Topping the list of active resource stocks during the week ended April 16 was Vancouver-based Armeno Resources, which gained 4 cents to 44 cents on trading of more than 600,000 shares. Among the company’s portfolio of projects is the San Bartolome silver-zinc-lead-gold mine project in Ecuador. Estimated reserves of more than 2.2 million tons have been reported; the company is optimistic it will be able to expand reserves to many times that figure. Daily trading during the report period was in the range of 4.5-5.8 million shares. The market portfolio closed up by almost 30 points, while the mining and minerals index slipped by 11.4 points.
Placer Dome announced its intention to exercise an option to purchase an additional 600,000 shares of Cache Explorations at $1 per share, which will boost Placer’s ownership to 20.5% of the junior. The proceeds will provide Cache, which dropped 4 cents to 35 cents on a volume during the week of 35,400 shares, with funding for its planned exploration work. Trading 95,200 shares, Placer was off $1 to $15.75.
Recent drilling at Cache’s Courville gold project northeast of Val d’Or, Que., returned 16.2 ft. of 0.22 oz. gold per ton from one hole and 8.6 ft. of 0.19 oz. from another. Cache’s project partner is Parquet Resources, which closed unchanged at 9 cents on 13,000 shares.
Canchrome Mines remains excited about its chromium prospect near Thetford Mines, Que. The company is awaiting complete assays from a 58-hole winter drilling program on the Reed-Belanger deposit south of the old Reed mine, a former chromite producer. Canchrome, which gained 1 cents to 85 cents with 68,400 shares changing hands, said results to date indicate a zone widening with depth.
Attempting to raise $500,000 to conduct a final feasibility study on its Bakoudou gold project in Gabon, Africa, is Aurtec Mining Development, which moved up 5 cents to 48 cents on 26,000 shares.
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