Alberta Stock Exchange Baslen gains ground

For very different reasons International Baslen and Varna Gold were the issues which stood out in a week when volumes were otherwise relatively low.

Varna was the volume leader with 856,300 shares crossing the floor. While it lost 1 to close at 36 , the issue was responding to some encouraging news from its Pine Cove property on Newfoundland’s Baie Verte Peninsula.

The company recently encountered three separate mineralized zones and assay results included a 8.12-m intersection grading 0.325 oz gold per ton in pyritized chert- breccia.

Athough International Baslen lagged just behind Varna in terms of shares traded, the issue also posted an impressive 39 increase in its share price to close at 80 *

Back in June, Baslen hogged the headlines after promoter Charles Stuart announced he had restaked the Hemlo, Ont., claims which house Hemlo Gold’s Golden Giant mine. An interest in the claims was offered to Baslen in return for financing the legal proceedings against Hemlo Gold’s parent, Noranda Inc.

But nothing more was heard from Baslen until it announced recently that it had acquired a 100% interest in a number of Val d’ Or, Que., gold claims which host 25,000 to 30,000 tons of material grading 0.26 oz gold. A drilling program is expected to begin soon.

Trading on a more modest 36,300 shares, the Jerome Gold issue gained 4 to close at 60 * The issue was responding to news that Jerome has arranged for a private placement to finance its 50% participation with Muscocho Explorations in the Jerome property near Sudbury, Ont.

Under an agreement completed through First Toronto Capital, China First Capital Corp. has agreed to buy two million units at 45 per unit. The units comprise one common share and one common share purchase warrant.

Kenora Gold was up 3 to close at 28 after completing the first phase of a 1988 program at a 28-claim property north east of Kenora. According to the company, geochemical analysis revealed an 8-10 ft shear zone with a 75 degree strike. The zone is located about 1,500 ft east of the Black Sturgeon Shaft. Surface chip samples across the Black Sturgeon east zone along a 60 ft strike length returned a weighted average grade of 0.25 oz over an average width of 5 ft.