Montreal Exchange Heavy trading in Abitibi

Volume leader on the Montreal Exchange this week was Abitibi Metals Mines. It was heavily traded with 1,444,100 shares changing hands. Abitibi closed at 22 cents for a gain of 3 cents or 16% on the week.

The company is stepping up activity on its Jolin property in northwestern Quebec where it has put a second drill rig to work in order to test for an extension of the discovery zone. Latest drill results include two holes, both with intersections of 11.2 ft or greater averaging gold grades of 0.37 oz gold per ton or better.

It looks like Augmitto Explorations could have a gold mine on its Beauchastel property near Rouyn, Que. Reserves stand at almost two million tons grading 0.17 oz.

Augmitto was up 31 cents on the strength of a feasibility study that concludes mining and milling costs would be under $54 a ton for a 1,000-ton-per-day operation. The stock closed at $1.79 on 67,900 shares.

Ojibway Resources was another big trader with 251,000 shares trading. It picked up 7 cents to close at 36 cents , a 24% gain on the week.

Ojibway has resumed working on its Rochebeaucourt property near Malartic, Que. Drilling has returned some encouraging results to date, although nothing of economic significance. Ojibway has also picked up some ground in Lacroix Twp. near the Beaufield-Falconbridge discoveries.

St. Genevieve Resources picked up a dime to close at $3.30 on 114,400 shares. It recently reached an agreement with Marshall Minerals to earn a 30% interest in a couple of Marshall’s Timmins, Ont., gold properties. St. Genevieve has to spend $3 million exploring the properties by the end of 1989 to earn its interest.

Societe D’Exploration Miniere Vior was a light trader despite encouraging news that Sigma Mines, part of the Placer Dome group, is continuing its option on Vior’s Ligneris Twp. property. Sigma is buying 50,000 Vior shares at $6 a share, although Vior’s stock closed this week at $1.05 on volume of 15,600 shares.