Alberta Stock Exchange Volumes generally low

Despite a slew of joint-venture agreements on a number of Canadian and U.S. properties, it wasn’t a stellar week for the majority of Alberta-listed resource companies.

Volumes were generally low as investors were slow to respond to some interesting new developments.

The Pundata Gold and Trio Gold issues proved to be a case in point. While the joint-venture partners have announced what they call an “exciting new find” at the Spanish Mountain gold property at Likely, B.C., there was no accompanying run on the share prices.

Trading on a volume of 35,000 shares, Pundata dropped 4 cents to close at 70 cents while the Trio issue gained 10 cents to close at 90 cents on 39,700 shares.

Assays at the Don claims 3/4 of a mile north of the “main” zone include 118 ft of 0.062 oz per ton with up to 0.213 oz in some 1 m panels. An evaluation has started at Spanish Mountain to establish tonnage.

The Ekaton Industries issue gained 4 cents following an announcement that the company has raised $900,000 through Tap Mineral Management to finance its 1988 exploration program.

With 24,500 shares changing hands, Ekaton closed at 70 cents . According to the company, Ekaton continues to expand its industrial mineral base by joining Blue River Mines in developing a high purity silica deposit near Labrador City.

Joint ventures have also been concluded with Long Lake Gold and Comstate Resources to explore for gold in Carr and Reed Twps., Ont. respectively.

A 38-hole drill program has begun at Mohave Gold’s Pilgrim Mine project in Mohave Cnty., Arizona.

Based on the results of six holes, potential reserves of 500,000 tons to 1 million tons containing from 0.05 oz to 0.10 oz may be available for open pit mining.

While a 25-hole program will attempt to outline potential reserves, the Mohave issue was down 2 cents on 12,000 shares to close at 32 cents . The drop in share price may be due to a law suit which has diluted Mohave’s interest in Gexa Gold Corp. to a 24.46% working interest.

Golden Vessel remained steady at $1.15 despite an agreement with Marshall Minerals allowing Golden Vessel to earn an undivided 25% working interest in the Sangold property 60 miles west of Timmins, Ont.

Golden Vessel can earn its interest by spending $4 million by Feb 1989. According to recent reports, the Sangold property seems to host widespread mineralization.

Toronto-based Gateford Resources has signed an option agreement with a subsidiary of Lacana Mining regarding its Rasles Twp. gold/base metals property at Chibougamau, Que.

Under the agreement, Lacana can earn a 51% interest in the 21-claim property by paying Gateford $400,000 and spending $1 million within five years. Gateford closed up 3 cents at 40 cents on a volume of 32,500.