Alberta Stock Exchange (August 08, 1988)

Even in balmy August when investors seem to have other things on their minds, news of a gold discovery can still spark some excitement among summer speculators.

That was proven this week by Bitech Energy Resources after it announced what the Toronto company calls a significant gold discovery on Newfoundland’s Baie Verte Peninsula.

Driven by a trench sample which assayed at 0.45 oz gold per ton over 23 ft, the Bitech issue had traded 377,000 shares at press time and climbed from 19 cents to around 40 cents .

The Octan Resources issue has also been active as the company continues to drill its El Bonanza property in the Northwest Territories where silver values assaying up to 1,000 oz per-ton have been encountered.

Discovered in 1932, the 17,000- acre El Bonanza claims are located about 27 miles from the Terra mine and contain pure silver samples on surface.

While there is no road access, President Martin Burger told The Northern Miner that open pit production could begin within 15 months which would be a significant achievement for this former junior capital pool comapany.

Trading on a respectable 23,300 shares, Octan gained 20 cents to close at $1.60.

With its Eldorado Canyon tailings project in production, Mohave Gold is currently vying with Homestake Mining of San Francisco for an increased land position in the Nelson, Nev., mining camp. Mohave’s recent purchase of the nearby Rand claims, which contain a number of former producers, has established the company as a major producer in the Nelson area.

With 181,500 shares changing hands, the Mohave issue gained 10 cents to close at 47 cents .

An announcement by Seadrift International that it is conducting a down hole survey of a recently drilled deep hole program at its Aldermac project near Noranda, Que. was enough to attract some investor interest.

The issue gained 15 cents on 49,500 shares traded, to close at $1.70. According to Seadrift, the Aldermac property contains proven and probable reserve of 1.15 million tons grading 1.54% copper, 4.13% zinc, 0.91 oz silver and 0.014 oz gold per ton. The company is currently attempting to design a shaft and workings dewatering program.

While the Tarzan Gold issue dropped lost 4 cents to close at $1.90, the company has acquired 100 claims in three separate blocks in the Larder Lake mining division for 90,000 shares and a retained 3% net smelter royalty to the original prospectors.

Tarzan has also announced a 50/50 joint venture on two contiguous claim groups in Dieppe and Collet Twp. in the Casa Berardi, Que., area.