Alberta Stock Exchange Ontex up 15 cents

A new reserve estimate of 1.4 million tons grading 0.26 oz. gold per ton for the Brookbank deposit in northern Ontario gave shares of Ontex Resources a 15 cents boost to $2.10 during the week ended Oct. 2. Ontex, with a 10% interest in Brookbank, is in a legal dispute with TSE-listed Metalore over ownership of the property. The deposit is near Beardmore, Ont., and is still open below 2,200 ft., as well as along strike. Durvada Resources rose 30 cents to $1.30 as exploration continues on the company’s Sandy Valley, Nev., gold property where 25,000 ft. of reverse circulation drilling is planned.

Flag Resources was up 18 cents to 58 cents on volume of 21,000 shares during the report period. Flag’s claims are situated atop a large gravity-magnetic anomaly northeast of Sudbury, Ont., where Falconbridge Ltd. recently launched a major exploration program for base metals.

A new promotional campaign by BMR Gold lifted that company’s shares by 5 cents to $1.25 during the week. BMR is conducting prefeasibility work on its 75% owned America Mine gold project in Nevada where preliminary open pit reserves stand at 346,000 tons grading 0.087 oz.

Shares of Dingman Industries rose 50 cents to $1.10 on volume of 290,700. That’s nearly a fourfold increase from the 30 cents level a month ago. The little-known company is in a joint venture with a Soviet firm to treat arsenical gold concentrates from the Soviet Republic of Kazakhstan.

Glencairn Explorations was steady at 50 cents after the company said a new drilling program will begin soon on its Goodfish gold property near Kirkland Lake, Ont. Previous drilling cut 36.5 ft. grading 0.33 oz. in a quartz-carbonate vein zone.

Allegheny Mines, formerly Allegheny Enterprises, has acquired control of the old Atiko-Sapawe Gold Mines property, 20 miles east of Atikokan, Ont. The 47-claim property is reported to host some 528,614 tons of material grading 0.31 oz. gold. Allegheny is seeking $1.5 million for an exploration program to confirm the reserves.