Drill hole results from a property on Newfoundland’s Baie Verte Penninsula, a hot exploration area of late, sparked some trading activity in Varna Gold this week.
One 20-ft intersection averaging 0.325 oz gold per ton and several other good intersections in two other holes was enough to make this the top trader in Calgary.
More than half a million Varna shares traded in the 30 to 66 range.
Another Maritime gold explorer, Biron Bay Resources was not so lucky. This week President Leonard Taylor signed a letter of intent with Hecla Mining of Canada to acquire its interest in the Mooseland property in Halifax Cty., N.S., the Golden Dome property in Sierra Cty, Calif. and the North Gold Zone properties in northwestern Quebec in exchange for 40% of Biron Bay’s outstanding shares.
The market reacted negatively to the deal, closing at $1.80, down 34 from last week, in light volume.
Hecla will continue to act as the operator of the properties.
Aldershot Resources has changed its name to Eagle Lake Explorations. The company has optioned a 54-claim block of ground in the Kenora area of Ontario to Bond Gold Canada. Montreal-based Gold Vessel Resources was trading at $1.00, up 15 this week on news that it is going ahead with a 28,000- unit financing with Midland Doherty to raise $28 million.
The company is promoted by St. Genevieve Resources, also of Montreal.
Holmer Mines, which successfully raised $300,000 in a private placement with Mintax Mineral Ltd. Partnership, was also better — up 15 on the week to 60 on light volume.
Holmer is attempting to re-open a former-producing copper-gold mine in Quebec’s Chibougamau camp.
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