COATS (over-the-counter) Major zinc discovery

Word of a major zinc find at Noranda’s Lynne project in Wisconsin almost doubled the share value of Pelangio-Larder Mines in the week ended June 26. The first two holes at Lynne both intersected over a 100 ft. of high-grade zinc mineralization (22.7% and 8.5% respectively) within a massive sulphide zone. Pelangio, which shares a large property about 20 miles east of the discovery with VSE-listed Quote Resources, jumped 20 cents to 48 cents on a volume of 137,200. Placer Dome has agreed to spend over US$800,000 on Pelangio’s property during the next three years in exchange for a 70% interest. Drilling will likely continue on Falconbridge’s property near the Kidd Creek mine at Timmins, Ont., Chance Mining and Exploration revealed at the company’s annual meeting. Chance, a subsidiary of Conwest Exploration, retains a 10% net profit royalty interest in the property. Drilling to date has outlined a deep deposit containing 250,000 tons grading 12% zinc, 4% lead and 6.5 oz. silver per ton. Chance shares were 35 cents bid, 45 cents ask on the week.

Gordon-Daly Grenadier Securities has bought 169,075 shares of Royal Crest Resources. Royal Crest has a gold prospect in Bennett Twp. near Rainy River, Ont., and a some oil and gas prospects in central Alberta. Its shares were 20 cents bid, 50 cents ask on the week.