Alberta Stock Exchange Kingswood leader

All of the hype surrounding the 25-million-ton copper/zinc find, being explored by the two companies, has raised hopes that something similar will be found by some of the other explorers in the area.

This helps to explain why Kingswood Exploration was the volume leader this week. Under an agreement with Consolidated Abitibi Resources, Kingswood is earning a 55% stake in a group of Bourlamaque Twp. claims six miles west of the Aur-Louvem discovery.

According to Kingswood President Wayne O’Connor, the joint venture is drilling a base metal anomaly with a strike length of about 1,000 ft. While assays aren’t available yet, they are probing “some interesting rock” said O’Connor. Trading on over 1.2 million shares, Kingswood closed up 8 cents at 36 cents .

Gold Vessel Resources is also involved in Val d’Or by virtue of its right to earn an interest in Louvem’s Manitou gold tailings project. However, a 22 cents jump in the price of Gold Vessel shares appears to be due to the company’s interest in an oil and gas well on the St. Lawrence River. The issue closed at $1.22 on a healthy volume of 629,700.

The Northfield Minerals issue shot up by 35 cents following an announcement that the Toronto company has grabbed a much larger slice of the Larder Lake gold project near Kirkland Lake, Ont.

Under an agreement with a company that is taking control of bankrupt Golden Shield Resources, Northfield is purchasing an additional 68.5% stake at Larder Lake. Upon completion of the deal, Northfield and affiliate will hold 100% of Larder Lake where a $4-million exploration program is planned.

Varna Gold was up 8 cents on news that partner Corona Corp. is renewing its option on the Mings Bight gold property in Newfoundland. Under a plan to earn a 70% property interest, Corona is looking at a couple of gold zones discovered over the past 12 months by Varna. Recent results from trenching included 118 ft of grade 0.36 oz gold per ton and more drilling is planned for this winter.

News that Glencairn Exploration is moving toward production at its Feijao Cru diamond property in Brazil drove the price of Glencairn shares up 5 cents to 80 cents .

Glencairn can earn a 50% stake in the company which owns the project, and at full tilt next year the production rate is expected to be about 240 cubic metres (8,475 ft) daily.

]]>