Montreal Exchange Douay results pleasing

A falling gold price (near US$400 per oz at this afternoon’s London fix) might turn off some investors, but in Montreal this past week metals issues showed a small gain — the mining and minerals index climbed by more than 6 pts. (The general index also jumped, by slightly more than 3 pts.) Volu mes were on the light side, ranging between 3.7 million and 4.2 million shares daily.

Reporting results from a reverse circulation drilling program (and the startup of diamond drilling) from the Douay joint venture near Joutel, Que., were Vior Inc., Cambior Inc. and Inco Gold. The companies are hopeful of finding significant gold mineralization, the drilling having intersected anomalous bedrock along a strike length of 5,200 ft at the west end of the property. Vior closed unchanged at 69 cents on 18,400 shares and Cambior slipped 88 cents to $12 with 164,200 shares changing hands, while Inco Gold’s parent firm, Inco Ltd., traded 271,600 shares and gained $1.13 to $33.88.

Announcing the closing of its Golden Rose gold mine in northwestern Ontario was Noramco Mining, which dropped 34 cents to $1.65 on a volume of 56,500. A re-opening is planned in 1989 should the company be successful in gaining access to higher grade ore lying beneath the fourth level.

Exploration of a gold-platinum prospect near Lake Winnipeg in Manitoba is under way, Dynamic Consolidated Resources, which was 20 cents bid and 40 cents ask with no shares trading during the week, reports. Geophysical work is being performed prior to commencement of drilling, the company says.

Work has resumed at the Fontana property near Amos, Que., following the processing of a 100-ton bulk sample, St. Genevieve Resources announces. The recovered grade was 0.14 oz gold per ton. Trading 80,000 shares, St. Genevieve slid 14 cents to $1.25; project partner Jilbey Industries traded 15,000 shares and dropped 10 cents to 30 cents , while another partner, Stratmin Inc., fell 26 cents to 93 cents on a volume of 96,100. The fourth partner is ASE-listed Bay Resources & Services, a company controlled by St. Genevieve.

Recently listed for trading on the ME was Canaco Resources of Rouyn- Noranda, Que.