Vancouver Stock Exchange Seven Mile High gets attention

Surging gold prices did little to muster enthusiasm for most junior resource stocks today. One issue which saw better days during the Hemlo heyday, came back. International Interlake Industries, which had a well-located property believed to protect the downdip extension of the Hemlo orebody, traded up to $1.39 on news that Hemlo Gold Mines had cut a deep intersection.

However, shareholders of Interlake, which has a 40% net profits royalty, shouldn’t hold their collective breath. The hole, which cut 29.5 ft grading 0.258 oz gold per ton, came in at the mind-numbing depth of 7,380 ft. It’s safe to say that not an oz of gold can be expected from this property for many years to come.

Seven Mile High Resources made a strong move to $1.44 — up 19 cents today. The company has a 40% interest in a promising gold deposit near Kelowna, B.C. Inco Gold is the operator with 60%. One of the best holes cut 44.1 ft grading 0.298 oz gold per ton. There appears to be tonnage in this situation.

Traders backed off McNellen Resources following a run to $4. Few details about a massive increase in reserves at the company’s Magino gold property have yet to be released. The issue drifted back to $3.50 during the week.

Beardmore Resources had some respectable volume, trading more than 250,000 shares to close at $1.42. The company has entered into a joint venture to earn an interest in a gold property in Nevada known as the Easter mine.

Buyers moved Tundra Gold to $1.75 on news that the company is planning to prepare an offer to by Teck Corp.’s interest in the former producing Lamaque mine near Val d’Or, Que. The deal would also include the 1,800-ton-per-day mill and all surface infrastructure.