Alberta Stock Exchange Marshall moves on bid

When last heard from, Marshall and East West Caribou Minerals were fine tuning an arrangement in which Marshall would mine and deliver ore from Restigouche to East West’s mill in Bathurst.

Heath Steel Mines, a company set up by Brunswick Mining and Smelting to operate the former mine of the same name, is believed to be the bidder.

Mineable reserves at Restigouche stand at 1.73 million tons grading 0.35% copper, 6.94% zinc, 5.36% lead, 3.27 oz silver and 0.035 oz gold per ton. A bid on the ore would make sense for Heath Steel because Brunswick and Noranda Inc. are spending $21 million to reopen a base metal mill near Newcastle, N.B.

Elsewhere, early results from a number of spring exploration programs are having a mixed effect on the share prices of some of Alberta’s busiest junior mining companies.

While it is too early to come to any conclusions about Noble Peak Resources’ Mac zone project in the Northwest Territories, the issue dropped 24 cents on only 1,900 shares traded before closing at $1.60.

Located southwest of Rankin Inlet, the Mac zone is one of several mineralized zones which Noble Peak is exploring. Assay results from the first two holes included 13.77 ft of grade 0.18 oz gold per ton and 12.3 ft of grade 0.21 oz.

The intersections were pulled from a gold zone with an indicated true width of 49 ft.

International Baslen Enterprises is also in the early stages of exploration at its Val d’Or, Ont., gold property where the company is probing four gold zones. Available data suggest to Baslen that gold mineralization across 7,000 ft is continuous and assay results from the structure range from 0.06 oz to 0.56 oz.

Baslen, which dropped 9 cents before closing at 50 cents , is currently attempting to find the money for a further 10,000 ft of drilling.

Although no new results have been released this week from the Nugget Pond gold project in Newfoundland, the Bitech Energy Resources continues to trade on large volumes. It gained 8 cents before closing at 59 cents during trading this week.

As reported (N.M., June 5/89), Bitech has begun a $350,000 work program on the old Betts Cove mine property which lies two miles southwest of Nugget Pond. Just prior to the turn of the century, about 130,682 tons of ore grading 10% copper were recovered from Betts Cove.

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