Koval Resources emerged as the volume leader during a week ended October 9, when significant gains in the prices of many resource issues were hard to come by. Almost one million Koval shares changed hands after the company announced that it had farmed out its Uncle Sam prospect near Sheridan, Mont., to Vancouver-based Barkhor Resources. While Koval executives were unavailable for comment on the nature of planned exploration at Uncle Sam, the Koval issue gained 15 cents to close at 25 cents.
Koval has granted Barkhor the option to earn a 50% stake in the property by spending $250,000 per quarter on an exploration program operated initially by the vendor.
Results from Golden Pacific Resources’ Penon Blanco silver property in California drove the issue up 50 cents to $5.50 on a volume of 110,100 shares. The drill program targeted previously defined anomalies within a Greenstone belt and returned narrow intersections of gray ore type mineralization. The so-called gray ore is thought to consist of pyrite-gold occurrences, and after receiving results from six holes, Golden Pacific is now waiting for hole 9. Highlights from the program include 0.382 oz. gold per ton over 0.8 ft.
The BMR Gold issue was among the volume leaders this week as drills continued to turn on its American mine property in southern California. BMR closed up 13 cents at $1.38 on a volume of 238,900 shares. Drill crews on the property are targeting a multi-shear zone system which is already known to host preliminary reserves of 350,000 tons grading 0.087 oz gold.
Noble Peak Resources gave up 4 cents to close at 50 cents after releasing the first results from its optioned Crypto zinc property in Utah. Results from a program operated by Cyprus Minerals include a 79-ft. intersection averaging 9.75% zinc.
Although it was among the volume leaders, Pelham Gold was quiet on news that subsidiary NP Energy is acquiring two coal mines in Pennsylvania’s Bradenville district.
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