Brokers in Toronto say Bonanza’s drill program could prove up new base metal reserves on the Proirier property where production ceased back in 1975. When the mine was shut down, reserves stood at 585,000 tons grading 10.6% zinc, and 514,000 tons grading 2.45% copper. Forbex Mining Resources holds an option to earn a 50% interest in Bonanza’s claims by spending $3 million over three years.
Another junior base-metal player, McNickel Inc., lost a dime to close at $2.90 on a volume of 83,132 shares. The company has successfully concluded a $3.4 million public financing which valued its common shares at $2.45 each, 45 cents below the current market level. Drilling is under way on McNickel’s Lac St. Jean copper-nickel prospect in Quebec. Results of that drilling are expected to reveal the potential of the claims soon.
Dayton Porcupine Mines more than doubled its share price to $1.40 following news the company will take on the producing Ross gold mine near Matheson, and process ore at the Diepdaume mill in Timmins, Ont. Both companies are controlled by junior mining entrepreneur Patrick Sheridan.
First Canadian Gold slipped a nickel to 75 cents on moderate volume. The company is controlled by Toronto-based Aur Resources and holds a royalty interest in Aur’s Kierens gold mine, near Val d’Or, Que.
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