While market indexes in Montreal and Toronto reached levels which have alarmed experienced market watchers, there was little to fear from a comparatively modest session on the Alberta exchange.
After losing some momentum recently, Mohave Gold, the week’s biggest trader was up 9 cents on a volume of 493,000 to close at 69 cents . The company recently announced a production decision at its Pilgrim property in Arizona where potential reserves stand at one million tons grading 0.05 to 0.10 oz gold per ton.
The Mohave issue ranked just ahead of American Ore Ltd. which was down 6 cents on 450,000 shares to close at 63 cents . American Ore recently completed the initial phase of exploration at its Iskut River joint venture property in B.C.
American Ore and partners Delaware Resources and Golden Band Resources each have a 33 1/3% interest in the 12,000-acre property 5 km north of Skyline Explorations’ Stonehouse gold deposit.
Although it is still searching for the financing to continue exploration on its Aruba Island gold prospect, Monte Carlo Mines was one of the week’s most eyecatching performers.
It was up 55 cents to close at $4.75 on a volume of 53,100 shares traded.
Twin Gold Mines also responded well to news of a takeover bid by Toronto-based Agassiz Resources. Attracted by Twin Gold’s Lingman Lake property in northwestern Ontario, Agassiz has offered $2.25 per share for all of the former company’s issued and outstanding shares. Twin Gold was up 20 cents on 1,000 shares to close at $3.00.
Storimin Exploration remained steady at $2.10 after releasing drilling results from its Moss Twp., Ont., joint-venture property. Storimin and partner Tandem Resources have started work on an underground phase of a $4-million exploration program designed to sample the ore zone at the 200-ft and 380-ft levels.
The Jascan Resources issue was also steady at $4.50 following confirmation of an agreement with United States Borax and Chemical Corp. and Atlantic Goldfields involving a larger copper/silver deposit in Montana.
Redbird Gold Corp., which commenced trading on July 29, was up 20 cents on 22,000 to close at 45 cents . The company has a 100% interest in two gold prospects in Valemont and Stump Lake, south of Kamloops, B.C.
The Stump Lake claim has been mined periodically over the last 20 years by Pioneer William Huxley for semi-precious gems.
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