Alberta Stock Exchange Suffolk bucks trend

With the price of gold hovering in the $438(US) range, Alberta investors opted to take a post-Canada Day vacation from the business of dabbling in resource stocks.

As a result, volumes lagged and a number of big traders like Gallery Gold lost ground on levels gained in previous sessions. With 479,500 shares changing hands Gallery dropped 2 cents from its share price to close at 15 cents .

The Luxmar Resources issue was also down 14 cents to close at $3.25 after trading a very healthy 196,200 shares.

However, even in the midst of one of this year’s more lethargic sessions, there was the occasional sign of life. Suffolk Resources, for example, gained 22 cents to close at 64 cents after trading on a volume of 479,000 shares. Acco rding to recent reports, the issue is responding to a production decision at Suffolk’s placer gold property in the Ivory Coast of West Africa.

Following on news of some drilling results on the Perrex Resources/ Alberta Gold Exploration joint venture in the Harker-Holloway gold camp in northeastern Ontario, both issues gained ground.

Trading on a volume of 8,000, Perrex was up 5 cents to close at 95 cents while Alberta Gold gained 10 cents to close at $1.30 on a volume of 101,800 shares. According to Perrex President Alexander Perron, gold mineralization at the Iris property has been intersected in three separate geological environments.

He said gold mineralization in the B zone appears in highly altered basalts similar to American Barrick Resources’ nearby Holt McDermott mine and one hole assayed 0.20 oz gold per ton over 13.5 ft. A 30,000-ft drill program is planned for the Iris property this year, Perron said.

The Jerome Gold issue lost ground despite news of some encouraging gold values from the south zone of the Jerome property. Located 100 miles northwest of Sudbury, the property is undergoing an extensive exploration as partners Muscocho Explorations, McNellen Resources and Chesbar Resources attempt to prove up enough reserves for a November production decision.

Drill indicated reserves outlined to date in the south zone now stand at 126,320 tons of grade 0.175 oz gold per ton, bringing known reserves on the property to 437,320 tons grading 0.193 oz. However, the Jerome issue was down 4 cents to close at 60 cents .

As lawyers consider the validity of a dispute over 148 claims in the Hemlo, Ont., area, International Baslen continued its recent slide. Trading on 153,500 shares, it closed down 20 cents at $1.15.