Alberta Stock Exchange Investors stay away (October 03, 1988)

The summer doldrums have turned to fall slumbers as investors find less speculative ways to invest their savings.

Even though gold climbed out of its recent freefall to close at $400(US) per oz, the effects of the current market malaise were written all over the share prices of most Alberta issues.

The tightly held Borealis Exploration issue, for example, which normally trades at a much higher level than most similarly equipped junior exploration companies, lost ground to close at $10.25. It’s hard to believe that it peaked at $47.50 in 1986.

Suffolk Resources, the day’s highest trader, also failed to gain any ground despite the fact that it is bringing a placer gold project on West Africa’s Ivory Coast into production.

Trading on 512,000 shares, Suffolk remained steady to close at 13 cents .

But if investors are making it patently obvious that they could care less, it was business as usual for a number of Alberta gold issues. Marshall Minerals and Gold Vessel Resources continue to pull some impressive intersections from the Sangold joint venture west of Timmins, Ont.

The latest results from a 10-hole program include 53 ft of grade 0.309 oz gold per ton and 38.5 ft of 0.30 oz. Gold Vessel, which can earn 30% by spending $4 million dropped 9 cents to close at 85 cents . Marshall Minerals was up 1 cents to end the session at 40 cents .

Kingswood Exploration recently announced plans to takeover the assets of Coulson Resources which has a 70% interest in the old Aljo gold mine east of Timmins. Pending shareholder approval, Kingswood plans to probe a number of new zones which were encountered, but not explored, back in 1982. However, Kingswood was down 10 cents to close at 17 cents .

The Durga Resources issue fared a little better. After announcing what it calls “a strong gold and arsenic soil geochemical anomalous zone over its Ban claims” in the Northwest Territories, Durga added 5 cents to its share price before closing at 65 cents .

Northfield Minerals was also better. Trading on 3,500 shares it gained 7 cents to close at 57 cents . Northfield and Northern Ranger Minerals are partners in a joint venture at the Larder Lake, Ont., gold property which lies just west of the old Kerr Addison mine.

News that diamond drilling has started at American Ore Ltd.’s Iskut River joint venture in British Columbia failed to ignite the company’s share price. Trading on a respectable 172,200 shares, it closed at 20 cents .