Alberta Stock Exchange Savanna basks in Aur

In the ten days since the discovery was announced, investors have been rushing to buy up shares of Aur, Louvem and a number of companies in the immediate vicinity of the strike.

Savanna Resources isn’t one of the players in the Val d’Or camp. But Aur is the magic name on everyone’s lips at the moment and a joint venture agreement between Aur and Savanna made the latter company the biggest trader on the Alberta Exchange this week.

With more than one million shares crossing the floor, Savanna gained 18 cents before closing at 60 cents .

Aur is spending $2.25 million to earn a 51% stake in Savanna’s Turner Albright polymetallic deposit in southern Oregon. Reserves on the property stand at 3.3 million tons of grade 1.46% copper, 3.32% zinc, 0.44 oz silver and 0.114 oz gold per ton.

Also working to bring a base metal project into production is Stratabound Minerals. The company recently completed a $100,000 private placement of 71,500 shares with a British holding company which now holds a 13.22% stake in Stratabound.

Preliminary reserve estimates at Stratabound’s Captain North East property in New Brunswick stand at 210,000 tons of grade 7.60% zinc, 2.98% lead and 2.92 oz silver using a 4% zinc or 6% lead plus zinc cut off. However, Stratabound remained steady at $1.35.

Siam Trading, which recently acquired surface and mineral rights to a gold property in northern Thailand, gained 26 cents this week before closing at 78 cents . Calgary-based Siam is attempting to become the first offshore company to win a gold mining licence from the government of Thailand.

Goldhunter Explorations says it will receive $250,000 in flow-through financing from NIM and Co. Ltd. 1989 for exploration at its Wright Lake claims in Ontario’s Pickle Lake region. Trading on 12,000 shares, Goldhunter remained steady at 25 cents .

With gold production under way at its Indian River placer gold project in the Yukon, Gold City Resources says it will produce 10,000 oz of sluice-run raw gold (7,000 oz fine gold) this year.

However, the Gold City issue dropped 9 cents before closing at 45 cents .

]]>