Alberta Stock Exchange (October 14, 1991)

The market reacted strongly to assays released from Takla Star Resources’ AOK property in northern British Columbia, sending the stock down 35 cents to 20 cents during the week ended Oct. 8.

Takla says three holes on the property confirmed the presence of an alteration zone often associated with copper-gold porphyry deposits, but failed to return economic copper or gold assays.

Allegheny Mines also turned in a negative market performance, even though the company announced a private placement financing of $175,000 for exploration on the Atiko-Sapawe mine, a former gold producer east of Atikokan, Ont. Allegheny, a relatively new issue, lost 14 cents to close at 40 cents. Champion Bear Resources is expecting to spend $1.25 million to drill two properties in northwestern Ontario. At Oneman Lake, a polymetallic prospect north of Kenora, Champion Bear reports 18 targets ready for drilling. At Beartrack Lake, a recently acquired gold property east of Dryden, the company is completing geophysical work and grid extensions.

Champion closed unchanged at $2.50.

Gaining five cents to 30 cents, Consolidated Gold Hawk Resources has optioned and commenced work on a gold property in Rickaby Twp., near Beardmore, Ont. Surface sampling in one exposed area on the property returned 0.06 oz. gold per ton over 65 ft.

To settle its outstanding debt, Consolidated Dixie plans to issue 925,000 shares at 20 cents per share. The company’s promoter will also purchase 750,000 shares at 20 cents. Consolidated was 15 cents bid, 35 cents ask on the week.