Montreal Exchange Audrey discoveries

Announcing the discovery of two promising massive sulphide lenses near its polymetallic Mobrun mine, which went into production during the latter half of 1987 in the Rouyn- Noranda area of Quebec, was Audrey Resources, which traded 38,600 shares and moved up 15 cents to $3.40. The company is hoping the new lenses will add appreciably to the gold, silver, copper and zinc reserves of its Mobrun project. Minnova Inc., which holds a 30% interest in the mine, lost $1.13 to $19.13 on a volume of 39,900.

In all, it was not a good week for the stock market, with both the market portfolio and mining and minerals index in decline and daily trading volumes falling to below the 5-million-share mark towards the end of the week.

Reporting encouraging results from the Fontana gold project northeast of Amos, Que., where four drill rigs are at work, were joint- venture partners Jilbey Industries, Bay Resources and Services and Stratmin Inc. Jilbey, newly listed on the me, closed at $3. Bay, which trades on the Alberta exchange, is almost 90% owned by St. Genevieve Resources of Montreal, which slipped 14 cents to $3.15 on 154,900 shares.

Nearing completion of a 3-year agreement focusing on the Ligneris gold property located 35 miles south of Joutel, Que., are Vior Inc. and Sigma Mines (Quebec). Sigma, which is earning a 50% interest in the property, dropped $1 to $15.50 with 400 shares changing hands, while Vior closed down 4 cents to $1 on a volume of 21,000 shares. Results from the 1987 exploration program on the property are expected in the near future.

Kewagama Gold Mines (Quebec), which lost 24 cents to $1.25 on 12,700 shares, recently entered into a private placement, subject to regulatory approval, involving the issuance of a maximum of 250,000 shares and a minimum of 100,000 shares at $1.60 per share, proceeds of the deal to be used for working capital purposes.

D’Or Val Mines, which has been experiencing dilution problems at its gold mine near Val d’Or, Que., reports encouraging drilling results from the nearby Beaufor property, where D’Or Val and its sister company, Perron Gold Mines, are earning a 50% interest (25% each) from Louvem Mines. D’Or Val traded 23,900 shares and slipped 16 cents to $1.20, Perron closed unchanged at $2 on a volume of 29,100 shares, and Louvem moved down 9 cents to $1.50 on 30,600 shares.

New listings on the me are Armeno Resources, Aumisko Exploration, Continental Research Exploration and Development and Pionier Resources (Canada).