COATS Trading Features (November 21, 1988)

This week, Mount Pleasant Resources reached an agreement with Cambior whereby it will receive Cambior’s 89% interest in Brunswick Tin Mines Ltd. Mount Pleasant already owns 11% of the issued shares of Brunswick Tin. As part of the settlement, Cambior has forgiven Brunswick Tin about $16 million in loans.

Flow-through funds totalling $150,000 have been raised by Winter Road Resources for a 3,000-ft drilling program to begin later this month on its Garrison Twp. gold property north of Kirkland Lake, Ont. The drill program will further test results from previous exploration which extended the strike of a gold zone to 760 ft on the property.

Asquith Resources recently completed a bulldozer stripping and sampling program on its Matona property in the Shining Tree area of northern Ontario. The best sample result graded 0.785 oz gold per ton over a width of 3.0 ft in the Hare Creek zone. Asquith’s president, John Tindale says the company is negotiating joint venture financing for drilling on its properties. An application to list the company’s shares on the Alberta Stock Exchange will be made soon, he said.

Bulldozer stripping is also under way on Strike Resources’ Baden Twp. property located 20 km northeast of Matachewan, Ont.

South American Goldfields finalized agreements this week with Denison Mines which will see the latter company spend $1 million next year to explore the West Kaburi and Quartz Hill gold properties in Guyana.