Alberta Stock Exchange (November 30, 1987)

In recent trading sessions, positive drill results from Jilbey Industries’ Fontana gold property near Amos, Que., has kept the issue buoyant while others have floundered.

As if to emphasize that, Jilbey took a major step towards its $3.50 pre-crash trading level by gaining 60 cents to close at $2.95 on a volume of 38,000 shares traded.

Jilbey is involved in a joint venture at Fontana with Bay Resources which added a healthy 50 cents to its share price. With 2,500 shares changing hands, the issue closed at $2.00.

Elswhere on the Alberta Stock Exchange, while volumes were generally low a number of issues showed significant gains. They included the Zahavy Mines issue which added 20 cents to its share price after a major management shuffle.

Following a $10-million financing involving Noramco Mining of Vancouver, Noramco’s Bruce MacDonald takes over as chairman, while Gordon Keevil is President and Brian Bayley will act as the new chairman.

Zahavy recently acquired Getty Resources’ 50% interest in the Favourable Lake project of northwestern Ontario for $3.6 million. The polymetallic property is now 100%-owned by Zahavy which closed at $3.75 on a volume of 7,600 shares traded.

City Gold also gained 20 cents to close at 80 cents on 3,500 shares traded. City is currently earning a 50% interest in Radcliffe Resource’s 6,200-acre Graham gold property in British Columbia’s Queen Charlotte Islands by spending $500,000.

The Graham property is northwest of City’s Cinola deposit which is scheduled to produce 180,000 oz annually from open pit operations.

Mohave Gold gained slightly after the company raised $245,000 from a private placement to finance exploration at its Pilgram mine in Mohave Cty., Ariz.

President Robin Pearson said Mohave is negotiating with two major Canadian companies which could result in joint ventures. As a result, the issue was up 2 cents on a volume of 36,500 to close at 25 cents .

While Colray Resources didn’t trade this week, the company says a 45-hole drill program at the Newcor Mine joint venture project with Vista Mines has extended a mineralized zone to a drill-proven length of 1,800 ft.

“The zone is still open at depth and along strike,” said President Gerald Colborne.