Resources issues in general took a thumping during the holiday- shortened week with the mining and minerals index off almost 45 pts. The market portfolio slipped almost 15 pts. Daily volumes ranged from a lowly 1.9 million shares to 6.9 million shares.
Among the week’s volume leaders were Onyx Resources and Omega Exploration, two members of the O group which are part of a proposed merger, voted on at the end of March, involving three other O group members (Norwood, Oz and Farboro). Onyx closed unchanged at 2 cents on 332,100 shares, while Omega also closed unchanged at 2 cents , trading 259,600 shares.
Boosting its interest to 65% in the Eustis-Moulton Hill joint venture with Valmont Inc. in Quebec’s Eastern Twps. region was Lac Minerals. Interesting values of copper and zinc, among other minerals, have been logged. Trading 37,200 shares, Lac dropped 38 cents to $12.50, while Valmont closed unchanged at 4 cents on a volume of 3,300.
Stratmin Inc., which gained 2 cents to $1.35 on 199,100 shares, reports drilling has outlined a lengthy gold mineralized area on the Cossette property in Duverny Twp. in northwestern Quebec. Stratmin’s partner in the project, with a 60% interest, is Noranda Exploration, whose parent, Noranda Inc., dropped 75 cents to $22.75 with 194,100 shares changing hands.
An option to earn a 60% management interest in property contiguous to its Dubuisson Twp. property in northwestern Quebec has been obtained by Goldex Mines from Ormico Exploration. Trading 3,000 shares, Goldex slipped 1 cents to $1.16, with Ormico closing unchanged at 15 cents on 400 shares. Goldex says it will spend about $2 million this year exploring its own and the optioned property.
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