Fire River Gold (COATS) says discussions are under way with its underwriter to raise new financing for property acquisitions and additional exploration work on its Alice “A” gold-silver property, east of Mine Centre in northwestern Ontario. During the past two field seasons, Fire River conducted line cutting, geological mapping, prospecting and geophysical surveys on the claims. The company says it has outlined several zones with anomalous gold and zinc values, some of which coincide with east- west trending magnetic lows.
Mineralization consists of narrow quartz veins containing pyrite, chalcopyrite, and galena within altered volcanic rocks. The proposed program for 1990 consists of trenching and stripping over geochemically anomalous zones outlined by rock and humus sampling.
The company is also actively looking for other new properties to add to its gold and base metal exploration portfolio.
After failing to obtain any encouraging results on the Nudulama property in Leeson Twp., Ont., Fire River has terminated its exploration agreement on the property with Arctic Red Resources. — 30 — File: FREEMARKT2 Metal Prices FREE MARKET London Metal Exchange Spot closing prices in $US per tonne, except copper and lead (pounds sterling per tonne) Date Feb. 20 Feb. 19 Feb. 16 Feb. 15 Feb. 14 Copper1453-14541430-14311434-14361397-13981389-1390 Lead 465- 467 453- 455 446- 448 451- 453 448- 450 Zinc1435-14451425-14351435-14451380-13851385-1395 Aluminum1496-15001504-15081506-15081453-14551437-1439 Nickel7300-73257480-75307825-78507175-72257200-7250 Spot Gold, Silver, Platinum and Palladium prices Gold. . .London Bullion Dealers afternoon (morning) $US per oz. 419.95(419.05)416.50(416.95)416.50(414.90)416.65(417.05)414.60(416.0 0) Gold. . .Bank of Nova Scotia, noon bid/ask $US per oz. 419.00-422.00N/A416.00-419.00414.00-417.00416.00-419.00 Silver. . .London Bullion Dealers, spot morning pence (UScents) 313.4(535.6)312.9(533.0)315.7(532.5)315.0(534.0)313.7(528.6) Silver. . .Handy & Harman, Toronto (New York) cents per oz. 640.0(530.5)N/A641.7(533.0)644.1(532.0)645.1(532.5) Platinum. . .Guardian Trust, Interbank closing $US per oz. 531.00N/A523.00518.00522.00 Palladium. . .Guardian Trust, Interbank closing $US per oz. 137.00N/A136.00135.00136.00 Exchange Rates. . .Canadian funds. Courtesy of the Bank of Montreal Treasury Group U.S. dollar 1.2003 1.2002 1.1998 1.2035 1.2085 Pound Sterling 2.0549 2.0462 2.0370 1.0285 2.0488
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