Alberta Stock Exchange Gold issues lacklustre

Many of the gold issues like Golden Crescent Resources, Holmer Gold Mines and Carlin Gold remained either close to or stalled at levels reached before gold shot up to $403.25 in New York.

Vancouver-based Carlin Gold has been talking with a number of majors with respect to a possible joint venture at its Robertson heap leach gold mi ne in Nevada.

Low gold prices and some operational problems brought production to a halt there last August. But the Vancouver company is hoping that survey reports indicating the presence of deep — possibly gold- bearing — sulphides at the property may persuade a big company to take a chance on it.

Champion Gold President Larry Melnick had no explanation for the 45 cents spike in the price of his company’s shares. The Toronto company is attempting to diversify out of metal exploration and into the real estate business.

Drilling at Peter Island Resources Barnet Twp. gold property near Kirkland Lake, Ont., has kept the issue active as investors anticipate results of a program focusing on a structure which yielded one foot of grade 0.20 oz gold per ton in the 1950s.

With 573,000 shares changing hands, Peter Island gained 10 cents before closing at 95 cents .

The BMR Gold issue was up 6 cents on news that affiliate Reese River Resources has signed an exploration deal on a large Nevada property between two gold mines operated by Battle Mountain Gold and Echo Bay Mines.

Under the agreement, Reese River is signed up for a 50/50 joint venture with Santa Fe Pacific Mining after it spends $900,000 on exploration within four years. BMR has a 25% stake in Reese River which is headed by renowned geologist Dr Ralph Roberts.

The Savanna Resources issue closed down 4 cents at 55 cents despite news of some encouraging drill results at its Turner-Albright joint venture with Aur Resources.

Aur has the right to earn a 51% interest in the southern Oregon base metal project in return for expenditures of $2.25 million. But Aur won’t decide on whether to exercise that option until all the results of metallurgical tests are in.

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