Montreal Exchange (March 30, 1992)

The mining and minerals index took a 22.7-point loss, and the market portfolio was off by 5.6 points, during the week ended March 24. Daily trading volumes were healthy, ranging between 5.2 million and 10 million shares. Seniors were among the more active traders.

From the Wawa area of northern Ontario, Spirit Lake Explorations reported encouraging results from a winter drilling program at the Edwards gold property. The relatively untested New North zone was intersected as part of the program and in follow-up work, at least two more holes will probe this zone. Spirit Lake, which slipped by 10 cents to 55 cents on 22,000 shares, plans to update property reserves and undertake an engineering layout in preparation for an underground test program.

Aurizon Mines said that Cambior, which is earning a 50% interest in the Sleeping Giant project north of Amos, Que., has decided to extend its second-phase underground exploration program at the site until the end of June. Trading 88,500 shares, Aurizon dropped by 2 cents to 23 cents. Cambior was off by 75 cents to $7.13 on 80,500 shares.

A partner has been found by Minnova for exploration and development of three properties (Izok Lake, Hood River and Gondor) in the Northwest Territories. Copper producer Metall Mining of Toronto is interested in forming a joint venture and earning a minority interest in the venture. Minnova, trading 13,200 shares, gained 13 cents to $17.13. Metall was $12.13 bid, $13 ask on the week.

KWG Resources, which climbed 3 cents to $1.03 on a volume of 250,000 shares, has negotiated an option agreement with Soquem for the Louvax property in Quebec’s Louvicourt Twp. Soquem may earn up to a 50% interest in the property by spending $350,000 on exploration work by March 23, 1994.