Alberta Stock Exchange Octan gains ground (August 01, 1988)

The name Octan Resources isn’t one which has caused much attention during recent trading sessions on the Alberta Exchange.

But in an atmosphere of general lethargy, Octan led the way by posting a 44 cents increase on its share price. Trading on 36,300 shares (not a small amount by current trading standards) Octan closed at $1.40. It was responding to news of a drill program at the company’s El Bonanza claims at Dowdell Point, in the Northwest Territories.

Scheduled to be completed by Aug 15, the program is designed to evaluate targets previously identified by geophysics on the Bonanza vein.

For the second week in succession, Louisiana Mining made progress as investors continue to focus on a joint venture involving Louisiana and Billiton Minerals U.S.A. The two companies say they are planning to explore a 3,000-acre gold property in Inyo Cty., Calif where some 30,000 oz of proven/ probable reserves are reported.

An announcement that Glencairn Explorations’ Brazilian affiliate has doubled its diamond reserves via an adjacent property acquisition, was enough give the Glencairn issue a small mid-summer boost.

It gained 7 cents to close at 97 cents . The new property is adjacent to Mineracao Piracicaba Ltd.’s Feijao diamond project which contains estimated reserves of 500,000 cubic metres of grade 1.0 carat per cu metre.

The Bayaura Mines issue remained steady following an announcement that the company has acquired a 100% working interest in 20 mining claims in the Golden Patricia, Ont., region.

The claims are either on trend or adjacent to gold discoveries made by St. Joe Canada and both geology and recent geophysical exploration have indicated that favourable conditions exist for gold mineralization. Trading on 9,500 shares, Bayaura closed at 11 cents .

The Pelham Gold issue was also largely unresponsive to news that drilling will begin soon at the Wonder Gold mine in Nevada. It closed at 50 cents on 126,800 shares traded. Under a recent agreement, Pelham can earn a 75% net profits interest by spending $250,000.

According to an independent study, sampling at Wonder Gold has returned values ranging from 0.269 oz to 3.060 oz gold per ton over 10- to 40-inch vein widths. “The possibility of a large tonnage, low grade gold deposit must be investigated,” the report said.

The American Ore Ltd. remained stalled at 34 cents following an agreement in which the company will earn a 50% interest in 17 claims owned by Royal Oak Resources. Under the agreement, American Ore must spend $500,000 over the next two years before the two companies embark on a joint venture.