Alberta Stock Exchange Zenmac moves up

Some substantial gains were made during the week ended Jan. 16 by three Alberta issues which haven’t been among the most active traders lately.

During the week, Zenmac Zinc added an impressive 58 cents to its share price before closing at $2.10. While there has been no recent announcement from the company, Zenmac is currently involved in a legal dispute with Minnova Inc. over the Winston Lake zinc mine near Schreiber, Ont.

A 50 cents increase in the price of Montclerg Resources shares may be attributed to investor interest in the company’s newly acquired Delhi Twp. property, 90 miles south of Timmins, Ont.

The property is on the site of the old Temagami Gold mine, where a 20,000-ton bulk sample extracted in 1950 contained 0.25 oz. gold per ton, 5.58 oz. silver and 7.13% lead.

A preliminary work program to include line cutting, examination of underground and surface mineralization, followed by drilling, has been recommended.

The third Alberta issue to record a sizable increase in its share price was Reed Lake Exploration. Trading on a meagre 2,500 shares, Reed Lake gained 25 cents before closing at 65 cents . Reed Lake has been involved in exploration at its Holdsworth gold property near Hawk Junction, Ont.

A program completed in 1988 on the 19-claim property delineated a gold-bearing quartz-vein system. Trenching and drilling across the zone returned an average width of 9.8 ft. grading 0.108 oz. gold. Reed Lake’s holdings also include a 22-claim property straddling a section of the Comstock fault structure in Nevada.

Following a request by the Alberta Stock Exchange, Naxos Resources reassayed some sample material from its Shumway Lake gold property near Kamloops, B.C.

Values reported were 0.027 oz. gold and 13.07 oz. silver. (Fire assays methods and a Canadian laboratory were used.) While that represents a significant decrease from the average 4.95 oz. gold achieved by atomic absorption assay methods in a Hong Kong laboratory, investors reacted favorably to the latest results. Naxos closed up 10 cents this week at $1.05.

News that a new company has been set up to explore for chromite on two Quebec properties held by Gateford Resources had little impact on the Gateford issue. It closed down 3 cents at 21 cents .

Gateford will be a major shareholder of newly formed Canchrome Mines along with Corona Corp., DCC Equities and Corpomin Management. Future plans include taking Canchrome public.