Unlisted Trading Swansea secures loan

A private Australian company has agreed to provide a $150,000 loan to finance development at Swansea Gold Mines’ Ruby Creek gold prospect near Wisdom, Mont. The property hosts a 2.56-million-cubic-metre placer deposit grading 4.7 grams gold per cubic metre. Swansea, which was 10 cents bid, 20 cents ask for the week ended April 9, says it will begin bulk sampling and limited production at Ruby Creek in late May.

In Colorado, a subsidiary of Sugarloaf Mineral Resources has signed an agreement to purchase the Nancy Mine property, which lies in the middle of Sugarloaf’s Wood Mountain Gold Mine property near Boulder, Colo.

Swansea says it will extend its large-scale sampling project along the Wood Mountain Tunnel to the Nancy mine once the acquisition is complete. On thin volume, Sugarloaf closed unchanged at 70 cents.

A drilling program is scheduled to get under way on Wye Resources’ Saganaga Lake gold property, west of Thunder Bay, Ont., as soon as the snow melts. The company will follow up encouraging results from a 1988 program, when drillers intersected a 6-metre length grading 33 grams gold per tonne gold. Wye was 10 cents bid, 20 cents ask for the week.

Geomaque Explorations is applying to trade on the Canadian Dealing Network after being suspended from trading on The Toronto Stock Exchange. The company holds several precious metal prospects in northern Ontario and Quebec.

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