Alberta Stock Exchange Scotia Prime a mover

An exploration program undertaken by Golconda Resources at its Morning Glory gold property in Idaho continues to hold the attention of Alberta investors.

As news spread that Golconda is mobilizing a drill rig onto the property, 1.2 million shares changed hands before the issue dropped 29 to close at 70 . Investors are hoping that Golconda can emulate the performace of War Eagle Mining which pulled 275 ft of grade 0.16 oz gold and 1.6 oz silver starting at 425 ft on the nearby War Eagle Mountain property.

Speculators have also been intrigued by the progress of partners Delaware Resources, American Ore Ltd. and Golden Band Res. at the SNIP deposit at Iskut River, B.C. However, results of a recent 5,773-ft drill program weren’t spectacular enough to move the American Ore share price beyond 35 . Trading on 743,500 shares, the issue was better by just 1 .

Elsewhere on the Alberta exchange, the action was limited by the possibility of a Liberal victory in the federal election and the resulting uncertainty over the future of Free Trade.

The only real mover was Scotia Prime Minerals which added 50 to its share price before closing at 60 . Listed recently following a reverse acquisition involving Petroco of Texas, Scotia Prime is drilling a former gold producer, near Lower Seal Harbour in Nova Scotia’s Guysborough Cty. region.

Siam Trading Ltd. another new Alberta listing remained steady on a volume of 4,000 shares to close at 55 . Directed by Calgary oilman John Woods, the company was formed in early 1987 to take advantage of new resource development incentives introduced by the Thai government.

Encouraging results from Siam Trading’s Thailand property will be tested by a drill program at the conclusion of the current rainy season.

The Blue River Mines issue gained 10 following news that the company has mined and crushed about 7,800 tones of calcite at the Blue River property in British Columbia. The calcite was stockpiled at the millsite in Blue River awaiting confirmation of chemical analysis, the company said recently. Trading on 8,500 shares the issue closed at 30 .

Having signed a distribution agreement with Stanchem CIL, the company is planning to mine the deposit using open pit and conventional crushing methods.