Alberta Stock Exchange (January 20, 1992)

The Exchange reports in its year-end review that junior companies, particularly in the resource sector, suffered through another difficult year in 1991. Flow-through financings took a huge drop from $20.3 million in 1990 to $2.7 million in 1991.

At year-end, 154 mining companies were listed on the exchange, representing 22.3% of the total for all industries. Total listings dropped from 742 in 1990 to 690 in 1991.

During the week ended Jan. 14, Varna Gold edged up 2 cents to close at 10 cents as TSE-listed NovaGold delivered a positive feasibility study for Varna’s Pine Cove gold deposit in the Baie Verte Mining district of Newfoundland.

Using its vat-leaching technique, NovaGold expects to process 1,500 tonnes of ore per day from Pine Cove at recoveries of 85%.

Goldhunter Exploration gained 4 cents to 33 cents as Vancouver-based Goodgold Resources announced that it is seeking to acquire some of Goldhunter’s claims in northwestern Ontario.

Responding to widespread enthusiasm about the Dia Met-BHP diamond find in the Northwest Territories, Argus Resources (not included in The Northern Miner listing) and Tanqueray Resources have emerged from the trading doldrums. Tanqueray has gold claims in the area that are now surrounded by new diamond claims, while Argus holds ground just east of the recent staking activity. Argus jumped 10 cents to 19 cents during the week, while Tanqueray leapt from 20 cents to 30 cents.