COATS (over the counter) Black Gregor drops

Effects of the dramatic drop in the gold price for the week ended March 27 were felt even by some of the small traders on the over-the- counter market. Despite the discovery of three “promising” gold zones on their property in the Hemlo area, shares of Black Gregor Explorations fell this week to close at 32 cents, down 6 cents from last week’s close. Drilling on a 1.3-mile structure stretching across the property has intersected several mineralized zones up to 8 ft. wide, with grades ranging from 0.13 to 0.24 oz. gold per ton.

Before the gold price drop, shares of Portfield Industries soared to high of 24 cents on a volume of 799,195 in reaction to encouraging results — 125 ft. at 0.51 oz. gold — on the Fontana property in northwestern Quebec. Since then, a lull in trading has left the share price steady at 19 cents, up 3 cents from last week’s close. Portfield has a 15% royalty interest in the Fontana property.

South of the border, recently completed geophysical surveys have outlined seven high priority targets on a Wisconsin property owned by Pelangio-Larder Mines. Placer- Dome has a right to earn a 70% interest in the property by spending US$500,000. Pelangio shares remained steady at 31 cents on a 10,000- share volume.

Contrary to what the name suggests, Thunderhead Gold Mines, recently active on the COATS market, has washed its hands of gold mining and has entered the communications business. Thunderhead, inactive since 1983, resumed trading a few weeks ago.