Stocks in nickkel play show decline

Last fall, important looking nickel-copper mineralization was uncovered on a 40-claim property currently under option to McNickel Inc. (COATS) and St. Philips Resources (VSE).

Those findings led to a significant staking rush in which more than 20 junior companies became involved. Up until recently the area had seen little exploration activity.

It was only this March that results of the McNickel findings became widely known from an information circular involving two predecessor companies — Perch River Mines and Hanson Mineral Exploration.

McNickel has already filed a preliminary prospectus with the Ontario Securities Commission and hopes to have funds in hand for a major drilling campaign on its property this June.

In the meantime, most of the other companies involved in the area appear to be awaiting results from McNickel’s work before launching programs of their own.

A list of some of the key companies with claims in the Lac St. Jean area compiled by The Northern Miner shows that many of the share prices have fallen recently.

A considerable amount of mystery still surrounds the situation at Lac St. Jean and until drilling begins the potential of the area remains largely unknown. However, brokers in Toronto say the discovery could be important and should be watched in the months ahead.

SHARE PRICE COMPANY Mar 28 Apr 11 May 23

($) ($) ($) Achates Resources (ME) 0.19 0.15 0.10 Aston Resources (VSE) 0.64 0.48 0.45 Black Cliff Mines (TSE) 0.52 0.62 0.38 Coventry Ventures (VSE) 0.20 0.22 0.11 Diana Resources (VSE) 0.25 0.22 0.20 Fancamp Resources (VSE) 0.25 0.22 0.20 Freewest Resources (ME) 1.40 1.45 2.06 Golden Kootenay Resources (ASE) 0.21 0.19 0.18 Golden Myra Resources (TSE) 0.92 0.90 0.87 Hawk Resources (VSE) 0.72 0.62 0.50 Kaphearst Resources (VSE) 0.16 0.16 0.17 McNickel Inc. (COATS) 4.00 3.25 3.40 Ramcor Resources (VSE) 0.55 0.52 0.42 Regal Goldfields (COATS) 1.10 1.10 0.95 Societe Miniere Sphinx (ME) 1.70 1.60 1.20 St. Philips Resources (VSE) 3.65 3.20 2.56 Sparton Resources (TSE) 0.19 0.13 0.11 Ventex Energy Resources (VSE) 0.50 0.53 0.64 Yellow Band Resources (VSE) 0.95 0.85 0.75

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