kemess gold-copper property in north-central British Columbia. Toltec Resources was up 19 cents over the week to close at 86 cents on more than 400,000 shares.

Consolidated Rhodes Resources, which is earning a 50% interest in the companys Gold Basin property in Arizona, did not fare as well; the stock shed a nickel to finish at 85 cents.