Alberta Stock Exchange Penway loses ground

While big traders like Argus Resources and Penway Explorations lost ground this week, Calgary- based Gold Vessel added an impressive 50 cents to its share price.

Gold Vessel, which closed at $1.70, reached an agreement recently with Marshall Minerals to earn a 25% interest in the Sangold property near Timmins, Ont., by spending $4 million on exploration.

According to Gold Vessel, one of two mineralized zones contained in the Patricia zone carries an average grade of 0.15 oz gold for 95 tons per vertical ft in a 4 x 250 ft area.

The Durga Resources issue gained 30 cents on news that the Calgary company is moving ahead to complete its “major transaction” by acquiring two gold properties called the Kep and Ban claims.

Located in the Northwest Territories, the Kep claims contain the Lexindin gold deposit which Durga has confirmed over a 450-ft strike length. Durga says the Ban area is contiguous with the northern boundary of the Kim claim property where Echo Bay Mines outlined three million tons grading 0.24 oz gold per ton.

Trading on 60,300 shares, the Durga issue closed at 80 cents .

Calgary-based Mohave Gold added 3 cents to its share price after agreeing to acquire two groups of claims covering the former Gold Eagle, Gold Quail and Bald Eagle mines in Mohave Co., Ariz.

The Mohave claims are located in the Oatman camp which has produced 2.2 million oz gold and 1.4 million oz silver. The property contains a 300-ft shaft and Mohave says preliminary examinations indicate the potential for disseminated gold mineralization. With 4,400 shares crossing the floor, Mohave closed at 29 cents .

Drilling at Conquest Yellowknife Resources’ gold property adjoining the Renabie mine near Missinabie, Ont., has confirmed that a major shear zone extends through Conquest property, the company says.

The 16-hole program returned seven sections with visible gold and molybdenum occurrences which appear anomalous to the structure and area. “In every other respect, the ore grade sections appear identical to the Dulama, Canreos Minerals and Renabie ore bodies,” said Conquest President Doug Towers.

However, Conquest was down 7 cents to close at 72 cents on 21,200 shares traded.

While 253,400 shares of Varna Gold changed hands, making it the third highest trader, the issue dropped 72 cents to close at $1.30. Recent results from the third phase of exploration at Varna’s Jackson Arm prospect in Newfoundland indicate consistent gold mineralization over 5 km, the company says.

Varna is currently earning a 50% working interest in the project by spending $1.5 million on an exploration program supervised by B-P Canada. Recent work included prospecting, soil sampling, geophysical surveys and diamond drilling.