Alberta Stock Exchange Ontex jumps 65 cents

Shares of Toronto-based Ontex Resources (ASE) leapt ahead 65 cents to $2.55 during the week ended Sept. 11. Investors continue to speculate on the outcome of a legal battle the company is fighting with TSE-listed Metalore. Ontex is the plaintiff in a court trial against Metalore in which the former company hopes to win back its ownership rights to the Brookbank gold property near Beardmore, Ont. Metalore is defending the action and has a counterclaim of its own for $106 million. The trial, which began on Sept. 4, is expected to last about two months.

Management at San Paulo Explorations said it makes no recommendations with respect to a recent offer by Valdez Gold to acquire two million of its shares (see story). Valdez is offering one of its shares for two of San Paulo. The latter company holds claims adjacent to the Brookbank property. Directors of Sao Paulo said they are assessing the offer and may or may not tender their shares. San Paulo gained 10 cents to close at 25 cents on volume of 31,000 shares.

Meanwhile shares of Durvada Resources fell 46 cents to $1.33 on volume of 65,200. Durvada says exploration is continuing on its Sandy Valley gold project in Nevada where a program of geological mapping and soil sampling was completed recently over a new discovery area. Some 107 soil and rock samples taken within Keystone discovery area yielded values ranging from trace to 0.73 oz. gold per ton. The company’s future plans call for a 5,000-ft. trenching program to be followed by 25,000 ft. of reverse circulation drilling.

Other junior gold issues moving lower during the report period include Carlin Gold, down 8 cents to 46 cents, BRE-X Minerals down 4 cents to 30 cents and BMR Gold down 4 cents to 95 cents.

Consoliated Gold Hawk traded 30,300 shares to close unchanged at 60 cents after the company announced a new gold discovery with grades as high a one ounce gold per ton on its 50%-owned property in Nelligan Twp, Que.

Louisiana Mining was unchanged at 20 cents following news that the company has acquired for $100,000 an option to purchase the Tyrone Extension copper project in New Mexico.

Two claim groups in the Stewart area of northwestern British Columbia have been acquired by Troymin Resources. The properties are located over sulphide occurrences about 35 km north of Stewart. Troymin shares were 1 cents bid, 5 cents ask.

Bonanza Metals has formalized its letter of intent to acquire 26 claims from Joutel Resources adjacent to the old Poirier copper-zinc mine in northern Quebec. Bonanza shares were unchanged at 30 cents.