Alberta Stock Exchange Bitech again

Certainly, a number of other issues including Stratabound Minerals and North American Resources made significant progress, but a drilling program at a Newfoundland gold project continues to spark investor enthusiasm for Bitech.

More than 1.28 million Bitech shares changed hands this week as the issue gained 48 cents before closing at $2.10. The company recently announced a $1.3-million private placement and a 10,000-m drill program now under way in Newfoundland should determine whether investor enthusiasm for Bitech is justified.

Stratabound Minerals, which added 40 cents to its share price before closing at $1.40, has been getting some encouraging results from its Captain North Extension lead zinc deposit near Bathurst, N.B.

But as reported (N.M., Feb 20/89), the deposit hasn’t been drilled in sufficient detail to allow a reserve calculation. However, the property’s proximity to the Heath Steel mill adds significance to any reserves that are outlined.

Some typically (for the Timmins, Ont., area) erratic results have been reported from Noranda Exploration’s Joburke mine property where Tarzan Gold can earn a 50% interest.

That may explain why Tarzan lost 9 cents on 56,400 shares traded before closing at $1. Operator Noranda is conducting 10,000 ft of drilling at Joburke to test trenched zones in the property’s 6-7 vein system and North zone.

To earn its interest, Tarzan must spend $2 million at Joburke over three years.

Durga Resources says it has acquired an interest in a heap leach mill-site adjacent to its Boss mine claims in Nevada’s Yellowpine mining district. The company has also signed a letter of intent with Silver Hill Mines of Spokane, Wash., to earn a 50% undivided interest in 25 mill-site claims and 20 lode mining claims.

However, the Durga issue remained steady on 27,100 shares traded before closing at 80 cents .

North American Reserve Corp. which was up 25 cents to close at $3.05 is being converted from a mining company into a real estate developer, according to a spokesman.

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