Alberta Stock Exchange Aug 17 Noble Peak moves up

Some good assay results from the Turquetil property in the Northwest Territories made Noble Peak Resources a standout on an otherwise lacklustre trading session.

The Noble Peak issue gained 25 cents to close at $4.75 following news that an expanded drill program is about to begin on the remote property.

In a 50%/50% joint venture with Dejour Mines, Noble Peak has outlined favorable mineralization over a 5,248-ft strike length and results from a recent drill program include 7.9 ft of 0.608 oz gold per ton.

While Suffolk Resources is operating under very different circumstances, the issue gained 14 cents after trading a phenomenal 1,375,000 shares. Suffolk is responding to a production decision at a placer gold property on the Ivory Coast of West Africa. The Accord Resources issue also made significant progress. With 41,500 shares changing hands, Accord gained 20 cents to close at 70 cents . When last heard from, Accord had encountered anomalous gold values on a 33-claim property in the Beardmore, Ont., area.

The Borealis Exploration issue which generally trades at a much higher level than most companies of similar size and structure, was down $1.25 to close at $14.

Under an agreement with a New Jersey-based investment house, Borealis has arranged for a $25 million (US) gold backed bond to finance exploration at the Fat Lake gold property in the Northwest Territories.

With startup scheduled for late 1989, Borealis President Rodney Cox is anticipating about 25,000 oz of initial gold production rising to around 40,000 oz when the mill is running at full speed.

Courageous Exploration has signed a joint venture agreement with Comaplex Minerals and Tempest Exploration to earn a 60% interest in a 100,000-acre property in the Northwest Territories’ Snowbird Ennadia greenstone belt.

But the Courageous issue failed to respond to news of the agreement. Trading on only 500 shares, it dropped 14 cents to close at 65 cents . Under the deal, Courageous and Normin Minerals must spend $1 million on exploration before June 1992.

The Alberta Gold issue was also down slightly after announcing that it has signed a number of financing agreements worth $2.9 million for exploration on the company’s Iris joint venture in Harker Holloway, Ont. Alberta Gold lost 3 cents during trading to close at 80 cents .

The company says it is conducting a drill test on a 7-ton block of mineralization which could form the basis of an open pit gold mine.