Alberta Stock Exchange (February 03, 1992)

Shares of Horseshoe Gold Mining doubled in value during the week ended Jan. 28 as the company announced a joint venture on its Willow Creek gold property in Nevada.

Coeur Explorations, a subsidiary of NYSE-listed Coeur d’Alene Mines, can earn a 70% interest in the property by spending US$1 million on exploration. Horseshoe is also planning to participate in the Northwest Territories diamond play that has transformed Argus Resources into a top performer in recent weeks. Together with Dentonia Resources and Kettle River Resources, Horseshoe has formed a syndicate to acquire a land position in the area. Trading 220,100 shares, Horseshoe gained 17 cents to close at 35 cents. Argus lost 3 cents to close at 28 cents.

Speculation about drilling results from Kingswood Explorations gold property near Matheson, Ont., is probably what pushed the company’s stock to 25 cents, a gain of 10 cents over the week, says President Wayne O’Conner. The company started drilling in Beatty and Coulson twps. about two weeks ago, he says, and assays are expected shortly. A drill program is also under way on Kingswood’s ground in the Eastmain River area of northern Quebec. Takla Star Resources gained 20 cents to close at 50 cents after the company announced a settlement with Cal Graphite over ownership of a graphite mine in northern Ontario. Under the agreement, Takla will receive 500,000 shares of Cal Graphite and warrants to purchase an additional 150,000 shares. Cal Graphite recently traded at $3.90

Pacific Metals reports that it has failed to complete the acquisition of a 50% interest in the Wattle Gully gold project in the state of Victoria, Australia. Consolidated Victorian, owner of the project, owes Pacific $445,000.

Pacific lost 10 cents to close at 15 cents.