Alberta Stock Exchange Guinness, Holmer up

Guinness Gold Resources advanced by 20 cents for the week ended Nov 14, on a low volume before closing at $2.65, while Holmer Gold Mines closed up 20 cents at 45 cents .

Control of Guinness was acquired recently by Acadia Mineral Ventures which has dealt all of its prime exploration properties into the Toronto company.

But any future plans appear to have been held up by an Ontario Securities Commission inquiry into proposed changes to Acadia. The latter company’s annual meeting was recently postponed until Dec 5.

As reported (N.M., Sept 25/89), deep drilling at Holmer Gold’s Bristol Twp. property near Timmins, Ont., yielded three significant intersections (including five feet of grade 2.26 oz gold per ton) in a previously unexplored area near the main zone deposit.

The main zone is estimated to contain about 440,000 tons of grade 0.15 oz.

For the second week in a row, Kingswood Exploration was the volume leader but it posted a modest gain of 5 cents before closing at 41 cents . Interest in Kingswood is based on the company’s right to earn a 55% stake in a group of Val d’Or, Que., base metal claims owned by Consolidated Abitibi Resources. The claims are in Bourlamaque Twp., six miles west of the massive sulphide discovery of Aur Resources and Societe Miniere Louvem.

News that Glencairn Exploration is moving toward production at its Feijao Cru diamond property in Brazil drove the price of Glencairn shares up 5 cents to 85 cents .

Glencairn can earn a 50% stake in the company which owns the project. At full tilt next year, the production rate is expected to be about 240 cubic metres (8,475 ft) daily.

The Golden Crescent Resources issue remained stalled at $1.45 for the week despite recent news that drilling is about to begin at the Border gold claims. Situated near Timmins, Ont., the Border claims are part of a package of properties optioned to Golden Crescent by Placer Dome.

Commencement of drilling at Peter Island Resources’ Barnet Twp. gold property near Kirkland Lake, Ont., has kept the issue active in recent weeks. On a healthy volume of over 386,000 shares, Peter Island gained 5 cents this week before closing at 85 cents .

]]>