COATS (over-the-counter) Drilling near Card Lake

Drilling is scheduled to begin on a property adjacent to Card Lake Resources’ 5-claim package in Holloway Twp., Ont., at the beginning of January. Noranda will be testing the so-called Cadden claims for eastern strike and plunge extensions of the Lightning gold zone, where a preliminary reserve of at least four million tons grading 0.25 oz. gold per ton has been established to date. Exploration on the Card Lake claims has been held up by an ownership dispute between Card Lake and Teddy Bear Valley Mines. Further to the west, Teddy Bear’s claims host the downdip portion of the Lightening zone.

Card Lake closed down 3 cents at 17 cents for the week ended Dec. 24. Teddy Bear Valley was $1.40 bid, $1.60 ask.

Cochise Resources lost 50 cents to close at $2. The company is planning to investigate two recently discovered mineralized veins on its Golden Rule property in Arizona.

Manor Resources continues to gain value on news that the junior has signed a letter of intent with Noranda for additional exploration on the Lake Bond zinc-copper property in Newfoundland. Manor gained 5 cents to close at $1.55.

Planning an exploration program on its recently acquired 32-claim gold property just south of Dryden Ont., Grand Oakes Resources picked up 10 cents to close at 20 cents.