Shares of Indigo Gold Mines doubled in price during the week ended June 11 after the company announced an option agreement on the Oweegee Dome property in north-central British Columbia. Bolstered by a somewhat stronger gold price, Indigo gained 12 cents to close at 23 cents on a volume of just under one million shares.
The company can earn a 65% interest in the gold property from Marlin Development in exchange for 100,000 Indigo shares and exploration expenditures totalling $150,000.
In Newfoundland, Manor Resources has hired contract drillers to test 10 gold targets on the Virginia property, west of Gander. The targets were generated from recently completed geochemical and geophysical surveys over four gold anomalies in till. At the nearby Knob discovery, Noranda intersected a 21-ft. interval grading 1.13 oz. gold per ton.
Trading 170,000, Manor lost four cents to close at 10 cents.
News of Northfield Minerals’ plans to reopen the Cheminis gold mine near Virginiatown, Ont., sent the company’s shares down nine cents to close at 60 cents on healthy volume. The company expects to process its first gold ore from the mine within two months.
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