Vancouver Stock Exchange Drill intersections spur trading

The Vancouver market has finally come down to earth after Huntington Resources reported a spectacular drill intersection (N.M., June 13/88) grading 2.0 oz gold over 235 ft. After reaching a high of $5.25, the stock fell back sharply and by presstime was trading at $3.40.

News of the discovery boosted trading volumes in several companies with tie-on ground near the Huntington property. Brican Resources, the volume leader this week with a turnover of three million shares, traded as high as $1.95 but the stock has since slipped to $1.02. The northwesterly-trending shear structure that hosts the Huntington gold discovery appears to cross onto the Brican property. Brican is now trying to define suitable drill targets which will be tested later this summer.

Getchell Resources piggy-backed on Huntington’s success, climbing 55} to $1.85, and so did Apex Energy which managed a 19} gain over our report period to 64}. Getchell has carried out minimal exploration work on its ground which adjoins Huntington’s Brett claims to the north and northwest. But the company will be mounting an exploration program this year. Soil sampling and trenching is planned on Apex’s Sheba property later this month. It’s located 2.5 miles southeast of Huntington.

The geology on the Huntington property is similar to the Blackdome mine 160 miles north of Vancouver where underground exploration really told the story. Diamond drilling did not accurately define what was actually there. Lacana, Huntington’s joint venture partner, has tried to play down the discovery, but it’s safe to say they are grinning from ear to ear even if the hole was drilled down dip.

Macmillan Energy posted a 50} increase to $2.20 after the company announced that Granges Exploration had encountered significant gold values in deep drilling at their Mishibishu Lake project in northern Ontario. Reserves are currently estimated at 1.1 million tons grading 0.167 oz gold.

Bellabon Resources showed some strength, gaining 30} to $2.60 and Omni Resources closed the week 25} higher at $3.35. Chevron has completed four drill holes on a property it’s joint venturing with Bellabon in the Red Lake area of Ontario. Assay results are pending. Omni has announced plans to develop its Skukum Creek gold property south of Whitehorse. Pass Lake Resources, which has ground under option from Esso Minerals near Kamloops, B.C., shot up 19} to 35}. Reverse ciruclation drilling has been recommended for the property to follow up on work completed earlier this season which returned anomalous gold values. PW Acadia Minerals Acadia intersects gold in Bathurst

An 8-ft section, grading 0.11 oz gold per ton was pulled from the Millstream property near Bathurst, N.B., by Acadia Mineral Ventures (TSE) this week.

The hole is one of the first put down on the property, which is owned by Acadia subject to a 10% net profits interest to Sparton Resources (TSE).

“Current work suggests extensive epthermal-type-gold-ankerite-quartz zones associated with swarms of gabbro dikes,” vice-president Avard Hudgins says.

Acadia also expects to start drilling on a block of claims at Tetagouche River, which is also near Bathurst. A $500,000 program is planned to test the idea, suggested by geochemical results last year, that base metal horizons change to gold-bearing zones.

The program is a 50-50 joint venture with Seabright Explorations (TSE). Obituary (dd-ww) sure this week Gerard Auger

Gerard Auger, exploration contractor and prospector, died suddenly recently, while working near Smithers, B.C. Auger was born and raised in Val d’Or, Que., where he began his career in the mineral exploration business, working with Jean Alix and the Audet brothers.

A contract job near Smithers in the late 1960s led him to establish his own exploration contracting business out of there for a number of years prior to moving to Kamloops in the early 1980s. He provided services to senior and junior companies throughout western and central Canada and was associated with Multinational Mining’s Toodoggone project during the past two years.

Auger’s many friends and associates will miss his exuberance, enthusiasm and dedication to the mineral exploration field.