Report from Calgary part 2

Destiny Resources led junior resource companies in November trading in ** volume and appreciation in value on the Alberta Stock Exchange. Destiny, with junior partner Noranda Exploration appears to have come up with a significant

** discovery in Garrison Twp., 40 miles east of Timmins, Ont. **

Nearby, Calgary- based Moneta Porcupine Mines, on strike to the west of Destiny’s find, is intersecting high gold values in apparently similar geologic units and structures. Optioned from Nahanni Mines in 1987, Moneta has completed over 16,000 ft of drilling, results of which have been encouraging.

Two zones, the North and South, have been delineated as gold- bearing over 1,000 and 2,600 ft respectively. Moneta is well financed and forms part of the Albany Oil and Gas and Trans-Dominion Energy group.

Moneta recently announced the appointment of Dennis MacLeod to its board of directors. MacLeod was the former president of Pamour Inc.

Elsewhere in Canada, Moneta is involved in projects near Belleterre, Que., on a polymetallic prospect and two other gold projects in Ontario.

Other Calgary companies doing active work this fall include Pundata Gold Corp. which has an important joint venture program with Trio Gold Corp. — the cpw-Spanish Mountain gold project near Quesnel, B.C. The companies have established extensive drilled-out areas with large tonnage, low grade leachable reserves.

Pundata has acquired additional acreage in the Medicine Lodge Thrust belt near Salmon, Idaho. Major mining company activity in the area has enhanced the importance of this gold play.

Springlake Resources is increasing its gold exploration activities, especially in British Columbia. The company has joined forces with Albury Resources in a 50/50 joint venture on the Camborne mining claims which adjoin Granges Exploration’s and Lucky Strike’s Eva prospect south of Revelstoke.

Recently-listed Tusk Minerals has acquired a 100% interest in a 61-claim gold prospect in the French Road area of Cape Breton Island, N.S. The company completed its major transaction as defined by the Alberta Securities Commission by completing a share exchange with New Quebec Platinum. New Quebec holds claims covering platinum prospects in the Wakem Smith belt, Quebec.

Canamerica Precious Metals has assembled an impressive group of properties in Canada and the United States. In Ontario, it has two gold prospects near Kenora.

Worthy of mention is the Manitou Lake property under option from Dickenson Mines. The property covers two former producing gold mines — the Big Master and Selby — that included underground workings to 650 ft. Previous reports indicate reserves of 123,000 tons grading 0.3 oz with geological reserves that could exceed one million tons.

In British Columbia, Canamerica will be working on three properties, the best of which is a promising rare earth prospect at Kechika River with joint partner Golden Rule Resources. In the U.S., one gold property in California and one gold property in Nevada will be explored in 1988.