Alberta Stock Exchange Nathan active

Among the exceptions was Nathan Minerals which gained 10 cents following the release of some drill results from its Pro and Anne claims in the Northwest Territories.

Significant results included a 23-ft intersection that averaged 1.42 oz gold per ton. “It lies on strike and in the same stratigraphic interval as another intercept which averaged 0.70 oz across 3 ft.,” Nathan said. Trading on only 6,000 shares, the Nathan issue closed at 85 cents .

Another Northwest Territories explorer was also up in the standings. Octan Resources which has interests in five silver deposits in the Great Bear Lake area gained 20 cents before closing at 95 cents . Octan recently completed a 15-hole program at its Bonanza silver claims. A spokesperson at the company said results weren’t as encouraging as Octan had hoped for but a new 3-year program has been recommended.

Last September, Reymont Gold Mines agreed to earn a 50% collective interest with Lectus Developments in two contiguous gold properties in southeastern British Columbia. A total of $400,000 will be spent to examine the properties for their large tonnage, low grade, open pit potential. While results haven’t been made available yet, Reymont was up 28 cents to close at 60 cents .

A $600,000-diamond drill program recently got under way at Gunnar Gold’s Fireweed polymetallic discovery near Smithers, B.C., where the company can earn a 50% interest. Canadian-United Minerals is the owner and operator of the project.

The 20,000-ft program will focus on three zones, one of which is 1.5 miles east of an area where previous drilling encountered values as high as 0.20 oz gold, 0.62% copper, 0.92 oz silver and 8.87% zinc per ton. The Gunnar issue was down 5 cents to close at 34 cents .

News that Varna Gold has agreed to acquire all the outstanding shares of Gingrich Exploration failed to spark much investor enthusiasm. The issue was down 4 cents to close at 25 cents .

Gingrich’s main asset is a 30% interest in the former Tilt Cove copper mine which is located within eight km of Bitech Energy Resources’ Nugget Pond gold bet.

However, the Bitech issue has fallen back somewhat to $1.49 due probably to lack of new news from the Nugget Pond property where Placer Dome affiliate Equity Silver has agreed to get involved.

]]>