An industrial mineral producer, Ekaton Energy, outshone the gold issues by surging 50 cents to $1.65. The company, which operates a kaolin property near Wood Mountain, Sask., is also testing the property’s potential for silica production. A private placement of 400,000 shares at 95 cents per share has also been arranged this week.
Control of Accord Resources has passed to a group of Europeans. The issue remained quiet at $1.25. An option deal between Gunnar Gold and two juniors in the Casa Berardi area of Quebec, did little for Gunnar, which continued at 85 cents . Gunnar can earn a 40% interest in 30 claims in Orvilliers Twp.
Zahavy Mines also gave up some ground to $2.45; down 14 cents for the week. Zahavy and partner Getty Resources have started a two-phase $7.8 million exploration program at their Favourable Lake gold play. The project is located north of Red Lake, Ont. Vista Mines, which is going to attempt to reopen the shutdown Rio mine near the Manitoba- Saskatchewan border, continued at $2.25.
Searching for gold in Aruba is helping Monte Carlo Gold move to $1.45; up 45 cents this week. The program is grass-roots in nature and no results have been released. Citadel Gold Mines, which is trying to bring a Wawa, Ont., gold property to production, gave up 69 cents to $4.
Poor financial results at Hedman Resources were released in the company’s annual report. For the year the company, which produces an asbestos substitute, lost $245,428 or 9 cents per share — that’s more than double the 1985 loss of $105,698. The stock gave up 9 cents to $1. Pundata Gold Corp. added a few cents to 95 cents . The company has acquired a large property in Nevada. Preliminary surface work has returned encouraging gold values, in additon to background platinum group metal values, the company says.
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