An option deal between Goldhunter Expolorations and Gallagher Explorations provided a shot in the arm for the former company, as it surged to a new high of 90 cents before correcting to 73 cents on strong volume. Underwritten at 28 cents , Goldhunter has been a steady gainer during the past six months.
The deal will see Gallagher spend up to $1 million on Goldhunter’s gold play near Kirkland Lake, Ont., over the next four years. Gallagher was also active, trading at $1.10; up 17 cents for the week.
Coxheath Gold Holdings, an active player in Nova Scotian gold exploration, remained unchanged at $1.24 on good volume of more than 250,000 shares. A 25-hole diamond drill program on the company property which ties on to the Seabright Resources project in Nova Scotia, has returned encouraging gold values. The best hole cut 0.49 oz gold per ton across 29 ft.
Anglo Porcupine Gold Mines, incorporated within the Noranda fold in 1922, traded actively closing at $1.25-$1.33. Armed with a $300,000 flow-through share financing, the company is planning a drill program for its Missinabie area gold property, near Goudreau, Ont. The claims, in Leeson Twp., are near the producing Renabie gold mine.
Pan East Resources firmed up slightly to $2. The company is involved with several precious metals exploration properties in the Maritimes.
Northern Ranger and Northfield Minerals, two companies which have the right to earn a 30% interest in the Cheminis project operated by Eldor Resources and Kerr Addison Mines, were up quietly to 54 cents and 95 cents respectively. Located near Virginiatown, Ont. the property lies west of Kerr’s famous gold mine. At least six drill rigs will be in operation this winter; drilling both definition and wildcat holes.
Other issues which showed some improvement during the past week, included Ontex Resources; up 55 cents to $4.65 and Greenstrike Gold, which advanced 20 cents to $1.80.
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