Alberta Stock Exchange Investors in mood

After a period of low trading activity, investors were back in a buying mood this week. Large blocks of the Jen-Tek Energy and Exploration, Frost Resources and Seadrift International crossed the floor as Alberta investors regained their appetite for commodities.

Seadrift added $1.40 to its share price following news of massive sulphide discoveries at the Aldermac property in Noranda, Que., where it recently added Nuinsco Resources’ 51% interest to its own 49% holding. Trading on a healthy 295,300 shares, Seadrift closed at $3.20.

According to the Vancouver company, Hole No A-88-2 encountered two additional massive sulphide zones from 1,425 ft to 1,440 ft and from 1,479 ft to 1,504 ft.

“These intersections are in addition to a previously reported 220 ft mineralized section,” Seadrift says.

The Jascan Resource issue also gained 28 cents to close at $1.93 on a volume of 219,700. Jascan and partner Atlantic Goldfields are currently spending $7 million to bring the Noxon silver/copper property in Montana to a feasibility stage.

With 60,000 ft of diamond drilling complete, reserves at Noxon stand at 142 million tons grading 2.10 oz silver and 0.78% copper.

Louisiana Mining says drilling on its Briggs property in Inyo Cty., Calif., has indicated a potential ore body which hadn’t been included in an previous reserve estimates.

Louisiana is basing its prediction on fire assays of 10 drill holes on the property where the company holds a 25% joint venture with Billiton Minerals U.S.A. (75%). As a result, the Louisiana issue gained 10 cents on a volume of 72,100 shares to close at $1.70.

The Nu Crown Resource issue was less responsive to news that Nu Crown and Getchell Resources will acquire a minimum 70% interest from Nirvana Industries in the Kusk 1-7 mineral claims in British Columbia’s Cariboo Mining division.

Nu Crown remained steady closing at 49 cents on a volume of 30,500 shares traded.

The 8,800-acre Kusk property is adjacent and along strike of Eureka Resources’ Frazergold deposit where inferred reserves of 20 million tons grading approximately 0.07 oz gold per ton are thought to lie in the “Jay” zone.