Alberta Stock Exchange Durga bucks trend

Thankfully there is usually an exception to the rule and this week it turned out to be Durga Resources. Durga added 29 cents to its share price (to close at 80 cents ) following news that Noranda Exploration has agreed to earn a 51% interest in the Allan Lake gold/zinc properties.

Located 60 miles northeast of Yellowknife, and 15 miles west of Aber Resources’ Sunrise polymetallic discovery, the 17,000-acre property has been the subject of previous dr illing during the 1940s. Values included 7 ft of grade 0.36 oz gold per ton.

Of the other gold issues Bitech Energy Resources continued to be one of the “big traders” with 236,300 shares crossing the floor. Buoyed by recent developments at the Nugget Pond prospect in Newfoundland, Bitech was ahead by 5 cents to close at 80 cents .

The Borealis Exploration issue which was trading this time last year at around $18, continued its recent slide. With 5,000 shares traded, Borealis was down 9 cents to close at $4.90.

Chairman Rodney Cox has attributed the issue’s recent showing on the Alberta Exchange to short selling.

The possibility that Storimin Exploration and partner Tandem Resources may be able to undertake a large tonnage, lower grade mining operation at the Moss Lake gold project west of Thunder Bay, Ont., had little effect on Storimins share price.

The equal partners are evaluating previous surface and underground exploration results (including 150,000 ft of drilling) before making reserve estimates. The bid on the Storimin issue was 30 cents and the ask 40 cents .

Some encouraging drill results from a 24,000 ft program at Gunnar Gold’s Fireweek silver/base metals property near Smithers, B.C. had an averse effect on the Gunnar issue.

Trading on 9,300 shares, it dropped 4 cents to close at 50 cents . Highlights from a program conducted by operator Canadian-United Minerals included a 26-ft intersection grading 18.53 oz silver per ton. The same intersection also yielded 3.3 ft of 60.96 oz silver (1.18 oz gold per ton).

Gunnar has the right to earn a 50% interest in the 333-claim prospect where Canadian-United is looking for at least 500,000 tons of grade 14 oz silver and 3% lead/zinc.

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