Alberta Stock Exchange Copper gets attention

With gold prices off slightly, investors were turning their attention to copper this week.

Following an announcement that a high grade copper showing has been found at the Rambler property near Baie Verte, Nfld., the Newfoundland Exploration (Newexco) issue gained 34 to close at $1.69.

Newexco is one of three joint venture partners — the others are Teck Corp. and Petromet Resources — who are involved in a $3.8-million program designed to bring the property to production next year. The interest in Newexco, which can earn a 50% interest at Rambler, is hardly surprising since copper prices have hit record levels recently.

While the volume in Tarzan Gold shares traded was significantly lower Newexco, the Tarzan issue posted a 30 increase in its share price on news that the company has acquired 152 claims at Keith Twp., Ont. from Glen Auden Resources.

Recent trenching in an area close to the Keith Twp. claims yielded assays of up to 1.1 oz gold in 3-ft channel samples. Trading on 177,600 shares, Tarzan closed at $1.40.

An ammended agreement will see Jerome Gold Mines paying E.B. Eddy Forest products $100,000 for the formerly producing Jerome gold joint venture near Swayze, Ont. Ont. Jerome and partner Muscocho Explorations were hoping to increase known reserves to about 750,000 tons from 437,320 tons grading 0.193 before Jerome exercised it option to acquire E.B. Eddy’s interest. The option has now been extended from Dec 1, 1988 to April 30, 1989.

Trading on 33,000 shares, Jerome remained steady to close at 55 .

Bitech Energy Resources was able to confirm this week that a 500 ft horizon at the Nugget Pond property in Newfoundland improves in both thickness and grade at depth. Bitech’s original hypothesis was confirmed by a drill hole which intersected 21 ft of grade 0.97 oz gold per ton at a depth of 361.9 ft to 383.6 ft.

After it traded at 38 on a volume of 299,100 shares, a halt trading order was placed on Bitech pending more news.

The Kingswood Exploration issue was slightly better at 38 after the company released some encouraging results from its Devon property near Matheson, Ont. Assays on the first four holes of a 12-hole program include 10 ft of 0.31 oz gold and 18 ft of 0.246 oz.

Siam Trading remained steady at 62 following news that the company has found visible gold showings at the Wang Nua prospect in Thailand. Assay material from the test pits has been sent to the Thailand department of Mineral Resources for analysis, the company said.