Alberta Stock Exchange Gold Vessel ahead

The Gold Vessel issue, which has been a big trader recently, posted a 33 cents increase before closing at $1.23. Investors are obviously attracted by the company’s recent decision to earn a 49% stake in Societe Miniere Louvem’s former Manitou base metal mine in Bourlamaque Twp., east of Val d’Or, Que.

To earn its interest, Gold Vessel must spend $3 million to finance exploration at the old mine which produced 7.5 million tons of zinc- silver ore grading 4.52% zinc, 3.65 oz silver and 0.033 oz gold per ton.

Soocana Explorations advanced by 30 cents on speculation that the Toronto company has found something interesting at a 33-claim gold property, 18 km north east of Wawa, Ont. At presstime, spokesman Fred Munger was unable to provide full details, but results from Soocana’s Lucuik claims are expected to be available this week.

Deep drilling at the Tully Twp. gold project, northeast of Timmins, Ont., yielded a number of promising intersections including 11.8 ft of grade 0.279 oz and 21 ft of grade 0.311 oz.

The hole was collared near the boundary of a property shared equally with GoWest Amalgamated Resources and Pat Sheridan group member New Texmont Exploration. However, of the four companies involved in the project, only Intex Mining gained any significant ground.

As a 48%-owned affiliate of project operator New Texmont, it was up 10 cents to close at 44 cents . A major follow-up drill program is expected to begin on the GoWest/New Texmont property soon.

Varna Gold dropped 4 cents to close at 25 cents even though partner Corona Corp. has resumed drilling at the Mings Bight property on Newfoundland’s Baie Verte Peninsula. Corona is focusing on the Lightning zone where a 20.5 ft intersection, encountered last year, averaged 0.325 oz. A recent trenching program has also uncovered a new mineralized zone, 50 m to 100 m south of the Lightning zone, according to Varna.

The Borealis Exploration issue took another dive this week following news that the company is suing NIM Management for alleged breach of contract in relation to 674,870 escrowed Borealis shares.

Trading on 22,600 shares, the tightly held Borealis issue lost 44 cents before closing at $4.80.

]]>