Alberta Stock Exchange Gateford doubles

Chromite explorer Gateford Resources saw its share price double to 65 cents on volume of more than a million shares during the week ended Mar 13. Gateford and its private affiliate Canchrome Mines are exploring four chromite properties on the western coast of Newfoundland with the objective of supplying material for a proposed Ferro-chrome facility to be located at Becancour, Que. Other major shareholders in Canchrome include well-respected names like Corona, DCC Equities and Corpomin Management of Montreal. Gateford also sells information services to the hydrocarbon exploration sector through its computerized database of the Canadian Institute of Formation Evaluation Ltd. Despite a recently launched $750,000 promotional effort, Gallery Gold slipped 9 cents to 40 cents on volume of 904,000 shares. Gallery is planning to start a placer gold mining operation in British Columbia’s Cariboo area along the Bonanza section of Lightning Creek.

Shares of Glencairn Explorations perked up by 27 cents to close at $1.12 after a high-grade gold intersection (41.5 ft of 0.51 oz gold per ton) was reported from some recent drilling on its Goodfish property near Kirkland Lake, Ont., where International Platinum is earning a 51% interest. Extensive previous work on the 16-claim property, including five shafts and 8,000 ft. of underground workings, was completed during 1915-1941.

Pan East Resources shed 52 cents to close at $1.35 after announcing plans to purchase $3.2 million worth of oil and gas assets from Trilogy Resources. The deal includes 15 Alberta and two British Columbia properties, as well as working interests in gas plants, facilities and undeveloped lands. The closing date for the purchase is scheduled for March 31.

Naneco Resources traded 353,200 shares, posting a gain of 5 cents to close at 45 cents. A deep drilling program to depths of 1,000 ft. is planned for its Baxter Springs gold property, 17 miles south of the Round Mountain mine in Nevada. A feasibility study is also under way on the company’s Longstreet gold deposit in Nevada.

BMR Gold added 25 cents to its share price of $1.80 in active trading, while Kingswood Exploration, another active trader of late, tacked on 11 cents to close at 72 cents on volume of 712,500 shares.