Alberta Stock Exchange Beardmore issues up

In a week when Alberta volumes were generally low, three companies with properties in the Beardmore and Schreiber areas of northwestern Ontario, proved to be significant performers.

They included San Paulo Explorations which gained 41 cents to close at $1.75 on a volume of 203,500 shares traded and Zenmac Explorations which showed a respectable 30 cents increase to close at $3 on 4,200 shares.

San Paulo recently obtained a $1 million financing for work on its Leitch joint venture with Teck Corp. in Beardmore where the company is earning a 50% interest.

A potential block of almost 240,000 tons of 0.18 oz gold per ton outlined by drilling in 1981 and some broken material makes the property a promising venture, according to San Paulo.

Zenmac recently launched a lawsuit against partner Minnova Inc. alleging that the latter company has not acted in good faith in regard to a zinc-copper-silver-gold deposit at Winston Lake in the Schreiber area of northwestern Ont.

Zenmac says it is entitled to a 20% joint-venture interest and an undivided 20% proprietary interest in a property where a production decision was allegedly planned in July 1986.

While it has remained quiet recently, Sweany Gold posted the sessions largest volume with 263,500 shares changing hands. The issue remained steady to close at 5 cents .

When last heard from, Sweany said it had identified at least two zones containing highly anomalous values at its A.E. Hopkins gold property in the Beardmore gold camp.

Monte Carlo Gold dropped 14 cents from its share price to close at 80 cents on a volume of 35,000 shares despite encouraging results at its Chester Twp. property near Timiskaming, Ont.

With a 10,000-ft drill program almost complete, Monte Carlo has recommended the construction of a ramp to access the Kidd No 1 zone where 22.6 ft of 0.309 oz at 170 ft was intersected in 1986.

That was undercut recently by another hole (No 20-30) which cut a 12-ft section averaging 0.249 oz at the 290-ft level. According to Monte Carlo, 8,000 tons of material has been shipped to the Diep-Daume mill in Timmins.

Encouraging results expanded drill program at the Mill City Gold and Gunnar Gold joint venture Tyranite Gold mine near Gowganda, Ont. did little for the Mill City issue.

Although Gunnar didn’t trade, Mill City was down 19 cents on 2,100 shares to close at $1.50. Tyranite assay results include 5 ft of 0.185 oz and 12 ft of 0.148 oz.