Montreal Exchange Actvity in Ungava

A record-breaking performance on the Montreal Exchange gave way to less heady trading, with both the market portfolio and mining and minerals index experiencing a downturn during the latter part of the week. Trading throughout the week was generally moderate. Exploration for platinum group metals in the Ungava area of northern Quebec is heating up, with a work crew now on site and a drill program of 6,000 m under way. The 330-sq-km property is being explored by Falconbridge Ltd. and Oasis Resources, with the latter earning a 40% interest in the property. Falconbridge during the week closed up 38 cents to $26 on a volume of 114,800, while Oasis moved up 12 cents to 80 cents on 492,600 shares.

Remaining active on the exchange is Essor Exploration, which traded 426,000 issues and closed up 9 cents to $1.49. Essor is involved in a joint venture on the Aigubelle property in northwestern Quebec where a gold-bearing structure has been detected. Essor’s partners on the project are Kerr Addison Mines and Eldor Resources.

Northern Mining Explorations, which plans to raise up to $1 million through a new limited partnership, Societe en Commandite Isle- Dieu Matagami, closed unchanged at 55 cents on 62,300 shares. Most of the funds will be spent near Matagami, Que., on the company’s gold properties which have been enlarged this year by about 880 acres.

A new drill program was started this month on the Harker-Holloway joint-venture gold property in northeastern Ontario where Freewest Resources is earning a 32% interest from Noranda Exploration. Freewest moved up 5 cents to $1.60 on a volume of 53,100, while Noranda closed down 75 cents to $32.88 with 237,900 shares changing hands.

Macamic Resources and Coniagas Mines have added to the size of their joint placer-mining project in the Beauce area of Quebec with the acquisition of a permit covering approximately 170.5 sq km. Macamic closed up 2 cents to 29 cents during the week on 10,600 shares, while Coniagas was down 25 cents to $6.25 on a slim volume of 100 shares.

A bid by Ste. Genevieve Resources for control of Sullivan Mines appears to have been thwarted by the directors of the latter, who rejected the offer and instead have proposed a merger with Cambior Inc., which has a 31% interest in Sullivan and wants to hike its ownership in the old mining company. Ste. Genevieve shares, on a volume of 134,700, closed down 13 cents to $6.63; Sullivan, on 53,200 shares, slipped 25 cents to $6.75; and Cambior, with 141,200 shares changing hands, moved up $2.38 to $29.