Alberta Stock Exchange Jascan hits year’s high

The most active mining stock on the Alberta Exchange this week was Jascan Resources, up 10 cents to $2.80, a high for the year, on 1,225,100 shares.

Jascan, which is indirectly associated with the mining and exploration consulting firm of A.C.A. Howe International, is already underground on a silver property in the Cobalt area. The property adjoins the joint venture property of Silverside Resources and International Platinum which is scheduled to go into full production in July.

Jascan is also involved in the rush for epithermal gold deposits in Indonesia. It has set up a camp for exploration of the Muyup gold property at Kalimantan where it can earn a 25% interest by spending $1,125,000 over 30 months.

News of imminent production from Monk Gold & Resources’ gold property in the Wawa area of northeastern Ontario didn’t help the stock price at all. In fact, Monk slipped 19 cents to $1.10 on thin trading. Actually, the production will be little more than a bulk sample with a private company contracting to mine and mill 50,000 tons of ore. Anticipated grade is 0.35 oz gold per ton to yield about 17,500 oz.

Greenstrike Gold was up 14 cents to $1.89 on 78,600 shares. It recently announced that it had tripled the reserve estimate at Pan East Resources’ Fifteen Mile Stream gold property in Nova Scotia after completing a $500,000 exploration program.

Preliminary reserves at the property are now estimated at 600,000 tons grading 0.24 oz gold per ton, most of which is within 330 ft of surface.

Perrex Resources was down 19 cents to $1.40 on 81,300 shares. Lac Minerals has paid Perrex $1 million for a 50% interest in its 191-claim property in the Harker-Holloway area east of Matheson, Ont. Perrex has to spend $750,000 on the property, but that money will be raised through flow-through financing.

Eden Roc Mineral Corp. was down 24 cents to $3.30 on 22,500 shares. It recently completed a surface diamond drill program on its Asupirir gold project in the Republic of Ivory Coast.

Accord Resources was down 4 cents to $2.25 on 158,900 shares. It has completed some preliminary work on its Legault Twp. gold property in the Beardmore-Geraldton area of northwestern Ontario.