Planning to launch a second drilling phase on each of three gold properties, Golconda Resources traded heavily in the week ended May 28, gaining 18 cents to close at 60 cents.
The Calgary-based explorer has encountered encouraging gold sniffs during the first phase of drilling on the Goldridge property in Oregon and on the Dennis and Atolia properties in California.
The second phase at Goldridge, where Golconda intercepted mineralized zones with an average grade of 0.02 oz. gold per ton, will begin immediately.
Despite encouraging results of a 6,000-ft. drill program at the Sandy Valley joint venture in Nevada, Durvada Resources lost five cents to close at 74 cents on thin volume. Durvada says the results indicate that mineralization at Sandy Valley is related to a much larger alkali gold porphyry system. The best intercepts, surrounded by pervasive low-grade gold, include 0.19 oz. over 25 ft. and 0.27 oz. over 10 ft.
Northern Abitibi Mining announces that exploration is under way at the Isle Dieu property in the Matagami camp of northern Quebec. Along with equal partner Hixon Gold Resources, Abitibi hopes to find the source and exact location of a strong conductor discovered with downhole pulse geophysics last year. Abitibi was 20 cents bid, 30 cents ask on the week.
With the right to earn 100% of the AOK property and $550,000 in working capital, Takla Star Resources says it has started the first phase of exploration on the AOK copper-gold property in northern British Columbia. Takla closed unchanged at 59 cents.
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