Vancouver Stock Exchange Eskay Creek results boost Calpine

As an example, Beauchamps Exploration was one of the more active issues at press time, up 6 cents at 24 cents . The junior has acquired claims near Val d’Or, Que., east of the Aur Resources-Louvem copper-zinc- silver-gold discovery. The company is also exploring a porphyry copper- gold project in the Stikine area of northwestern British Columbia with partner International Curator Resources.

At press time, market activity remained sluggish as evidenced by the VSE Index which fell 3.01 points to 708.53, although it gained 4.21 points from a week ago.

Calpine Resources jumped 75 cents to $2.38 on heavy volume over our report period, although it was off 8 cents at $2.30 at press time. The company released fresh results from the Eskay Creek gold project in northwestern British Columbia and it appears recent drilling has extended the strike length of the 21 zone by 1,000 ft.

Consolidated Stikine Silver, which owns 50% of the project, jumped $3.87 to settle at $12.87.

Goldnev Resources, a Prime Capital company, was up 7 cents to $1.07 this past week. The company is planning to reactivate the Goldstream copper-zinc mine and mill near Revelstoke, B.C., with partner Bethlehem Resources. Goldnev also owns 100% of the Grew Creek gold project in the Yukon and is involved in a number of joint-ventured gold projects in Nevada and in northern British Columbia.

Continental Gold Corp. got a boost of 87 cents to settle at $7.87 after it announced that Rio Algom will buy 573,353 of its shares at $8.00 from Homestake Mining. When combined with previous purchases on the open market, Rio Algom will then have a total holding of 628,053 shares, or 8.6% of Continental Gold. Rio Algom’s agreement with Homestake also provides for more share purchases of Continental (about 8% of future issuances) and board representation, which might suggest the stage is being set for Rio Algom to acquire control of Continental Gold.

Rio Algom is no stranger to British Columbia. The company is a partner in Highland Valley Copper which operates Canada’s largest open pit base metal mine. But unlike the Highland Valley deposits, Continental Gold’s 70%-owned Mt. Milligan copper-gold deposit has the potential to be a significant producer of both gold and copper.

Redfern Resources gained 37 cents to $1.85 based on investor interest in the company’s 40% stake in the Tulsequah Chief project in British Columbia. Cominco is exploring the former producer which at last report had reserves of 2.4 million tons grading 2.03% copper, 1.25% lead, 6.28% zinc, 0.075 oz gold and 2.68 oz silver.

Investors also appear to be watching companies active in the Lac St. Jean region of Quebec where a recent copper-nickel discovery was made. Yellow Band Resources was ahead 28 cents to $1.18, Ramcor Resources gained a dime to 60 cents , and St. Phillips Resources moved up 30 cents to $2.70.

Antelope Resources gained a further 4 cents to 90 cents . The company is operator of a gold exploration program on claims near Rossland, B.C.

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