Alberta Stock Exchange Peter Island up

Peter Island Resources, for example, came out of the blue to post a 33 cents gain on an impressive volume of 460,700 shares. The issue is responding to news that drilling is under way at a Peter Island’s Barnet Twp. gold property near Kirkland Lake, Ont.

The company says it is investigating a topographic and geological structure that produced a 0.25-m intersection averaging 0.20 oz gold per ton during the 1950s.

Northfield Minerals added 20 cents to its share price after announcing that it had raised $200,000 from a private placement of 250,000 common share purchase warrants. The warrants have an exercise price of $1.25 per common share. Trading on 28,900 shares, Northfield closed at $1.30.

Stratabound Minerals also gained 10 cents before closing at $1.60. Stratabound is fortunate enough to be sitting with a 190,000-ton lead-zinc- silver deposit near Bathurst, N.B., which it says could be mined as soon as a custom milling contract is signed. The deposit averages 7.59% zinc, 2.98% lead and 2.92 oz silver per ton when a 6% combined lead-zinc cutoff is used.

Guinness Gold remained stalled at $2.50 despite news that a 60% control block has been purchased from Acadia Mineral Ventures by a new management team led by former Atlantic Goldfields President William Burton.

Burton’s claim to fame is that he managed to sell Atlantic’s interest in the rich Noxon silver deposit in Montana to Noranda Exploration for $10 million plus royalties.

According to Guinness sources, the drills are already turning on a New Brunswick base metals property which is one of the claims transferred into the company from Acadia Minerals.

News that Gateford Resources is teaming up with Corona Corp. and DCC Equities to explore for chromite ore in Quebec and Newfoundland appears to have escaped investors’ attention.

Gateford is taking advantage of strong chrome prices by setting up a new company which will take out options on chromium properties held by Gateford and Corona. Gateford closed up 4 cents at 35 cents .

While Canada hasn’t produced chromium ferroalloys since World War II, Gateford says it holds the largest known chromite reserves on properties in Quebec’s eastern twps. One of them — the Reed Belanger — has indicated reserves of around 1.5 million tons of low grade chromium oxide.

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