Alberta Stock Exchange Bitech is back

At last, there is some good news for the beleaguered shareholders of Bitech, which last year signed a $12-million option agreement with Equity Silver Mines.

During the week ended Jan. 30, Bitech reported a hot intersection while drilling its 50% owned Tache Lake zinc-gold-silver project near Chibougamau, Que.

Weighing in at over 8% zinc and 0.32 oz. gold per ton across 36 ft., the intersection drove the price of Bitech shares up 9 cents to close at 39 cents . Greenstone is Bitech’s partner on the property.

After peaking at $2.25 in 1989, thanks to the option taken down by Equity Silver on Bitech’s Nugget Pond gold claims in Newfoundland, the issue has been languishing for want of news. Equity Silver recently elected not to exercise its rights under the agreement.

Gold Vessel was also active on healthy volumes following news that the company can invest up to $1.5 million in an Arizona heap leach gold mine called the Harquahala. Trading on 148,900 shares, Gold Vessel climbed 10 cents before closing at $1.30.

In return for a 50% stake in the property, Gold Vessel will expand the existing heap leach pad and finance exploration around two former underground gold mines.

Shares of BMR Gold shot up by 39 cents this week before closing at $1.25. The company is part of a syndicate that is financing exploration on claims situated between Echo Bay’s Cove and Battle Mountain Gold’s Fortitude gold mines in Nevada.

Optimism surrounding the Reese River Resources project is based obviously on its prime location and the experience of Dr. Ralph Roberts, the geologist charged with heading up the exploration program.

While Ontex Resources is cash- strapped and facing a lawsuit over a Beardmore, Ont., gold property, the issue made significant progress this week. Ontex climbed 20 cents to close at $1.20.

The company is arguing with Metalore Resources over a 10% royalty on the Brookbank property, where Placer Dome recently completed 35,000 ft. of diamond drilling. Deferred legal costs have already reached the $1-million mark.

Kingswood Exploration was also active after agreeing to earn a 50% stake in Geomaque Exploration’s Bourlamaque Twp. property near Val d’Or, Que.

The northeast part of the property is contiguous to the East Sullivan mine, a former copper-zinc-silver producer. Trading on 658,600 shares, Kingswood gained 3 cents before closing at 49 cents .