Alberta Stock Exchange Naxos gains 70 cents

News that Naxos Resources is acquiring an 80% interest in some placer gold properties on Thibert Creek near Dease Lake, B.C., for $725,000 helped boost that company’s share price by 70 cents to close at $3.20 for the week ended March 20. The Thibert property historically produced some 109,280 oz. gold during 1874-1915. Current recoverable gold reserves are estimated to be around 50,000 oz., according to Naxos, and production at a rate of 2,500 cu. yd. per day is scheduled to begin in May. Another company with plans to enter the placer gold mining business in the historic Cariboo area of British Columbia is Gallery Gold which traded 357,000 shares to close at 47 cents for a gain of 7 cents on the week.

Carlin Gold’s senior partner has resumed drilling on the company’s Ponte property in California where an old past-producing mine with reserves of 300,000 tons grading 0.20 oz. gold per ton is being re-evaluated for new potential. The Carlin issue was steady at 30 cents on volume of 56,600 shares.

Some promising gold assays were reported recently by Varna Gold from an 18,100-ft. drill program completed by Corona on the partners’ Baie Verte property in Newfoundland, but Varna slipped 2 cents to close at 27 cents this week.

Tanqueray Resources added 10 cents to its share price of 70 cents on volume of 171,700 shares. The company has interests in half a dozen gold properties across Canada, including a 35% interest in the Little Stull gold deposit being explored by Westmin Resources in northern Manitoba.

A big volume trader lately has been Gateford Resources. Nearly 1.6 million Gateford shares changed hands this week with the close at 66 cents. The company is exploring chromite properties in Newfoundland and selling database services to the oil and gas exploration industry in Alberta.