Alberta Stock Exchange Borealis arrests fall

While the company is attempting to secure the necessary financing for its Fat Lake gold project in the Northwest Territories, Borealis gained $1.35 during trading before closing at $3.50. However, the Borealis issue has some way to go before reaching the $19 level where it stood a year ago.

Bitech Energy Resources also climbed out of its recent slump to post a 12 cents increase on a volume of 667,100 shares traded. As a result of a substantial increase in the number of outstanding Bitech shares (to 26 million), the issue had been in a mini freefall. But analysts now feel that it may have bottomed out.

With a 20,000 m diamond drill program in progress at the Nugget Pond gold property in Newfoundland, Bitech secured a joint venture deal with Equity Silver Mines which could be worth $12 million in option payments.

Also adding 25 cents to its share price was International Baslen Enterprises. The Toronto company recently began the initial phase of a $300,000 drill program at its Laduboro/ Montreal Trust gold property in the heart of Val d’Or, Que. The first assays are coming in from Val d’Or, but Baslen treasurer Andre Dorfman said no results would be released until next week. Trading on a volume of 236,400, Baslen closed at 75 cents .

Zenmac Zinc has been conspicuously absent from the Alberta listings after a halt trading order was placed on the issue, March 21. The halt trading order was issued after shareholders complained that warrants that expired on Dec 31 weren’t being redeemed on a timely basis.

Tim Daly, manager of the exchange’s market surveillance department, says trading of the Zenmac issue won’t resume until the mix-up has been sorted out. “We will leave it off until we are sure everything is fine,” said Daly.

Nathan Minerals, which recently announced results from a fall drilling program at its Pro and Anne claims 11 km north of Yellowknife, N.W.T., gained 5 cents during trading.

After pulling 2.3 ft of grade 1.42 oz gold per ton, Nathan says it may have intersected the upper edge of an auriferous stratigraphic zone which also contains arsenopyrite and pyrrhotite. The 2.3 ft intersection lies on strike and in the same stratigraphic interval as a 3.2-ft intersection grading 0.70 oz drilled earlier in 1988, Nathan says. Trading on 8,000 shares, Nathan closed at 90 cents .

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