Alberta Stock Exchange Del Rio diversifies

After weathering the October stock market debacle with its share price relatively unscathed, Calgary- based Del Rio Resources seems to be gaining some momentum again.

The issue was up $1.38 to close at $5.88 on a volume of 34,900 shares traded. A Del Rio spokesperson said a recent flow-through issue combined with a more diversified portfolio, may be responsible for the stock’s current strength. The company has attempted to diversify beyond its Alberta oil and gas interests to include some high technology acquisitions.

The Argus Resource issue, which has performed well recently, was the session’s second highest trader. Responding once again to a gold discovery at its Contwoyto Lake N.W.T property, the Argus issue gained 13 cents to close at 82 cents on a volume of 584,600 shares.

After reviewing the activities of its competitors, Pundata Gold has increased its holding in the Medicine Lodge thrust belt 30 miles north of Salmon, Idaho from 50% to 80%. As a result, the Pundata issue gained 20 cents to close at 80 cents on a volume of 9,2600.

According to Pundata, St. Joe Minerals, Meridian Resources, Noranda Inc. and Homestake Mining are also active in the Salmon heap leach area.

After installing a new management team, Toronto-based Gateford Resources promised more aggressive development of its gold properties in Ontario and northern Quebec.

They include the 34-square mile Samson River project near BP Selco’s Selbaie mine where some 21,000 ft of diamond drilling has encountered what Gateford calls a major fault structural zone.

Trading on a volume of 64,900 shares, the Gateford issue was up 2 cents to close at 32 cents .

Monte Carlo Gold will amalgamate with three companies including its wholly-owned subsidiary, Kidd Resources (British Columbia) Ltd. in a one-for-five share exchange deal, but the issue lost ground.

Trading on a volume of 69,700, it dropped 24 cents to close at $1.20.

Redbird Gold also lost ground despite a recent announcement of a gold-silver-copper discovery at its Ingrid claims on the Dove 87 project 17 miles south of Valemount, B.C.

Redbird says chip samples from the lower zone assayed 0.04 oz per ton gold, 0.34 oz silver and 0.34 oz copper per ton over 3 m and a detailed mapping and sampling program is now underway.

Nevertheless, the Redbird issue closed down 9 cents at 70 cents on a volume of 5,000 shares traded.