Misgivings about the future of the current bull market failed to affect the share prices of a number of Alberta gold issues. Showing significant gains on recent performances, they seemed to ignore the doomsayers who are predicting a stock market crash.
Jascan Resources, for example, responded to drilling results at its Dufferin mine gold property in Nova Scotia by jumping 75 cents . Riding on a volume of 388,800 shares traded, it closed at $5.25.
Southwind Resources, was also outstanding. Buoyed by a volume of 770,000 shares, the issue was up 22 cents to close at 53 cents . While the company abandoned some South African properties last year, it couldn’t be reached for further comment.
News that an ore load from Trio Gold’s Queen Bess Ridge project in B.C. assayed 121.8 oz silver per ton and 0.14 oz gold has sent the stock up 36 cents . It closed at $2.05 on a volume of 166,000 shares traded.
The company says additional assays from the 170 ft exposed mineralized zone are expected within days and a diamond core drilling will attempt to define the strike and dip of the lode system.
Ekaton Energy (which recently changed its name to Ekaton Industries) has concluded a joint venture agreement with Esso Minerals Canada which the company says could lead to development of Wood Mtn., Sask., kaolin deposits. The Ekaton issue responded to this by climbing 5 cents to close at $1.35.
Under the agreement, Esso can earn a 65% interest in the property by financing a 2-stage development program.
Following news of a tse listing, Royal Oak Resources was up 3 cents to close at 55 cents . Sales of petroleum and natural gas continue to finance the company’s operating expenses, but a recent flow-through issue has also strengthened its financial position.
The Ateba Mines issue failed to respond to confirmation of a share offering to the company’s Class A and Class B shareholders. Trading on a volume of 65,900 shares, Ateba closed down 9 cents at $1.15. The drop in share price coincides with a decision to begin milling rock dump material from the old Northern Empire mine.
Quinteko Resources was also down despite exploration successes at the company’s McWatters gold project near Rouyn, Que. Trading on 69,100, the issue closed at 43 cents .
Quinteko owns a 25% interest in the former gold mine where a new zone has been discovered 1,200 ft northwest of the old shaft. At this point, reserves stand at 906,000 tons grading 0.16 oz gold per ton.
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