Cove Energy, encouraged by results of a preliminary examination

sampling of the former gold-producing Alpine mine property near Nelson, B.C., plans a detailed sampling of the underground workings as well as along an indicated extension for about one mile of the vein structure. Cove’s stock closed up 13 cents to 83 cents on a volume of 596,800. Entering into an agreeme nt to develop the Hilltop gold property in Lander Cty., Nev., in the Battle Mountain area, are Noranda Exploration, Ruskin Developments and U.S. Precious Metals. Ruskin closed down 54 cents to $2.45 with 161,200 shares changing hands, while U.S. Precious closed up 20 cents to $3.20 on 3,900 shares. Noranda will conduct all necessary drilling and metallurgical testing needed to produce a feasibility study and the company has three years in which to place the property into production in order to earn a 50% interest.

Announcing completion of a four-hole drilling program at its wholly owned Lang Bay property near Powell River, B.C., was Fargo Resources, which closed up 2 cents to 34 cents with 79,700 shares changing hands. Among other minerals, the company is hoping for a gallium find.

Closing down 19 cents to $3.10 on a volume of 166,000 was Quartz Mountain Gold, which has entered into a joint-venture agreement with Galactic Resources to explore the former’s 10,000-acre southern Oregon gold property. Galactic closed up 1 cents to 10 cents on 3,300 shares. A new drilling program was started this month on the property at Crone Hill, Quartz Butte and on the eastern exploration targets.

Based on results from 18 of 41 mineralized structures indentified to date at the Sleeping Giant (Soissons) property near Amos, Que., Perron Gold Mines reports total reserves (after applying a 15% dilution factor) now stand at 1.9 million tons grading 0.28 oz gold per ton. Perron closed up 25 cents to $5.25 on a volume of 79,400.

Fleck Resources, which closed up 15 cents to $3.20 with 9,200 shares changing hands, has signed an agreement with St. Joe Canada whereby the former may earn a 50% interest in 49 St. Joe claims located east of Atikokan in northwestern Ontario by spending $750,000 over four years. Fleck will be the operator of the platinum/palladium/ copper/nickel project.