Alberta Stock Exchange Biron Bay steady

Despite a lacklustre gold market, Biron Bay Resources managed to hold on to its recent price gains by closing at $1 on volume of 64,500 shares in the week ended Dec. 11. The company is bullish on the potential for its 60% owned Summit gold project in New Mexico where reserves recently topped the 1-million-ton mark based on exploration drilling. Savanna Resources traded 603,100 shares and held steady at the 24 cents level during the report period. Savanna’s polymetallic property in Oregon has been farmed out to Cominco, while its Santa Rosa zinc property near Lone Pine, Calif., is under option to Cyprus Minerals.

Ontex Resources moved up 25 cents to $1.80 on volume of 35,400 shares as the company awaits a final decision from the trial judge in its Brookbank gold property dispute TSE-listed Metalore.

Flag Resources gained 6 cents to close at 40 cents on volume of 25,500 shares. The company has a large property situated northeast of Sudbury, Ont., where Falconbridge Ltd. is exploring for deep base metal deposits. Flag also an interest in ME-listed Golden Briar Mines whose Rouyn-Noranda claims are to be drilled by Minnova this winter.

Other junior stocks active during the report period include Gold Vessel Resources which was up 5 cents to 55 cents on volume of 130,100 shares, and Durga Resources, which rose 10 cents to 60 cents on volume of 131,400 shares. Marshall Minerals rose 30 cents to $1.30 after the company released some gold reserve estimates for its property on the Ivory Coast of Africa.

PGE Resources says it has granted Noranda an option to earn a 70% interest in 120 claims near Henderson Settlement, N.B. Noranda is required to spend $400,000 on the property and make cash payments of $65,000 over three years. The senior company also recently began drilling on PGE’s platinum- palladium project near Mechanic Settlement. The PGE issue rose 25 cents to 90 cents on volume of 62,000 shares.

Kingswood Exploration traded 188,500 shares in the 10-11 cents range. The company is exploring for base metals on a 472-claim property west of Matagami, Que. The southern part of the claim group has similar geology to the Phelps Dodge base metal deposit which is situated along strike and hosts 1.7 million tons grading 4.5% zinc, 0.84% copper and 0.48 oz. silver per ton.