Alberta Stock Exchange Argus bucks trend

Even in the midst of a market downturn, nothing makes investors sit up and take notice like a new gold discovery. That was proven this week when a little-known oil and gas explorer called Argus Resources encountereda massive sulphide zone at its North West Territories property.

The discovery was made in an area 150 km southeast of the Lupin mine gold deposit and east of Contwoyto Lake where the company staked 36,000 acres during the 1986 field season.

News of Argus’ latest find made it the second highest trader with 886,400 shares changing hands. The issue was up 9 cents to 59 cents on news that the new zone contains gold values in excess of 1 oz per ton across 4 ft to 5 ft.

According to President Michael Duggan, the showing lies on the west end of a strong vlf conductor with a strike length of over 1,000 ft.

While other issues have floundered as investors rush to reduce their exposure to the market debacle, Jilbey Industries has remained reasonably buoyant. Down 14 cents to close at $2.40 the issue has remained relatively close to pre-market downturn levels of around $3.50.

According to the company, that’s because of encouraging drill results at its Fontana joint venture with Bay Resources at Amos, Que.

After distributing bonus warrants to its common shareholders by December, Monte Carlo Gold Mines will raise $20 million to finance gold exploration programs in northern Ontario and Aruba Island.

However, the Monte Carlo issue was down 84 cents to close at $1.90 on 140,400 shares traded.

Golconda Resources remained steady, dropping only 1 cents to 83 cents following assay results from the first 10 circulation drill holes at its Record mine project in southeastern Oregon.

Designed to test an extensive low-grade gold zone, cut by high grade gold bearing veins, the program has consisted of reconnaissance drilling. Assays, so far have averaged 0.020 oz gold per ton over 150 ft.

An option agreement to allow engineer Chester Kuryliw to conduct 800 ft of “investigative drilling” at Monk Gold’s Rabazo and Naveau Twp., Ont., claims did little to boost the issue.

It was down 9 cents to close at 75 cents on a volume of 39,000 shares traded. Although Kuryliw can earn a 48% interest in the property by completing the drill program at his own expense, the Rabazo claims are considered weak in some engineering circles.