Alberta Stock Exchange Baslen trades higher

It was a case of “as you were” in Alberta as most of last week’s most active issues traded ahead of the pack on slightly lower volumes.

International Baslen led the way with a 34} increase in its share price while Suffolk Resources was up 1} and American Ore remained steady to close at 42}.

Most market watchers were convinced that recent action on the International Baslen stock was generated by exploration at the company’s 3,000-acre Val d’Or property. Trading on 448,600 shares, the issue closed at $1.98.

However, it turns out that investors are more interested in Baslen’s work on a well known Ontario mining camp. Details are expected to be revealed later this week.

While it ranked just behind Baslen in shares traded, Suffolk Resources gained only 1} to close at 32}. The issue has been active recently due to a production decision at the company’s placer gold property on the Ivory Coast of West Africa.

Trading on a volume of 11,700 shares, Zenmac Exploration added 45} to its share price before closing at $3.65.

A joint venture with Hecla Mining of Canada on the Mooseland project in Nova Scotia sparked another increase in the Biron Bay share price. After gaining 47} in trading last week, it gained 23} to close at $2.50.

Biron Bay is spending $9.5 million over one year to earn a 25% interest in the Mooseland project which is at the feasibility stage.

News that exploration has started at Golconda Resources’ Masonic project in Western California boosted the company’s share price. Trading on 29,300 shares, the issue gained 6} to close at 51}.

Golconda says the property has five known mineralized zones which will be tested in a first phase exploration program. Results from the Pittsburgh — Liberty zone have already been received, the company says and the potential exists for about 2 million tons with a grade of about 0.040 oz gold per ton.

The Jascan Resources issue remained steady at $1.19 despite a recent announcement that Washington-based Montana Resources has agreed to buy Jascan and Atlantic Goldfields’ 45% interest in the Noxon silver project.

Back in February, Montana Resources agreed to buy 55% of Noxon from Pacific Coast Mines, an affiliate of United States Borax and Chemical Corp.

While Varna Gold is mobilizing exploration crews to Wood Lake, Man., and Mings Bight, Nfld., to follow up on discoveries made late last year, the issue dropped 4} to close at 45}.