Bull market sentiment evident on the major exchanges failed to lift the over-the-counter market out of the doldrums in the week ended Feb. 12. Total weekly volume remained in the 5-million range as investors shied away from speculative junior stocks, including recent favorites in the mining sector.
Showing some optimism, Windy Mountain Explorations announced plans to issue its shareholders transferable rights to purchase common shares in the company. For every four shares, shareholders on record Jan.31 will have the right to purchase one new share at 65 cents per share.
If fully subscribed, the rights offering will raise $466,215 for further exploration at the MacLeod Lake copper property north of Chibougamau, Que. Trading 4,500 shares, Windy remained unchanged at $1.
One of the most active stocks, Kirkton Resources traded 364,000 shares, finally settling unchanged at 70 cents. Kirkton is optioning a 62-claim copper-zinc prospect in Cunningham Twp., near Timmins, Ont., from MW Capital Resources.
On the Sioux Narrows property near Kenora, Ont., Willingdon Resources reports that a 6-hole drilling program has confirmed the continuity and persistance of a gold-bearing structure. The best hole returned a 1-ft. section grading 1.41 oz. gold per ton at 250 ft. below surface. Willingdon, which has staked additional claims on the projected extensions of the zone, was 75 cents bid, $1 ask for the week.
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