Alberta Stock Exchange Ontex still appealing

While other Alberta-listed exploration companies remain stranded in the $1 to $5 range, Borealis Exploration of Calgary cruised along last year at around $20.

Without so much as an oz of production, the Borealis issue closed down 38 cents this week at $18.88 on a volume of 5,100 shares traded.

An Artic land holding of over 1.3 million acres may go some way to explain that price. Part of that land, the Happy Lake prospect, is held under option by Noble Peak Resources which obtained positive drill results recently.

As reported (N.M. Dec 14/87) a 6-hole program on the Weasel sector of the project confirmed several surface showings assaying up to 0.75 oz gold per ton.

It remained steady at 16 cents but Sunmist Energy is also involved in Artic gold exploration. When last heard from, Sunmist was considering a winter drill program at its 51,000-acre Eric Lake property 50 miles from Eskimo Point, N.W.T.

The program was designed to test the main Eric Lake zone and several other targets delineated on the property.

Rapparee Resources was up $1.05 to close at $5.00 on 33,100 shares.

While the share price was responding to progress at its Ferrier/ Caroline joint venture oil project with Esso Resources, Rapparee is planning a 10,000-ft drill program at its Outpost Island property 60 miles south east of Yellowknife.

Additional work on this property which is held under option from Lac Minerals includes dewatering of the old shaft and underground rehabilitation. At a rate of 100 tons per day, production there is expected later in 1988.

News that Metalore Resources was unsuccessful in having a lawsuit brought forword by Ontex Resources thrown out of court, gave a new year boost to the Ontex share price.

Trading on a volume of 230,800 shares, the Ontex issue gained 80 cents to close at $2.50. In 1986, Ontex launched a lawsuit against Metalore seeking $500 million in damages or the return of the Brookbank gold property in northwestern Ont.

Before it acquired a 100% interest at Brookbank from Ontex, Metalore made a significant gold find on the property which it didn’t reveal, Ontex alleges.

Troymin Resources dropped 3 cents despite an announcement that the Calgary company has received $425,000 to finance exploration at its La Ronge, Sask.,

and Flin Flon, Man., properties.

According to Troymin, project operators the Saskatchewan Mining Development Corporation (at La Ronge) and Granges Exploration (at Flin Flon) will begin field operations by mid-month.

With 4,500 shares changing hands, the Troymin issue closed at 31 cents .