A controversial ownership dispute over a group of mining claims in the Hemlo, Ont., gold belt has made International Baslen one of the hottest issues in Alberta during recent trading sessions. The fact that the claims contain Hemlo Gold Mine’s Golden Giant mine has done nothing to dampen the enthusiasm of investors who bought over 1,102,200 Baslen shares this week.
Trading of the Baslen issue was halted last Friday to allow the company to announce that it has been offered a share of the disputed Hemlo claims which were restaked by a prospector working on behalf of promoter Charles Stuart.
According to Baslen treasurer Andre Dorfman, the company will reveal how large its participation will be at a special shareholders meeting June 28. Baslen closed down 17 cents at $1.80.
While Dorfman is still awaiting legal advise on the Hemlo dispute, Tarzan Gold added an impressive 40 cents to its share price to close at $1.95 on 59,100 shares traded.
Tarzan is exploring a 923-claim property eight miles southwest of Inco Gold’s Golden Pond mine in the Casa Berardi region of Quebec. As reported (N.M., March 28/88), initial results from two holes included 13 grains of gold in overburden.
The Suffolk Resources issue continues to trade heavily on news of a production decision at the company’s placer gold property on the Ivory Coast of West Africa. Trading this week on 743,400 shares, Suffolk gained 13 cents to close at 45 cents .
Northfield Minerals was also active with 238,000 shares changing hands. Northfield is a 66%- owned subsidiary of Northfield Capital which is heavily involved in exploration at Ontario’s Larder Lake region. The Northfield issue added 35 cents to its share price while closing at $1.75.
It didn’t trade this week, but Holmer Gold Mines says exploration has resumed at the company’s properties at Bristol Twp., Que., and Chibougamau, Que.
According to Holmer, a 5,200-ft drill program at the Chibougamau mine project has produced encouraging results from the “A” zone structure which was mined for copper during the 1960s.
Northgate Exploration of Toronto recently increased its equity interest in Holmer to 27%.
The Moss Resources issue remained steady on 35 cents following news that surface exploration and detailed geological mapping on the Staunton and Keeyask Lake and North Caribou River areas of Pickle Lake, Ont.
Moss Resources is the offspring of a recent amalgamation involving Moss and Van Horne Gold Exploration.
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