Alberta Stock Exchange Stable trading phase

A majority of issues were listless traders this week, as gold prices behaved erratically. One of the most intriguing movers was Jerome Gold Mines, a generally inactive company. The issue closed at a new high of 75 cents ; more than double the 30 cents it was trading at just two weeks ago.

Jerome’s main asset is an option on the former producing Jerome gold mine near Gogama, Ont. Although no exploration work has been performed on this property for several years, option payments are being made. Muscocho Explorations, which has the right to earn a 50% interest in Jerome’s project, has the same management as that at Chesbar Resources which is developing a nearby gold property. The recent price move suggests the old Jerome property could be reactivated shortly.

Perrex Resources was also active, trading to $1.83. The company has started a drill program on its large Harker-Holloway, Ont., area properties. Lac Minerals recently paid Perrex $1 million cash for the right to earn a 50% interest in the project.

News of an option agreement with Cominco Ltd. helped the share price of Dore Exlorations. The issue bounded more than 30 cents to 87 cents today. Dore can earn a 100% interest in Cominco’s 300 claim portfolio in the Casa Berardi area of Quebec. Dore must spend $1.6 million to earn the interest.

A shaft deepening program plan on ground held by Armistice Resources, beside the Virginiatown, Ont., gold mine owned by Golden Shield Resources, did little for the company. Armistice remained steady at $1.10. The shaft program would be required to search at depth for any possible extension of ore zones from the adjacent gold mine. Barron Hunter Hargrave Strategic Resources, which completed the purchase of a gold property in Arizona, remained quiet at 21 cents .