Alberta Stock Exchange Baslen high rader

An option to explore a 78-claim gold property in Val d’Or, Que., made a former oil producer called International Baslen Enterprises the the big trader this week. With 623,000 shares changing hands, the issue gained 20 cents to close at 78 cents .

After a number of years on the sidelines, International Baslen has optioned 3,000 acres in Bourlamaque and Dubuisson Twps. from Lauboro Trust. Baslen says the claims adjoin the Sigma, Lamaque and Belmoral mines to the east and Sullivan mines to the west. It contains a 3-compartment 782-ft shaft and established reserves in Vein 13 of 25,000 to 30,000 tons grading 0.26 oz to 0.53 oz gold per ton.

International Baslen geologists are evaluating the property and an exploration program is expected to start soon. The company is part of the Montclergy Resource Group.

While it remained comparatively quiet this week, trading 215,700 shares, Argus Resources has agreed to sell a block of 500,000 treasury shares at $1 per share to Equity Silver Mines.

Under an agreement, Equity can earn a 50% interest in Argus’ Esker Lake gold prospect by spending $2.5 million on exploration.

Located near Contwoyto Lake in the Northwest Territories, the Esker Lake property has been the subject of recent speculation. It is said to contain sulphides similar to those at Echo Bay’s Lupin mine. After some poor results, Argus is currently testing a mineralized zone originally discovered by a high grade showing that assayed up to 1.9 oz gold. Argus dropped 4 cents to close at 73 cents .

The Bay Resources issue didn’t respond to a new reserve calculation at the Fontana gold property in Duverny Twp. near Amos, Que. Trading on 2,000 shares it closed down 24 cents at 75 cents .

A subsidiary of Ste. Genevieve Resources, Bay holds a 37.5% interest at Fontana, while partners Stratmin Inc. and Jilbey Industries retain 37.5% and 25% respectively.

A probable reserve estimate of 968,155 tons grading 0.165 oz gold is based on drilling on 100-ft centres along 8,000 ft of followed mineralization in six lengthy vein structures, Bay says.

An additional possible reserve inventory of 435,050 tons grading 0.165 oz is also waiting to be placed in the probable category. “With more definition drilling and underground exploration, additional tonnage of a probably higher grade will be outlined on the property,” said Bay.