Alberta Stock Exchange Varna reserve figure

After drilling 79 holes at the Ming’s Bight gold property in Newfoundland, Varna Gold and project partner Corona Corp. reported a preliminary reserve figure (undiluted) of more than 1.3 million tons grading 0.16 oz. gold per ton, at a cutoff grade of 0.073 oz. (The tonnage more than doubles when a cutoff grade of 0.029 oz. is used.) Varna, which slipped 2 cents to 24 cents on 41,900 shares for the week ended June 19, says the property’s near- surface mineralization has open pit potential. Additional drilling is planned by project operator Corona to extend known reserves and test other targets.

In northern Quebec, Kingswood Explorations 1985 has announced a summer exploration program involving 5,000 ft. of drilling for its Eastmain River property. With 191,000 shares changing hands, Kingswood gained 2 cents to 30 cents.

Benefiting from the actions of its parent was Indigo Gold Mines, which shot up 23 cents to 42 cents on more than 2.5 million shares for the week. The parent, Tyler Resources, sold 1.3 million shares of Indigo, then said it planned to use most of the proceeds to exercise 1.2 million Indigo warrants at 25 cents per share. Upon exercise of the warrants, Tyler will own about 36.4% of Indigo.

AquaGold Resources has signed a joint venture agreement with Granges Inc. whereby Granges may earn a 70% interest in the Noel Paul’s Brook base metal property in central Newfoundland by spending $435,000 on exploration work by June 1, 1993. Trading 7,000 shares, AquaGold dropped 14 cents to 25 cents.

A new president, Christine Erikson, has been announced for Platinum and Gold Resources; control of the company has passed to Krater Minerals. Platinum and Gold was 25 cents bid-32 cents ask for the week.