Alberta Stock Exchange Octan gains ground (August 29, 1988)

Preliminary assay results from Octan Resources’ Bonanza silver property in the Northwest Territories, made the Calgary company the one to watch during trading this week.

With 90,000 shares changing hands, it gained 50 cents to close at $2.10. While there are as yet no access roads connecting the 17,000 acre property to civilization, silver values as high as 1,000 oz per ton suggest to Octan that open pit operations could begin next year.

The company reports that the first diamond drill hole was spotted to test the down dip extension of high grade surface mineralization. Assay results include 10.5 ft of grade 129.55 oz and 14.5 ft of grade 23.32 oz silver.

The Reed Lake issue took a big jump when shareholders were told that the company plans to drill its Corbiere Twp. gold property near Wawa, Ont. Surface trenching and linecutting work has so far produced values ranging as high as 0.3 across 1 m and 0.492 oz over 1m on a large pyrite zone. Reed Lake was up 50 cents to close at 90 cents .

Also making significant progress was the Bay Resources and Services issue which added 42 cents to its share price before closing at $1.50. The St. Genevieve Resources affiliate is involved with partners Stratmin Inc. and Jilbey Industries at the Fontana property in northwestern Quebec.

A probable and possible reserve inventory of 968,000 tons of grade 0.165 oz gold was recently calculated in five separate vein structures.

A couple of issues which reported encouraging results from their respective ventures, fared less well. They included Marshall Minerals which closed down 5 cents at $1.45 despite some encouraging news from its Sangold joint venture 60 miles west of Timmins, Ont.

Results from the first three holes of a diamond drill program, included 38.5 ft of grade 0.30 oz, Marshall says.

More encouraging results from the Betts Cove property in Newfoundland and the Tache zone in Chibougamau, Que. failed to spark the Bitech Energy issue. According to reports from Betts Cove a No 1 trench averaged 0.47 oz gold along 29.5 ft.

A reconnaissance program at the Tache zone has also extended the structure to 10,000 ft from a previously reported 600 ft.

The Raymore Resources issue was also quiet (down 1 cents at 60 cents ) following news that $5 million is being spent on the Lac Arthur property near Abitibi, Que. According to Raymore, a major gold bearing structure known as the “A” zone has been outlined for a strike length of over 1,000 ft.