Alberta Stock Exchange (November 18, 1991)

Investors added 50 cents to Biron Bay Resources after the company annouanced results from its Summit project in the Steeple Rock mining district of New Mexico.

Closing at $1.10 for the week ended Nov. 12, Biron Bay said stepout drilling on the Summit Vein should boost preliminary reserves of 1.04 million tons grading 0.18 oz. gold per ton and 11.6 oz. silver by at least 25%. On the northern extension of the Summit Vein, at least 4,000 ft. along strike, Biron intersected a new gold-silver zone, including a 63-ft. interval grading 0.08 oz. gold and 5 oz. silver and a 14.5-ft. interval grading 0.3 oz. gold and 21.8 oz. silver.

Four drill rigs are now turning on the property.

Indigo Gold Mines moved up 8 cents to close at 28 cents as major shareholder Tyler Resources sold 2.7 million shares on the market. The shares were snapped up by individual investors, diluting Tyler’s interest in the company from 36.4% to 13.4%.

Indigo has the right to earn a 50% interest in the New Joy property in northwestern British Columbia.

Steady at 4 cents, Tusk Minerals has changed its name to Tusk Resources and plans to consolidate its shares on a 5-for-1 basis as soon as possible. In order to finance Tusk’s participation in the Pico Anticline oil project, the company proposes selling 2.6 million warrants at 10 cents per warrant through a private placement.