Alberta Stock Exchange Naxos again

Trading on 575,300 shares, Naxos gained 29 cents this week before closing at $1.20. According to promoter Bob Merrett, drill results from a 150-ft-wide sill at Shumway Lake include 50 ft of grade 0.059 oz gold per ton. Naxos says it has achieved head grade recoveries of 0.23 oz on an 1,800-lb bulk sample from the property. Results from a single drill hole on the Kingswood Explorat ion, Consolidated Abitibi Resources base metal project in Bourlamaque Twp., east of Val d’Or, Que., failed to spark much investor interest.

The Kingswood issue gained only 3 cents on news that it had pulled 2 ft of grade 0.017 oz gold, 0.604% copper and 0.003% zinc in a hole designed to test an off-hole anomaly located by downhole geophysics. Trading on modest volumes, the issue closed at 36 cents .

According to Kingswood, which is earning a 55% interest in the property, anomalous values of copper and zinc were present throughout the hole from 322 ft to 1,275.5 ft.

The volatile Borealis Exploration issue made the largest gain this week, adding $1.30 before closing at $3.40. Shares of Borealis are tightly held by company insiders including President Rodney Cox. According to the company’s third- quarter report, Borealis has acquired, “through an exchange of shares in the company’s portfolio,” one million shares of Amcan Insurance Services.

While Borealis says it is interested in Amcan purely as an investor, the acquisition is a surprise move for a company which has been traditionally involved with precious metal exploration in the Northwest Territories.

News that drilling has resumed on the Golden Crescent Resources, Placer Dome joint venture 60 miles north of Pickle Lake, Ont., drove the price of Golden Crescent shares up by 10 cents .

Talbot Lake is one of a package of 26 Placer Dome properties in which Golden Crescent can earn a 49% interest.

However, results released from three holes drilled in October proved to be disappointing. The best intersection was 5.19 ft of grade of 0.15 oz gold.

The Storimin Exploration issue gained 15 cents before closing at 44 cents .

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