Alberta Stock Exchange (August 05, 1991)

Reports that Ontex Resources has struck a deal with Placer Dome for further exploration on the Brookbank gold property near Beardmore, Ont., boosted the junior stock by 50 cents to $2.50 during the week ended July 30.

The two companies have been negotiating since Ontex regained control of the property last December, following a lengthy legal dispute with Metalore Resources. Placer, which signed a $7-million option agreement with Metalore in 1989, is expected to move back on site in the fall.

Stratabound Minerals gained five cents to close at 80 cents after the company announced a joint venture with Teck on its New Brunswick properties. Under the agreement, Teck must spend $3 million over four years in order to earn a 51% in the exploration portfolio. The Vancouver-based gold producer has also agreed to pay Stratabound $50,000 and purchase $462,500 worth of the junior’s treasury shares over the 4-year period.

Expected to spend $300,000 on the properties in the first year, Teck will begin exploration immediately.

A third joint venture was reported by Bonanza Metals, Ressources Minieres Forbex and Aur Resources. In that case, Aur can earn a 50% interest in the Poirer East property near Joutel, Que., by spending $600,000 on exploration over four years. Aur can also earn a 50% stake in the nearby Charlim property (Bonanza, Charlim Explorations) by spending $500,000 and paying Bonanza $20,000.

Bonanza was recently issued a temporary cease trading order by the Ontario Securities Commission for failing to submit financial results.