Alberta Stock Exchange: Champion hits gold

A 15-hole drill program on the One Man Lake gold occurrence near Kenora, Ont., has returned some encouraging assays for Champion Bear Resources. Results show a series of gold-bearing zones ranging from 4-22 ft. in thickness and grading up to 0.18 oz. gold per ton, the company says. Zinc values ranging up to 3.2% over 4.7 ft. are also associated with the gold-arsenic mineralization. Trading 18,300 shares, Champion gained 8 cents to close at $2 for the week ended Feb. 12.

Glencairn Explorations has agreed to pay $400,000 for a 100% interest in Mount Skukum Gold Mining, which owns a 830-claim gold property in the Yukon. Included on the property is the former Mount Skukum mine, which yielded 77,000 oz. gold during 1986-88. Glencairn, which is planning a major exploration program on the property this summer, remained steady at 20 cents on a volume of 55,000 shares.

Along with partner Quote Resources, Watson Lake Mines is trying to raise financing to test an unconventional technique for extracting magnesium from silicate. The partners hope to exploit a large, magnesium-rich gabbro stock near Wawa, Ont. Watson Lake has been inactive since Feb. 5 when it closed at 12 cents.

Laurasia Resources and Actuate Financial Consultants have backed away from an agreement to buy 1.35 million shares of Tarragold Resources from the junior’s controlling shareholder, Jascan Resources. The transaction would have given Laurasia and Actuate a 69.5% interest in Tarragold, which holds several gold prospects on the east coast. Tarragold has been inactive lately.

Bellringer Resources was recently reinstated on the exchange after the company acquired a 50% interest in 10 placer mining claims from Radian Resources and raised $50,000 through a prvate placement. Bellringer was 3 cents bid, 15 cents ask for the week.

Gordon-Daly Grenadier Securities and Bregman Securities have increased their interests in Falcon Point Resources to 13.88% and 2.57% respectively. Falcon Point, which holds gold and base metal prospects in Ontario, closed unchanged at 37 cents on a volume of 119,700 shares.