COATS (over-the-counter) Pelangio finds more gold

Five new gold showings on the North Spirit Lake property, 100 miles north of Red Lake, Ont., have increased the extent of gold occurrences on the property to at least 650×5,000 ft. Pelangio-Larder Mines, which shares ownership of the property with Quote Resources, remained steady at 35 cents on a volume of 11,000 for the week ended Sept. 11. At the Sioux Narrows property south of Kenora, Ont., Willingdon Resources has initiated a 4,000-ft. drilling program designed to test a gold-bearing structure on the property. An additional program to test underwater extensions of the structure is scheduled to commence after freeze-up. Trading 25,975 shares, Willingdon remained unchanged at 85 cents.

The Ontario Securities Commission has dropped charges against Augdome President Basil Gerol for filing a misleading press release. In a separate case filed in 1988, Augdome alleges that Metalore Resources attempted an illegal takeover of Augdome in order to gain an interest in the Tisdale claims next to the Dome mine at Timmins, Ont. Augdome shares were 5 cents bid on the week.

Trading heavily on 446,000 shares, Portfield Industries closed at 4 cents, down 2 cents from last week’s close. Portfield recently purchased an interest in a large portfolio of Canadian gold and base metal properties.