Montreal Exchange: Freewest options bet

Montreal junior Freewest Resources has struck a deal with an Australian mining firm. A subsidiary of “down under” company Ashton Mining has acquired an option from Freewest to earn a 65% interest in the Red Horse Lake platinum property in the Fort Francis area of northwestern Ontario. The subsidiary, Ashton Operations, may earn its interest by spending $2 million on exploration work before the end of 1991. Freewest slipped 14 cents to 70 cents during the week on a volume of 14,000.

While both the market portfolio and mining and minerals index recorded gains on the week, trading was mixed, with the volume on a couple of days topping 7 million.

Announcing a four-fold increase in reserve tonnage at the Delta project (nickel, copper and platinum group elements) in northern Quebec, following the 1987 exploration program, were Messeguay Mines and Oasis Resources, who have a 15% and 34% interest, respectively. Messeguay closed unchanged at 25 cents on 22,000 shares, while Oasis closed unchanged at 32 cents with 150,000 shares changing hands. Third partner in the project, with a 51% interest, is Falconbridge Ltd., which closed unchanged at $20.88 on a volume of 318,400.

Mazarin Inc. and Dufresnoy Inc. have announced the discovery of two new mineralized zones at the Union Mining-New Bidlamaque gold property at Val d’Or, Que., and possibly a third zone, following release of first drilling results. Mazarin, which is earning a 50% interest in the property, gained 3 cents to 25 cents on 104,100 shares, while Dufresnoy jumped 14 cents to 55 cents on a volume of 18,100. Two follow-up holes at the Jolin gold property northeast of Val d’Or have confirmed the down-dip extension of a gold-bearing zone, reports Abitibi Metals Mines, which slipped 1 cents to 16 cents on 73,100 shares.

Belmoral Mines, with two producing gold mines in the Val d’Or area, reported a jump in net income in 1987 to $3.54 million from $1.4 million last year. Belmoral dropped 49 cents to $1.95 on 53,300 shares.

Recent listings on the me are Globex Mining Enterprises, Stratmin Inc. and Orleans Resources.