Alberta Stock Exchange Guiness recovers

Volume leader was Baloil Lassiter with 676,000 shares changing hands although the issue remained unchanged at $5.00.

Hawkwood Energy was another high-volume trader, posting a gain of 24 cents on the week to close at 65 cents on a volume of 292,100 shares.

Biron Bay Resources closed the week at $1.35, up 20 cents on a volume of 64,500 shares. Biron Bay is an affiliate of Hecla Mining and was to have had a 40% stake in Hecla’s Mooseland property in Nova Scotia in return for funding underground exploration. But Biron couldn’t come up with the money and Hecla suspended the project temporarily.

Recovering somewhat from last week’s plunge, Guinness Gold gained 25 cents on 19,700 shares of trading to close at $1.65. Guinness recently released assays from a diamond drill project at Randall Lake, in northwestern Ontario. Although initial results indicate an economic gold deposit, the company says that more drilling is needed. Guinness has indicated that it’s looking for a joint venture partner to help fund the additional work.

Encouraging news last week from Bitech Energy Resources Nugget Pond property in Newfoundland failed to impress investors and the stock continued last week’s slide to close at 61 cents , down 9 cents . Volume was 117,800. Reserves on the Newfoundland claims were increased recently to 505,000 tonnes grading 12 g per tonne.

This week Bitech announced $350,000 worth of exploration on the nearby Betts Cove Property to explore the southwesterly extension of the Nugget deposit and an associated polymetallic horizon. The property is owned by Betts Cove Mines, which in turn is 100%-owned by Bitech.

Trading of common shares of Zenmac Zinc Ltd. will resume May 18. The company has also completed a private placement of 55,000 special preferred shares, series A for a total consideration of $550,000. A further 135,721 preferred shares will be issued to holders of zinc warrants that expired last Dec 31.

Savory Minerals fell 19 cents , closing at $1.95 on a volume of 68,200 shares.

There was no change in Tarzan Gold’s stock after it acquired 25% interest in two claims near Lac St. Jean, Que., north of the McNickel discovery.

Gamsan Resources climbed a nickel to close at 70 cents . A recent report on Gamsan’s polymetallic deposit in northern Saskatchewan indicated that zinc grades were too low to support a mine but that the property warranted further exploration.

Marshall Minerals traded 19,100 shares, but remained unchanged at $1.55. This fall Marshall hopes to bring its New Brunswick base metals operation into production. The latest mineable reserve estimate for the property is 1.73 million tons grading 0.35% copper, 6.94% zinc, 5.36% lead, 3.27 oz silver and 0.035 oz gold per ton. Open pit reserves stand at 1.15 million tons grading 7.71% zinc, 5.96% lead, 0.38% copper, 3.62 oz silver and 0.04 oz gold.

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