Investors doubled the share price of Costigan Gold as the junior completed an option agreement on a polymetallic property 200 km southwest of Bathurst, N.B. Costigan can earn up to 40% in the soon-to-be-drilled property by spending up to $400,000 over three years. Trading 168,000, the junior doubled in value to 50 cents during the week ended Oct. 9 on a volume of 168,000. Also trading over 100,000 shares, Willingdon Resources is completing a 4,000-ft. drill program at the Sioux Narrows gold property, south of Kenora, Ont. Willingdon remained unchanged at 95 cents on a volume of 110,000.
It was another high-volume week for Montrose Gold as the company compiled results from a 3-hole drill program near Matachewan, Ont. Inco has expressed an interest in the 10-claim property and has signed a confidentiality agreement with Montrose. Montrose closed at 90 cents, up 10 cents from last week’s close on a volume of 495,400.
Transgold Resources will soon be reactivated on the exchange and has proposed a share consolidation on a 4-old-to-1-new-share basis. The company is currently finalizing at least two joint venture deals will other juniors.
Shareholders of Kenora Prospectors and Miners have approved the new option agreement between Kenora and Bond Gold on the Shoal Lake property near Kenora, Ont. All lawsuits have been dropped.
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