Alberta Stock Exchange Twin Gold leads pack

Tightly held Twin Gold Mines was one of the best performers this week, adding 70 cents to trade at a high of $2.25. The company controls the Lingman Lake gold deposit north of Red Lake, Ont. Hosting reserves of 574,000 tons grading 0.36 oz gold per ton, the property is the site of a $2.5 million exploration program funded and operated by Massive Energy. Massive has the right to earn a 50% interest in the deposit. Agassiz Resources, a TSE-listed company, has control of Twin Gold.

Golden Star Resources, which owns a large tonnage, low grade gold deposit in Guyana, advanced to $2.85. The company has optioned its property to Placer Development. There remain many non-believers in the project as evidenced by the short position on Golden Star, totalling 78,400 shares as at Dec. 15, 1986 — the largest short positon on the ASE. Many of those,undoubtedly, had to be covered following the Placer option deal.

The big company also has an option on the Seabee gold property located east of La Ronge, Sask. Held by Claude Resources, the Seabee project is at the underground exploration stage. However, Placer has yet to announce any plans for constructing a winter road to the site — essential for transporting heavy equipment to the property as no roads. Claude, however, responded to bouyant gold prices, adding 15 cents to $3.80.

Gold prices, however, failed to help Zahavy Mines, which gave up 44 cents to $1.40. The company controls a gold deposit near Favourable Lake, north of Red Lake, Ont. Greenstrike Gold Corp was a winner, climbing 25 cents to $2.15. The company is involved in flow-through share funded grass-roots gold exploration in Nova Scotia.

Ontex Resources lost some ground to $4.65. The company remains involved with a legal suit against Metalore Resources. The second largest short positon on the ASE as at Dec. 15, 1986 was in Ontex, with 41,000 shares.

Perrex Resource, which raised more than $800,000 via a flow- through share offering, added a dime to 55 cents . The company plan to continue exploring its Harker- Holloway area properties north of Kirkland Lake, Ont.