REPORT FROM CALGARY Alberta juniors coast to coast

With the summer field season moving into the second half, Alberta resource companies are well represented all across Canada. Mostly Calgary-based, the majority are conducting gold searches in the Northwest Territories. However, several companies have successful gold investigations under way in faraway places like Newfoundland and Nova Scotia. Leading the parade are corporate groups such as Gunnar Gold Inc., Savanna Resources, Petromet Resources and Comaplex Resources International with well-positioned claims at Courageous and Indin lakes, in the Northwest Territories. Courageous Lake, led by the efforts of Noranda and Getty, are hotly pursued by Placer Development and Bow Valley Resources working on claims optioned from junior companies.

Additional drill results from Noranda-Getty’s Tundra property expected to be released in August are sure to spark continued enthusiasm for Canada’s new gold camp in the making.

Gunnar Gold and affiliate Mill City Gold (listed in July on the Alberta Stock Exchange — resulting from a name change of Loki Resources to Mill City and a share consolidation of one new for 10 old) have their wings spread all across Canada and in the U.S. A Colorado property, the Ute Creek within the rich Colorado mineral belt, will be investigated this summer.

Savanna Resources and affiliate American Chromium are well exposed at Courageous Lake with Highwood Resources and Aber Resources investigating their Jax claims and Bow Valley and Hemisphere Resources drilling their Sour Gold prospect. Soon-to-be-listed Courageous Exploration will acquire these Courageous Lake properties on a share exchange to Savanna and American Chromium.

Petromet Resources with controlling interest in Greenstrike Gold Corp. (38.6%), who in turn own 17% in Pan East Resources, extend their activities from Indin Lake, N.W.T., with partners Echo Bay Mines and Comaplex Resources to Nova Scotia. Here Greenstrike and Pan East are well advanced in the Fifteen Mile Stream gold deposit.

At Indin Lake, Echo Bay as operator has drilled 84,000 ft on the Kim and Cass properties and is currently drilling the nearby Fortune prospect. Based on the level of activity here and successes achieved, Indin Lake should have a bullion-pouring ceremony before 1990.

Comaplex Resources, in addition to the Indin Lake involvement with Petromet and Echo Bay, is aggressively exploring for uranium in the Keewatin district (one program with Asamera Minerals) in the La Ronge area of Saskatchewan and in northwestern British Columbia. The company is forming a new public offspring, Comaplex Minerals Corp., which will acquire all of the mineral holdings of Comaplex Resources in exchange for 7,000,000 shares of the new company.

In conjunction with this spin- off, Andras Research Capital Inc. is providing funding through a flow- through share and warrant issue that could ultimately raise Comaplex Minerals $5,739,200.

Somewhat neglected but soon to be heard from is good news from Newfoundland. One Calgary company, Marker Resources, has shown considerable strength in the marketplace as a result of its exploration activities, principally in Newfoundland but also due to studies under way in Manitoba.

In Newfoundland, Marker has claims totalling 160,000 acres near bp Selco’s Chetwynd gold mine on the Burin Peninsula. Marker also holds claims near Baie Verte, Ming’s Bight and Jackson’s Arm.

Recent studies, by bp Selco, Noranda and Esso Minerals in these specific areas have identified unique geological environments ranging from Mother Lode types at Ming’s Bight, to epithermal gold- silver-type deposits similar to the southwest U.S. on the Burin Peninsula.

Marker and operator/partner bp Selco are actively exploring an intensely altered gold-bearing granitoid prospect with Mesquite, Calif./Kidston, Australia similarities. Because of this widespread exploration activity in geologically favorable environments, more Chetwynds are looming on the Newfoundland horizon.

Back at the ranch, the Alberta Stock Exchange continues to expand its listings, trading volumes and values. As of July 28, a total of 136 new listings have been called for trading compared to a total of 118 in 1986. The majority of these listings are 5 cents junior capital pools and those with resource expectations have become gold explorers.