Alberta Stock Exchange Golconda active (February 11, 1991)

Shares of Golconda Resources rose 5 cents to 24 cents in the week ended Feb. 5 after the company finalized an agreement to acquire a gold property in Oregon. Golconda can earn a 100% interest in the Goldridge prospect by spending $3 million over the next seven years. The property hosts a porphyry intrusive complex which has yielded assays up to 0.29 oz. gold and 0.30 oz. gold per ton over widths of 100 ft. in two different areas. Drilling will begin as soon as the company receives its work permits. Cons Gold Hawk perked up by 15 cents to close at 55 cents on volume of 38,600 shares as drilling proceeds on the company’s Tarp Lake, Ont., gold bet under option from Minnova. After a long period of dormancy, shares of Bitech came to life gaining 1 cents to close at 6 cents on volume of 118,000. Bitech owns the small high-grade Nugget Pond gold deposit in northern Newfoundland. Meanwhile, shares of Yukon placer gold miner Valdez Gold gained 12 cents to close at 40cents on thin volume. Gwen Resources also moved up 2 cents to 22 cents, while Gowest Amalgamated posted a gain of 2 cents to close at 22 cents on volume of 34,000 shares.

Savanna Resources continues to be an active trader as more than one million of its shares changed hands to close 2 cents higher at 64 cents. Savanna is anticipating favorable drill results from a program operated by Cyprus Metals on its Santa Rosa zinc property near Lone Pine, Calif.

As the price of gold bullion skidded to a low of US$360 per oz., several junior stocks followed the metal lower.

Borealis Exploration shed 49 cents to close at $2.50 on volume of 20,600 shares, while Ontex Resources fell down by 19 cents to close at $2 on volume of 16,000 shares. Ontex has not yet announced its future plans for the Brookbank gold property in northern Ontario. Also falling by 14 cents to close at $4.35 on volume of 2.4 million shares was Golden Pacific Resources.

Terrex Resources has terminated its option to acquire a 60% interest in a group of claims in the Sulphurets area of British Columbia, citing poor market conditions as the reason. The company said it can’t complete a financing to perform the necessary work programs.