Alberta Stock Exchange Trading lacklustre (September 18, 1989)

Reed Lake Exploration and Dunfrazier Gold are two issues, which have remained relatively inactive until recently, recorded the biggest gains during trading this week. Responding to exploration at a Wawa, Ont., region gold property, Reed Lake added 50 cents to its share price before closing at $1.25. With values ranging from 0.10 oz gold per ton to 0.492 oz over 3.28 ft, the company has encountered consistently narrow widths of good grade gold values on a 984-ft quartz vein. Those values were reported on a 19-claim property near Hawk Junction.

A 35 cents increase in the value of Dunfrazier Gold shares appears to be due to exploration at the company’s Bag Lake property near Kenora, Ont., where two significant gold occurrences have been identified.

According to President Walter Cummings of Dunfrazier, trenching on the East zone has exposed mineralization over a 170-ft strike length. Values encountered in this zone include 0.984 oz gold. On a the project’s West zone, a 30-ft section of altered rocks averaging 0.649 oz over 3 ft have also been exposed.

Dunfrazier closed at $1.20 on a volume of only 8,100 shares. Reed Lake’s sister company Soocana Explorations has encountered high grade gold val ues at its own Wawa property, but the Soocana issue remained steady this week closing at $1.40.

The Sussex Explorations issue was also inactive despite news that the company has acquired a western Ontario gold property and an option to earn a 50% stake covering the former Eldorado and Echo Bay mines near Port Radium, N.W.T.

Production from both mines between 1933 and 1982 totalled 49 million oz silver, 16 million lb uranium and 13 million lb copper. The bid on the Sussex issue was 20 cents , the ask 30 cents .

Faced with an equity climate in which some junior explorers can either wait for things to improve or look for something else to do, Greenstrike Resources has elected to do the latter.

After amalgamating with a private company that holds the North American rights to develop non- pneumatic tires, Greenstrike will sell off its gold and base metal interests in Quebec, Nova Scotia and the Northwest Territories. According to spokesman Kevin Snook, a 40 cents hike in the price of Greenstrike shares reflects the amalgamation plan.

Trading on 146,700 shares, Greenstrike closed at $1.

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