Vancouver Stock Exchange Mishibishu gold claims sparkle

At press time, however, trading activity was dominated by recent developments in the active Mishibishu Lake gold camp of Ontario where several companies have reported interesting results from programs carried out by Hemlo Gold Mines.

Associated companies Caribbean Resources, Exmar Resources and Mishibishu Resources each hold 1/3 of a property optioned to Hemlo Gold where several new gold showings were discovered. Assays from grab samples range from trace to 1.20 oz gold per ton, with 15 of 35 samples returning grades in excess of 0.232 oz.

Caribbean was up a further 7 cents at 85 cents today while Exmar gained a dime at 76 cents . Exmar also says it has made a significant new mineral discovery (gold/silver/lead) on its Yak Lake property in the Baie Verte area of Newfoundland.

Big Strike Resources was also busy at press time, up 45 cents at $2.68. The company says it discovered several anomalies by aerial, low elevation, infra-red technology on claims near Wells, B.C., one of which later returned good gold values in five test holes. The company hopes to prove up placer gold deposits.

Despite some encouraging signs that investor interest is slowly being revived, trading activity remains generally sluggish. The VSE Index was off a point at 697.62 at press time, down 1.68 points from a week ago.

Several VSE-listed companies active near Val d’Or were able to benefit from interest in Aur Resources’ new copper/zinc massive sulphide find. Among them is Ronrico Explorations which now plans to explore its Simkar project for base metals. The company wasn’t able to generate a great deal of investor interest in its work to reactivate a former gold mine on the property, but its new plans caused the issue to inch ahead 2 cents to close at 17 cents over our report period.

Murgor Resources gained a further 4 cents to 18 cents based on its plans to acquire claims adjacent to the discovery claims held by Aur Resources and Societe Miniere Louvem.

Continental Gold was up a further 36 cents to $7.68 after posting a large gain last week on rumors that a major mining company had made an offer for all its shares. Talk on the street is that the company has already turned down offers from Hemlo Gold Mines and Placer Dome, but is still in discussions with Rio Algom.

Trading activity in volume leader, Scorpion Resources, has to do with the company coming under the control of well-known promotor, Louis Wolfin. The issue moved up 11 cents to close at 53 cents , and we gather its main asset is an option to earn a 50% interest in a Nevada company with 80 sq miles of claims adjoining Echo Bay’s Cove and McCoy gold mines in the Battle Mountain district.

Fairbanks Gold was also active this past week, gaining 50 cents to close at $2.90. The first hole drilled this year at its Alaska gold property returned 645 ft of 0.036 oz gold, with the bottom 310 ft averaging 0.056 oz gold per ton.

High Frontier Resources was ahead a dime to 55 cents after announcing the acquisition of a new gold project in Arizona.

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