Montreal Exchange Audrey uncovers lens

A new massive sulphide lens has been discovered by Audrey Resources some 800 ft southeast of its producing polymetallic Mobrun mine, the company reports. Audrey, which traded 50,400 shares and moved up 45 cents to $3.25, has a 70% interest in the mine. Its partner, Minnova Inc. (30% interest), closed unchanged on the week at $19.25 on a volume of 500. Audrey also announced it is negotiating a private placement with a major producer to raise funds for the construction of a $17-million mill for the mine. (Mobrun ore is being processed at a Minnova facility.)

Mixed trading during the shortened Easter-holiday week saw gains recorded by both the general portfolio and mining and minerals index. Volume slipped to 3.7 million shares on Easter Monday; on the previous trading day, volume reached 7.5 million shares.

Record nickel prices have mining companies paying more attention to properties with showings of the base metal, and in this regard, Dumont Nickel is no exception. President J. H. Kentish says two American groups are interested in negotiating a long-term sales contract for the company, which owns an undeveloped nickel (and platinum) property in northwestern Quebec. Dumont slipped 4 cents to 25 cents on a volume of 47,000.

Spirit Lake Explorations reports encouraging results from a winter drill program at its Jacobson Twp. property near Wawa, Ont. The company, which jumped 40 cents to $3.85 with 40,600 shares changing hands, is trying to raise more funds for an exploration program this summer. More encouraging drill results have been released by Abitibi Metals Mines from its Jolin property located northeast of Val d’Or, Que. The junior-mining firm, which has been trading well for several weeks, dropped 4 cents on the week to 26 cents on 566,400 shares.

A new gold-bearing zone has been uncovered at the Vendome property, situated north of Val d’Or, by Val d’Or Resources, which moved down 1 cents to 80 cents on a volume of 30,900, and Abcourt Mines, which closed unchanged at 70 cents on 3,000 shares. The new zone is situated in the northern part of the property.

Newly listed on the ME is Orex Exploration of Rouyn-Noranda, Que.