COATS (Over-the-counter) Costigan soars

As share values moved to record lows last month, total trading volume jumped to 28.7 million, up 27% from September’s volume. “People are being forced out of the market as the shares weaken,” explained Mike Shunock, a broker for W.D Latimer. One of the few bullish stocks on the exchange, Costigan Gold soared to 85 cents for the week ended Nov. 6. Trading 208,520, Costigan gained 35 cents after partner NovaGold released results, including a 18.8-ft. intersection grading 29% zinc and 12% lead, from the Sewell Brook joint venture in New Brunswick.

Another upward mover was Maude Lake Gold Mines, which gained 10 cents to close at 32 cents on a volume of 292,000. The company has an interest in a gold prospect in Beatty Twp., near Matheson, Ont.

Two of the deepest intersections of the Lightening zone were included in the latest results from the Holloway property near Matheson. The deep mineralization, including 84 ft. grading 0.24 oz. at 2,293 ft., came from Teddy Bear Valley Mines’ portion of the property. Teddy Bear was $1.15 bid, $1.40 ask on the week.

Subeconomic intersections from Windy Mountain Explorations’ MacLeod Lake property near Chibougamau, Que., failed to stimulate the company’s shares which closed unchanged at $2.50 on a volume of 9,500. With the exception of hole 57, which intersected 174 ft. grading 0.43% copper, the last 9 holes of the 22-hole program returned disappointing results. Windy has revised its preliminary reserve figure to 41.3 million tons grading 0.44% copper and 0.05% molybdenum.