Alberta Stock Exchange (February 17, 1992)

News of a gold discovery on the Devon property near Matheson, Ont., added a nickel to Kingswood Explorations, which closed at 29 cents on strong volume for the week ended Feb. 11.

Hole 92-16 returned 57.7 ft. grading 0.11 oz. gold per ton from a depth of 255 ft., including 30.8 ft. grading 0.14 oz. About 125 ft. north, hole 92-14 intersected 49.9 ft. grading 0.06 oz.

The property lies just north of the Hemlo-Glimmer gold deposit along the same fault system that hosts Freewest Resources’ Lightning zone. Further assays are pending.

Jumping 30 cents to 70 cents, Trio Gold has been granted conditional approval for a private placement of 500,000 shares at 30 cents per share and 500,000 warrants exercisable at $1 per share.

Proceeds will be used to explore Trio’s Rodeo Creek property, which lies two miles north of American Barrick’s huge Purple Vein gold deposit in Nevada. Planning to start up a custom-milling operation for small gold deposits in the Wawa, Ont., area, Monk Gold and Resources reached a lease-to-purchase agreement for the Surluga mill with owner Citadel Gold Mines. The mill has a capacity of 500 tons per day.

After gaining 40 cents last week, Monk fell 20 cents to 70 cents on official news of the lease arrangement.

Mesa Resources leapt 7 cents to 12 cents on news that the company’s board of directors is offering tentative support for a recent takeover bid.