News that drilling has quadrupled reserves at the Magino gold mine, sent McNellen Resources back to the $4 mark. Although little information has been released about the nature of the deep drill results upon which the big reserve increase is based, investors flocked to McNellen adding almost $2 to the share price over our review week. A bout of profit taking knocked the price back to $3.40 on volume of 169,000 before moving back to $3.70 at the close.
Huntington Resources was also active, advancing to $2.62 or 33 cents for the day. Huntington continues to explore its gold property in B.C. which generated several rich intersections from a down-dip drill hole.
In the Mishibishu camp, west of Wawa, Ont., several juniors continue to attract interest. Central Crude, which shot to $9, is finally creeping back to reality. The issue closed at $8. Hemlo Gold is a big shareholder in Crude and is operating their large exploration program in the area. Windarra Minerals, which will get 25% of gold production from the Magnacon gold mine under construction north of the Central Crude properties, was firm at $1.44. Again, Hemlo Gold has a big stake in the company. Hemlo has also made market purchases of Windarra during the past few weeks.
Villeneuve Resources, which is also a large landholder in the Mishibishu camp, was better at 60 cents . Affiliate company Alotta Resources was steady at 70 cents .
Destiny Resources continued as a volume leader, trading more than 200,000 shares during the week. The issue closed at 56 cents .
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