Drill results from what looks like the one of the best gold discoveries to date in Newfoundland, lead to a cease-trading order early in the week for property-holder Bitech Energy Resources.
When news from four drill holes were released today, trading re- sumed with 77,500 shares trading on the day, closing the session at 35 , up 8 .
The results, from Nugget Pond, near Betts Cove, Nfld., indicate a high-grade zone of finely- disceminated gold in the 0.35 to 1.66 oz-gold-per-ton range over appreciable widths of 6.6 ft to 8.5 ft. Two more holes are out for assay and the seventh hole in the program is being drilled.
Bitech recently raised $400,000 from a flow-through share offering and a private placement. The money will be split between the Betts Cove property and the Tache poly- metallic bet near Chibougamau, Que., held by Greenstone Resources (TSE).
High-grade gold results were also reported by Marum Resources this week from a property at Khutze Inlet, B.C. The 10-inch intersection assayed 6.36 oz gold and 1.47 oz silver per ton. That issue was quiet in the 15 -17 range.
Durga Resources of Calgary was more active, trading at 65 , up 16 . That company has raised $225,000 to finance a drilling program in the Indin Lake area north of Yellowknife. The objective is to increase the tonnage of three small deposits, grading in the 0.2 to 0.36-oz range.
Aquagold Resources, which has a diverse stable of properties other than gold, including a reservoir for bottled spring water, a high-purity limestone deposit which could be burned along with coal to reduce sulphur dioxide emissions from coal-fired electric generating stations and a granite pluton on tidewater for aggregate shipment to the eastern seaboard of the U.S., was 25 better at $1.05.
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