Alberta Stock Exchange Varna leads the pack

In an unspectacular trading session, large blocks of four gold issues crossed the floor. Although the interest in Suffolk Resources, Sweany Gold, Varna Gold and Argus Resources, may have reflected a firmer gold price ($449US recently), the high volumes were unaccompanied by significantly better share prices.

For example, Varna Gold, the session’s highest trader with 777,900 shares, dropped 14 cents to close at $1.15. Varna Gold is the product of a merger between Marker Resources of Calgary and Varna Resources.

The new entity recently started a $2.5-million diamond drill program at the Jackson Arm gold project in Newfoundland where it can earn a 50% interest.

Responding to speculation at the Esker Lake gold project near Contwoyto Lake in the Northwest Territories, Argus Resources has been a volume leader in recent sessions.

The pattern continued this week as 692,800 Argus shares changed hands. While it gained 3 cents to close at 78 cents , Argus has yet to justify the high volumes with concrete drill results from Esker Lake. Results from a 350-ft drill hole were recently described by an Argus spokesman as negligible.

Despite trading only 1,500 shares, Silver Century Explorations added 55 cents to its share price. Silver Century is involved in a $4-million underground exploration program with partner Agnico-Eagle Mines at Cobalt, Ont.

The program is targeting 2,000-ft of relatively untested ground along the lower diabase contact. A former boundary zone between Silver Century’s Coleman Twp. properties and some Agnico holdings is also being explored.

The Jerome Gold issue remained steady at 50 cents despite news of a private placement with Transgold Resources. Transgold bought 330,000 common shares and 170,000 share purchase warrants for $231,000.

A shaft dewatering program is also progressing at the Jerome Gold mine 100 miles northwest of Sudbury, Ont., where an underground drill program will target three zones.

While it didn’t trade this week, Blue River Mines is negotiating with Labrador Mining and Exploration (a wholly-owned subsidiary of Norcen Energy Resources) to earn an 87.5% interest in a Silica sand deposit at Labrador City, Labrador.