Alberta Stock Exchange (February 13, 1989)

Large volumes of the Bitech issue have been changing hands while the company reviews the data from a 6,700-ft drill program. Future plans at Nugget Pond will likely include further drilling to probe two zones where current reserves are estimated at 259,396 tons grading 0.44 oz gold per ton.

Bitech was the session’s biggest trader. Riding on 985,500 shares it closed up 17 cents at $1.30.

A comparatively modest 40,200 shares of Biron Bay Resources crossed the floor. But Biron Bay managed to add 18 cents to its share price before closing at $1.03.

The company can earn a 25% interest in Acadia Mineral Ventures’ Mooseland gold property in Nova Scotia where a feasibilty study is under way. Hecla Mining of Idaho has also agreed to earn a 35% interest in the property where inferred reserves stand at 456,800 tons grading 0.46 oz.

It has been quiet lately. But a recent discovery on the Belmoral Mines property in Val d’Or, Que., is said to be the reason why 426,300 shares of International Baslen changed hands. Baslen, which gained 10 cents , owns ground next door to Belmoral and is expected to start drilling soon.

Investors have yet to warm up to a new control group which recently succeeded Gordon Leliever at Monte Carlo Gold Mines. Trading 97,000 shares, Monte Carlo was down 3 cents to close at 38 cents .

The company is currently reviewing its Ontario exploration projects before gearing up to focus on its Aruba Island gold property in the Caribbean. To generate some cash flow from Aruba, Monte Carlo is planning to process some 75,000 to 100,000 tons of tailings material. But it is still examining alternative treatment methods.

The Norad Resources issue was up 5 cents following news that a 4,000-ft drill program has commenced at its wholly-owned McRae-Ritz gold property in the Larder Lake, Ont., region. The program is designed to evaluate gold mineralization along a 200-ft strike length. The first drill hole assayed recently at 12 ft grading 0.162 oz gold per ton and 2 ft of 0.153 oz. Trading 16,500 shares, Norad closed at 40 cents .

After doubling its share price last week, New Texmont Explorations lost 13 cents before closing at 25 cents . New Texmont and joint venture partner GoWest Amalgamated Resources recently released some interesting results from the Tully Twp. property near Timmins Ont.

GoWest gained a modest 3 cents to close at 43 cents , but Frankfield Exploratio n, another company which could benefit from the Tully Twp. results, remained steady at 20 cents .

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