Alberta Stock Exchange Golconda up 16 cents

A porphyry gold prospect in southern California has been acquired by Golconda Resources which rose 16 cents to close at 28 cents on volume of 82,000 shares. Golconda said widespread gold mineralization grading 0.05 oz. gold per ton was encountered over widths of 100 ft. and prompted the company to stake the 76-claim property. A second prospect with values of 0.28 oz. gold over 100 ft. is also being acquired by Golconda. Ontex Resources traded 88,000 shares to close down 31 cents at $2.20 during the week ended Jan. 8. Investors continue to speculate on the potential of Ontex’s Brookbank gold property where reserves stand at 1.4 million tons grading 0.26 oz.

Volume leader for the week was Savanna Resources, which traded 824,300 shares to close up 6 cents at 45 cents. Last year, Cyprus Metals signed a $3.5-million joint-venture agreement with Savanna to earn a 75% interest in the company’s Santa Rosa zinc property near Lone Pine, Calif.

GoWest Amalgamated traded 50,000 shares to close down 1 cents at 18 cents. Last December, the company concluded a $4.5 million exploration agreement with Cyprus Gold Canada, and the latter company plans to begin a deep drill program this month to test two deep gold zones on Gowest’s Tully Twp. property in northern Ontario.

Biron Bay Resources shed 4 cents to close at 80 cents on volume of 84,000 shares as the company continues exploring its Summit gold project in New Mexico where more targets remain to be tested.

Gwen Resources has increased its stake to 50% in a group of 101 claims in the Harker-Holloway gold camp of northeastern Ontario. To earn its interest, the company will issue 1.2 million shares at 25 cents and spend $100,000 to explore the claims by Dec. 31, 1993. Gwen, which has a financing program under way, was 12 cents bid-30 cents ask. The remaining interest in the claims is shared by Perrex Resources and Alberta Gold.