Alberta Stock Exchange Bitech on gold scent

Even in a listless market, investors will still respond to the sniff of a significant gold discovery.

Bitech Energy has offered plenty of recent evidence that it is on the scent of something interesting at its Nugget Pond project in Newfoundland’s Baie Verte Peninsula. But how big and how significant has yet to be proven by the Toronto company which has benefitted from the exitement. With a whopping 1.5 million shares changing hands this week, the Bitech issue gained 20 to close at 58 *

Trading of the Holmer Gold Mines issue was substantially lower but it also gained 20 before closing at 90 * Holmer appears to be responding to some encouraging results at the Briston Twp., property near Timmins, Ont. Operator Chevron Canada Resources says it has outlined four new alteration zones and confirmed the Main gold deposit at depth. It was previously estimated to contain 400,000 tons of grade 0.15 oz gold per ton.

An underground evaluation program at Holmer’s Chibougamau, Que., mine property has indicated that reserves calculated to the 800 ft level are probably reliable.

For the second week in a row, the Tarzan Gold issue made significant progress. Trading on 156,100 shares it gained 10 before closing at $1.50. The company recently acquired 152 claims at Keith Twp., Ont., from Glen Auden Resources. They are close to an area that yielded assays of up to 1.1 oz gold in 3-ft channel samples.

Also up in the standings was Twin Gold Mines. With only 100 shares crossing the floor, Twin Gold gained 30 to close at $1.30. The company holds the Lingman Lake gold property in northwestern Ontario, where Massive Resources is entitled to earn a 31% interest by spending $10.5 million.