Alberta Stock Exchange Varna leads again

A Calgary-based company topped the most-active list in Alberta again this week. In much lighter volumes of 300,000, Varna Gold traded as high as 50 and as low as 36 . The issue, which has a promising property in Newfoundland, has been keeping traders active for three consecutive weeks.

Coxheath Gold Holdings, which also trades on the TSE, sparked little interest in Alberta by announcing this week it can make money mining gold from Nova Scotia’s Meguma terrain Total costs are calculated to be $220(C) per oz. The second gold fix in London today was $411.25 (US) per oz.

The deposit at Tangier, in Halifax Cty., is being mined using resueing mining methods at a rate of 200 tons per day. At this rate, the company could produce 31,000 oz in 1989. The issue closed at 58 , up 3 .

Biron Bay Resources traded in sparce volumes again this week. Although the company could stand to acquire $48 million in assets from Hecla Mining Co. of Canada, including Hecla’s interest in Acadia Mineral Ventures’ (TSE) Mooseland property in Nova Scotia, as the result of a deal struck two weeks ago, the prospect of issuing stock to raise $18 million in equity, has shareholders concerned about significant dilution of the company’s stock. Biron Bay closed a slow week at $1.75, down 24 .

Calgary-based Golconda Resources, which looks like a buy at 25 , this week reported preliminary drill results from its gold property in California which hosts potential reserves of about three million tons grading 0.025 oz gold and 1.25 oz silver per ton.

And in its second week of trading, Norad Resources, tagged on to close at 48 . The company holds six gold properties, two of which are being explored at present to delineate drill tragets.

The McRae-Ritz property in Hearst, Ont. looks very promising. The best assays from work done there in the 1930’s include an 18.5-ft section grading 0.18 oz gold. Trenching is scheduled for this month.