The week ended April 2 saw the price of gold bullion remain sluggish at US$359 per oz. as the yellow metal continued to suffer from a lack of speculative demand. Despite the lacklustre gold price, Golconda Resources’ Tanqueray Resources, which owns a 35% stake in the Little Stull gold property in northeastern Manitoba, traded 877,700 shares to close down 1 cents at 8 cents, while Integrated Resources rose 2 cents to 10 cents on volume of 189,000 shares. In the base metals area, Kingswood Resources remained active as exploration work continues on its large claim group in northern Quebec. Kingswood has been drilling several targets to the east of the Phelps Dodge base metal deposit in La Gauchetierre and Daniel twps.
Trillion Resources rose 17 cents to 65 cents on volume of 76,200 shares during the report period ended April 2. Trillion has been studying the feasibility of developing a large nickel deposit in the Ivory Coast of Africa as well as a gold mine in Zimbabwe. The nickel deposit contains preliminary reserves of 77 million tonnes grading 1.84% nickel and cobalt. Trillion’s exploration permit covers 3,600 sq. km in the Ivory Coast and contains several laterite nickel deposits at various stages of exploration and development.
Jerome Gold Mines traded 126,000 shares to close at 8 cents after the company announced plans to amalgamate with International Platinum Mining, a private company with platinum properties in Australia.
Other junior gold stocks that were active during the week include Naxos Resources, which rose 17 cents to close at 45 cents on volume of 113,300 shares, and North American Gold which fell 4 cents to close at 75 cents on volume of 132,800 shares. Savanna Resources, which has been a big volume trader in recent weeks, saw 180,700 of its shares change hands to close unchanged at 59 cents.
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