Alexandria Minerals Corp ALXDF

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Eric Owens's Alexandria Minerals Corp. (AZX), unchanged at seven cents on 4.01 million shares, has received assays of up to nine grams of gold per tonne over 13.89 metres at Zone 4, on its Orenada property in the Val d'Or region of Quebec. The assays are from another two holes drilled on the zone. The better of the two holes produced several other gold intervals, including a 15.35-metre zone that averaged 6.29 grams per tonne and a 12-metre hit that ran 4.85 grams per tonne. The other hole also encountered gold, but the assays were not as promotable, primarily because the hole had to be terminated before reaching the desired depth.

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Mr. Owens, president and chief executive officer, was nevertheless enthused. He called the assays "the best results we have received" so far from Zone 4, adding that the bulk of his pleasure stemmed from the fact that the latest assays came from a "previously untested area." The enthused and pleased Mr. Owens then moved on to express "great encouragement and confidence" in the potential for growth at Zone 4, as Alexandria is still waiting on the assays for another 22 holes, of which 10 are step-out holes drilled west of the Zone 4 open pit. Mr. Owens is likely to experience more emotions later this year, as Alexandria plans to resume drilling on the project once the ground dries, which usually occurs in a few weeks.

The Toronto-based Mr. Owens, who has been with Alexandria since 2002, earned $200,000 per year as president and CEO in 2015 and again last year. He is also CEO of Folkstone Capital Corp. (FKS.H: $0.05), a cash shell that has been suspended for nearly two years for not filing its audited annual financials and for failing to complete a qualifying transaction. Mr. Owens did not draw any pay from Folkstone, which is just as well since the company's only asset is a $728 bank account balance. Worse, or perhaps fortunately, it owes $57,500 to Alexandria, which has been helping keep it afloat.