Montreal Exchange Freewest sparks rush

Judging by the improved volumes, investors have decided the time is right to play a more active role. For the week ended Feb. 5, daily trading volumes ranged between 6.1 million and 7.8 million shares.

Both the market portfolio and the mining and minerals index moved up sharply, the former by more than 71 points and the latter by almost 52 points.

.TFreewest Resources, currently active in northeastern Ontario, sparked a staking rush in northwestern Quebec after announcing a gold find in Benoit Twp. The junior reported intersecting a wide zone of anomalous gold values. Trading 133,400 shares, Freewest jumped 20 cents to $3. An offer to acquire interests in the Magnacon and Magino gold projects in northeastern Ontario was withdrawn by Belmoral Mines, which has struggled to reduce its debt load.

The common partner in the two gold projects is Muscocho Explorations, which closed unchanged at 7 cents on 50,000 shares. While the Magnacon mine has been shut down,the Magino continues to produce. Belmoral gained 1 cents to 12 cents with 28,500 shares changing hands. LAC Minerals and Cambior announced the discovery of gold-bearing sulphide mineralization on the Westwood property about 5,400 ft. east of the Doyon gold mine in northwestern Quebec. The Westwood property is owned by the two companies, which each has a 50% interests in the Doyon mine.

Drilling at Westwood is reported to have cut a mineralized zone in two holes at a depth of about 2,300 ft.

Trading 875,700 shares, LAC slipped 13 cents to $8.63.

Cambior dropped $1.63 to $9 on 116,900 shares. Minnova reported an excellent year, showing a net profit of $1.05 per share for 1990 compared to a loss of 49 cents per share a year earlier. Net sales rose by68% to $196 million, reflecting, the company said, strong production performances and a full year’s contribution from its two new mines, Ansil in Quebec and Samatosum in British Columbia.

Minnova, which stands to gain from its interests in the Mobrun polymetallic project near Rouyn-Noranda, Que., rose 75 cents to $15 on 100,700 shares.