Alberta Stock Exchange: Drilling spurs Briar

Wednesday close, Nov 5

Gold issues led the pack on the Alberta Stock Exchange this week. News that Newmont Explorations has intersected strongly altered volcanics spiced with sulphides on Golden Briar Mines Casa Berardi area property, helped propel that issue to more than 70 cents in active trading. Golden Briar holds the property under option from Eider Resources, which is listed on the ME. Assays are pending.

Ontex Resources also continues to please its shareholders as the issue made good gains to $4.50. President Dominique Monardo says that the company intends to proceed with its suit against Metalore Resources. Metalore made an important gold find near Beardmore, Ont. and Ontex wants the property back.

Zenmac Zinc Ltd. was also perky, making a move towards $4 — that’s up more than $1 for the week. The company has cut a deal with Eldor Resources which has a promising zinc/gold play 20 miles southeast of the big Winston Lake zinc deposit, north of Terrace Bay, Ont. A 95-ft section assayed 6% zinc. The company also has a healthy block of Madeleine Mines stock.

Madeleine Mines raced to new high territory of $5.75 before settling back to $4.80-$4.90. The company has the right to earn a 50% stake in the Lac des Iles platinum group metals deposit, north of Thunder Bay, Ont.