Alberta Stock Exchange Zahavy moves up (July 13, 1987)

While Lt.-Col. Oliver North’s failure to implicate Ronald Reagan in the Iran-contra affair boosted trading in New York and Toronto, investors in Calgary seemed oblivious to the latest developments in Washington.

However, while volumes were generally low on the Alberta Stock Exchange, a number of gold issues were well up on last week’s closings.

Zahavy Mines, for example, moved up 80 cents on 13,900 shares traded to close at $5.00. In partnership with Getty Resources, Zahavy is involved in the first phase of a $7.8 million underground development program at the Favourable Lake gold-silver project near Red Lake, Ont.

After buying Getty’s 50% interest in the property for $3.6 million July 10, Zahavy has increased its interest to 100%.

Suffolk Resources which is currently exploring in the Ivory Coast of West Africa, was another interesting mover. A star performer of recent weeks, the issue climbed by 40 cents on a volume of 213,200 to close at $3.50.

Vista Mines, which was up 10 cents to close at $2.10, recently completed the first phase of a diamond drilling program on its Bootleg Lake gold property. Located just south of Creighton, Sask., the property hosts a small former producer called the Rio which was operated by previous owners.

Eden Rock Minerals’ President Norman Brewster told The Northern Miner recently that his company plans to bring its own Ivory Coast gold property to production late next year.

Reserves on Eden Rock’s Afema Concession located on a 22 mile strike area currently stand at 1.8 million tons of average grade 0.21 oz gold per ton.

According to Mr Brewster, further available tonnage of 855,000 tons at a grade of 0.15 oz lies within a parallel structure. However, the issue remained steady to close at $3.50 on 22,100 shares traded.

Closer to home, Marker Resources recently received drilling results from its Jackson’s Arm property in northwestern Newfoundland. Those results have boosted the issue in recent weeks and it was up by 20 cents to close at $4.00.

Further west at the Moss Twp. property near Thunder Bay, Ont, Storimin Exploration and partner Tandem Resources have received the first drill hole results of a summer exploration program.

While the joint venture partners are planning a $4 million underground program, including 1,500 ft of drifting and cross cutting, the issue was up by a modest 5 cents to close at $2.25.