Alberta Stock Exchange Golconda huge trader

A slight slump in the the price of gold has done nothing to dampen enthusiasm for some of the companies who are currently out looking for the precious metal.

While the price of gold dropped $2.25(US) recently, huge blocks of the American Ore and Golconda Resources issues were bought up by eager investors.

In American Ore’s case, buyers are anticipating the results of drilling at the company’s Iskut River gold property in northwestern British Columbia.

American Ore has a one-third interest in over 12,000 acres which are contiguous to the north of Cominco Ltd.’s and Delaware Resources’ gold property where reserves stand at 6.5 million tons of grade 0.5 oz gold per ton. Trading on over 4.6 million shares (a very large amount for an Alberta listing), American Ore remained steady to close at 34 .

Investors also appear enthusiastic about the prospects for a drilling program undertaken by Golconda Resources on its high grade Morning Glory gold property in Triangle County, Idaho. They showed it by buying a whopping 1.23 million Golconda shares.

All the optimism is based on the fact that the Golconda property is just two miles off the War Eagle Mountain prospect where War Eagle Mining pulled 275 ft of grade 0.16 oz gold and 1.6 oz silver starting a depth of 425 ft. Golconda’s added 75 to its share price to close at $1.

Although it was relatively quiet elsewhere on the Alberta exchange, a number of companies made significant progress during trading. They include Seadrift International which added 20 to its share price before closing at 75 .

Trading on a modest 3,500 shares, Goldcap Inc. was also up 15 to close at 35 . Goldcap was responding to drill results from the TAS joint venture 140 miles north of Prince George, B.C. where operator Black Swan is testing for continuity in three high grade fracture and shear systems. Goldcap can earn a 4 5% interest in the property.

Marshall Minerals was slightly better at $1.37 following news that the company has signed an option to buy eight million Eden Roc Minerals shares at 50 each.

The Eden Roc issue responded to the announcment by gaining 5 before closing at 40 .