Alberta Stock Exchange Bonanza find

News that the drills are about to start turning at Golden Crescent Resources’ Borden gold claims drove the company’s share price up by 25 cents . Situated several miles southeast of the Detour Lake gold mine, the Border claims are one of a package of properties which Golden Crescent has optioned from Placer Dome.

Also encouraging is the fact that, thanks to a recent private placement of warrants and shares, Golden Crescent has $950,000 for exploration purposes.

Commencement of drilling at Peter Island Resources’ Barnet Twp. gold property near Kirkland Lake, Ont., pushed the issue up slightly for the second week in succession. The company says it is investigating a topographic and geologic structure which yielded almost one feet of grade 0.20 oz gold per ton during the 1950s.

Trading on an impressive volume of 415,800, Peter Island was up 10 cents to close at 75 cents .

The Bonanza Minerals issue almost doubled this week on rumors that a 40-ft intersection grading 10% zinc has been recovered from the Poirer joint venture in Joutel, Que.

Ressources Minieres Forbex can earn a 50% stake in the property by funding a program designed to determine the vertical and lateral dimensions of two zones hosting 580,000 tons of grade 10.6% zinc. Trading on 225,200 shares, Bonanza was up 45 cents to close at $1.05.

A 31 cents increase in the price of Mill City Gold shares may reflect a recent agreement which should see Battle Mountain Gold funding exploration at Mill City and Gunnar Gold’s Courageous Lake gold property in the Northwest Territories.

Battle Mountain can earn a 40% stake in the project by spending $1.5 million and it can go up to 80% by spending an additional $40,000 for each percentage point beyond 40%. As a complement to its mining activity, Mill City is moving into the mergers and acquisitions business.

The normally volatile Borealis Exploration issue gained 95 cents this week before closing at $4.20.

Pan East Resources continued to make progress after optioning a Northwest Territories uranium property from Falconbridge Ltd. and Kerr Addison Mines. It gained 20 cents before closing at $2.10.

Pan East can earn a 60% stake in the Garry Lake project which has some of the same characteristics as Urangesellschaft Canada’s Kiggavik uranium deposits. Those deposits are known to host around 18,000 tons of grade 6% uranium oxide.

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