Montreal Exchange Lightning zone assays

Drilling of the Lightning gold zone in Harker and Holloway twps. in northeastern Ontario continues to excite operator Noranda and project partner Freewest Resources. Several intersections cutting more than 0.4 oz. gold per ton were reported with the latest assay results. The property is geologically situated along the Porcupine-Destor fault zone, 40 miles east of Matheson. For the week ended Aug. 21, Freewest gained 15 cents to $3.25 on a volume of 300,400. Mining and forestry giant Noranda slipped 25 cents to $18.63 on 65,700 shares.

The Persian Gulf crisis is still having a negative effect on equity markets. Daily trading volumes were light-to-moderate, ranging between 4.2 million and 5.1 million shares during the report period. The market portfolio fell by more than 24 points, while the mining and minerals index was off by 5.6 points.

Monthly statistics released by the ME indicate a slowing down in July compared with the previous month. Total monthly value dropped by 3.4%, while the number of trades and average daily volumes were also down. The average price per share rose to $11.81 from $11.11 in June.

Junior Brosnor Exploration is asking shareholders to approve a share consolidation on a 7-old-for- 1-new basis. The company will also ask at the Sept. 29 meeting for approval of a corporate name change to Loubel Exploration. Trading 15,000 shares, Brosnor dropped 1 cents to 4 cents.

Societe Miniere Sphinx reports its first gold pour — a 301 oz. bar — from a heap leach project south of Amos, Que. Analysis of the project, which will operate during the warmer months only, indicates a content of 0.06 oz. gold per ton, the company says. Sphinx gained 5 cents to 60 cents on 136,700 shares.

Reporting encouraging assays from the silver-gold Independence property north of Stewart, B.C., was Armeno Resources. Follow- up drilling is planned by Armeno and project partner Remington Creek Resources. Armeno slipped 3 cents on the week to 42 cents on 215,300 shares.