Alberta Stock Exchange Gold volumes climb

Production decisions combined with an increase in the gold bullion price brought trading out of its summer doldrums and sent volumes shooting to levels not seen in recent months. For the second week in succession, Mohave Gold was just pipped by American Ore for the most active stock tag. Trading on a volume of 841,200, the Mohave issue was up 16 cents to close at 65 cents . According to President Daniel Gallagher, the issue was responding to a production decision at Mohave’s Pilgrim property in Arizona.

To produce cash flow from existing high-grade reserves, the company will begin a pilot program to bring 50 to 100 tonnes per day into production.

Next month, the company will also drill 25 holes on the property to test indicated reserves of one million tonnes of 0.05 to 0.10 oz gold per ton.

While Suffolk Resources traded on a comparatively modest 210,400 shares, the issue was up 20 cents to close at $3.10. The company attributed this jump to a production decision at its placer gold property at Toulepleu in the Ivory Coast of West Africa.

Torrential rainfall has prevented Suffolk from flying essential equipment into the area, but a production rate of 1,000 cu. m per day is expected to add $100,000 monthly to the company’s treasury.

Also active with a volume of 589,500 shares, was McSev Exploration which recently acquired 49% working interest in Blue River Mines’ calcite deposit at Blue River, B.C. The issue was up 8 cents to close at 40 cents .

After a number of quiet trading sessions, Jilbey Industries was active once again. The issue was up 45 cents to close at $2.85 on a volume of 132,100. One of last month’s most notable performers, Jilbey has a 25% interest in the 16-claim Fontana property located in Duverny Twp. near Amos, Que.

News of an intensive exploration program on Sunmist Energy 86’s 50,000-acre Eric Lake gold property at Rankin Inlet added 4 cents to the share price. It closed at 42 cents on a volume of 80,700.

After completing a 13,000 ft-diamond drilling program, Sunmist is shifting its emphasis to surface exploration.

While Vista Mines recently awarded a contract to start the Phase 2 decline development on its Rio gold project southwest of Creighton, Sask., the issue remained steady to close at $2.25.

Probable and geologically inferred reserves on the property currently stand at 600,000 tons grading 0.2 oz gold.

Golconda Resources remained steady after signing an agreement with Manville Sales Corporation to earn an interest in the Record Mine property in Baker Cty., Ore. The issue closed at $1.40 on a volume of 26,200 shares traded.

Under the terms of the agreement, after completing a $1 million feasibility study, Golconda can retain either a 30% working interest or a 3% net smelter return on the property which has returned values of over 5 oz gold per ton.