Alberta Stock Exchange Kingswood up 7 cents

With the price of gold remaining at a lacklustre US$377 per oz. in the report period ended Nov. 20, a handful of junior base metal stocks showed the only signs of life in a quiet market. For example, Kingswood Exploration traded 225,500 shares for a gain of 7 cents to 13 cents after the company announced drills have begun to search for deep base metal zones on its Bourlamaque Twp., Que., property held jointly with Noranda. The Val d’Or area property is about seven miles west of the rich Aur/ Louvem massive sulphide deposit where drills are also turning.

Significant copper assays were reported in the report period by Thermal Exploration from three infill holes on its Williams Creek copper property in the Yukon Territory. One of the holes yielded 194 ft. grading 1.48% copper oxide along with gold and silver values. The company is exploring the property for its open pit, heap leach potential. More diamond drilling is planned next year when weather permits, the company said. Thermal shares were steady at 22 cents.

Aurora Gold also reported significant copper-gold mineralization from a recent reverse circulation drill program on its Whitehorse copper belt property. Assays from one hole returned 24 ft. grading 3.6% copper, 0.054 oz. gold and 0.85 oz. silver per ton. Another hole yielded 55 ft. grading 1.9% copper and 0.016 oz. gold. Aurora rose 4 cents to close at 21 cents.

Elsewhere in the base metal area, Savanna Resources traded 131,300 shares to remain unchanged at 29 cents. Cyprus Metals is exploring Savanna’s Santa Rosa zinc property in California, while Cominco American has optioned its Turner Albright gold-zinc- copper property in Oregon.

Rouyn-Noranda-based Bonanza Metals rose 5 cents to 25 cents on thin volume of 14,300 shares. The company has been exploring the old Poirier zinc-copper property in northern Quebec.

Ontex Resources rose 35 cents to $2.10 on volume of 81,400, while one of its main shareholders Avanti Capital traded 63,200 shares to close unchanged at $2.75. A final judgment is now awaited following the recent summaries in a court trial between Ontex and TSE-listed Metalore. The latter company has withdrawn its counter claim against Ontex, which may expedite the rendering of a final decision from the judge in the case. Ontex is claiming ownership of the Brookbank gold property near Beardmore, Ont.

Gold Vessel Resources rose 5 cents to 55 cents after the company signed an agreement in principal with Gold Spinners to acquire a 35% interest in a tar sands project in Utah. The project involves a 160-acre lease that has 29 million barrels of tar sand bitumen which can be mined by open pit methods.