Alberta Stock Exchange (January 09, 1988)

Judging by the low volumes and lack of activity on the Alberta Exchange this week, 1989 was heralded in with more of a whimper than a bang. Of the Alberta gold issues, only Holmer Gold Mines made any real progress. Trading a minuscule 500 shares, it gained 25 to close at 85 * At Holmer’s Bristol Twp. joint venture near Timmins, Ont., partner Chevron Canada Resources has outlined four new alteration zones. They appear to confirm the depth potential of the Main zone gold deposit which contains 400,000 tons of grade 0.15 oz gold per ton, according to Holmer.

A reserve inventory of 99,000 tons of 0.13 oz gold and 1.63% copper has also been confirmed to a depth of 800 ft at Holmer’s Chibougamau mine joint venture in Quebec.

Noble Peak Resources and Marshall Minerals ranked just behind Holmer in terms of progress this week. Both issues added 20 to their respective share prices.

Marshall and Gold Vessel Resources recently announced some encouraging intersections at the Sangold property near Timmins Ont. They included 53 ft of grade 0.309 oz gold and an additional 2.5 ft of grade 0.772 oz.

A major follow-up drill program is scheduled to get under way this summer at Noble Peak’s Cache gold discovery southwest of Rankin Inlet in the Northwest Territories. Part of the 62,300-acre Southwind property, Cache has yielded values as high as 0.29 oz and 0.336 oz gold during sampling. Trenching also generated encouraging gold values, assaying up to 1.7 oz gold across 13.1 ft and 0.235 oz gold in a 13-ft section.

Drilling will probably resume much sooner at Bitech Energy Resources’ Nugget Pond property in the Betts Cove area of Newfoundland. A preliminary reserve estimate of 259,396 tons of grade 0.44 oz gold per ton has been announced in two zones after a 16-hole drill program.

While Bitech is currently reviewing the available data before deciding its next move, the issue remained relatively steady, gaining only 1 before closing at 84 *

The Glencairn Explorations issue was also reasonably steady following an announcement that partner BHP Utah Mines is planning a 4,000-ft drill program at the Blue Mountain gold property near Kirkland Lake, Ont.

The 9-hole program is designed to test a number of IP and VLF anomalies which were outlined during previous exploration.