Montreal Exchange Casa Berardi drilling (July 08, 1991)

Trading volumes struggled but the market turned positive during the holiday-shortened week ended July 2. The mining and minerals index jumped by 33.7 points and the market portfolio moved ahead by 5.8 points. Daily volumes ranged between 3.6 million and 5.7 million shares.

From their Casa Berardi Est gold mine in northwestern Quebec, TVX Gold and Golden Knight Resources reported some high-grade intersections from an underground drilling program. Indications are that the main zone continues from the 1,000-ft. level to at least 1,600 ft., the companies said. Trading 5,800 shares, TVX gained 25 cents to $4.25. Golden Knight jumped $1.50 to $12.50 on 1,100 shares.

American Reserve Mining reported more encouraging drill results from the Paymaster gold mine project at Timmins, Ont., including a 34.7-ft. intersection grading (uncut) 0.46 oz. gold per ton and (cut) 0.26 oz. American Reserve’s partner in the former producing property is Placer Dome, which moved up $1 to $15.88 on 389,800 shares. Trading 72,900 shares, American Reserve dropped 11 cents to 68 cents.

Pleased with the performance of its new graphite mill at St-Aime-du-Lac-des-Iles, Que., Stratmin Graphite, 75% owned by Stratmin, said it will extend the temporary closing period of its smaller leased mill in the same area of the province. The new mill operates at more than double the capacity of the leased plant. Stratmin, trading 52,000 shares, lost 14 cents on the week to 50 cents.

Spectrum Gold, up a penny to five cents on a slim volume of 500, reported that shareholders approved a consolidation on the basis of one new share for two old shares, as well as a name change to Scarlet Minerals.