Alberta Stock Exchange Sept 27 Markets column Must go Golden

Golden Crescent is earning a 49% stake in Talbot Lake where a number of interesting intersections, including 24 ft of grade 0.48 oz gold per ton and 7 ft of grade 0.93 oz, have already been reported. At presstime, Placer Dome was reported to be within 24 hours of releasing assays from a series of surface samples. The mega-gold producer was also four holes into its fall drill program.

Pan East Resources, which has been rising steadily in recent weeks, was slightly better closing up 5 cents at $1.60. The session’s biggest trader with 785,500 shares, Pan East has agreed to earn a 51% stake in a Northwest Territories uranium deposit from Falconbridge Ltd. and Kerr Addison Mines. According to Pan East, the property contains high grade uranium grading as high as 7.2% uranium on assay.

Also making significant progress was the Stratabound Minerals issue which gained 34 cents before closing at $1.60. The issue is obviously responding to news that Stratabound can proceed with bulk sampling at its CNE zinc-lead-silver property near Bathurst, N.B.

Drilling so far at the wholly owned property has outlined an initial open pit reserve of 210,000 tons grading 7.60% zinc, 2.98% lead, and 2.92 oz silver to a depth of 130 ft.

Up 25 cents to close at $1 were the shares of BMR Gold which has agreed to acquire a 75% stake in a former California gold producer called The America Mine. BMR is preparing to start a 5,000-ft drill program designed to measure the reserve potential of a high grade target thought to contain 100,000 oz gold grading 0.08 oz gold per ton. The agreement was signed with Fischer-Watt Gold of Reno, Nev.

For the second week in succession, Holmer Gold Mines reported a modest increase in its share price. This week’s 15 cents increase is due to discovering a new gold zone in a previously unexplored area of its Bristol Twp. gold property 14 miles southwest of Timmins, Ont.

Operator Chevron Minerals, which is financing a $2.2-million exploration program in return for a 50% stake in the project, cut a 5-ft intersection averaging 2.26 oz gold. The main gold deposit is thought to contain 440,000 tons of material grading 0.15 oz. But mineralization is contained in quartz carbonate veins and the geological setting is complicated.

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