When reached for comment, President Stan Stricker attributed the 45 cents increase in Stratabound’s share price — it closed at $1.70 on a volume of 151,900 shares — to speculation on drilling results from the company’s CNE lead-zinc project in New Brunswick.
Probable reserves to a depth of 130 ft stand at 190,000 tons grading 7.59% zinc, 2.98% lead and 2.92 oz silver per ton. But results from nine holes designed to expand open pit reserves and test for down- plunge continuity included 141 ft of grade 5.60% zinc, 1.45% lead, plus 1.27 oz silver.
The price increase signalled to Stricker that the downward pressure generated by block sales of Stratabound stock by investment fund NIM and Co. Ltd., has now been absorbed.
A drop in the Bitech Corp. issue to 22 cents reflects the fact that Equity Silver Mines has exercised its right to walk away from the Nugget Pond gold joint venture in Newfoundland. Last February, when Equity Silver signed an option to earn 50% in the property in return for expenditures of $12 million, the issue went up to $2.25.
Naxos Resources fared better to remain steady at $1.20. Recent increases in the company’s share price are due to exploration results at the company’s Shumway Lake gold project, 10 miles south of Kamloops, B.C. According to Naxos, atomic absorption assays returned values as high as 6.3 oz gold per ton.
The Eden Roc Minerals issue dropped 4 cents this week despite news that the company has signed an agreement to develop a gold property on the Ivory Coast of West Africa. The agreement covers a permit of about 150 sq miles in the southeastern corner of the Ivory Coast and includes areas explored by Eden Roc since 1980.
Perrex Resources added 8 cents to its share price following news that the company is earning a 25% stake in a group of claims 10 miles west of Inco Ltd.’s Golden Pond gold mine in Casa-Berardi, Que.
Perrex says it has started line cutting and geophysical work on the 94-claim Bradette Twp. where two previous drill holes assayed 95 ft of grade 0.21 oz gold, 0.29% platinum and 0.24% palladium from 220 ft to 315 ft.
Durvade Resources remained steady at 60 cents after completing an initial public offering of just over one million common shares for $507,600. It is refurbishing a heap leach mill in Nevada.
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