Montreal Exchange Market aims higher

A quiet market this week — volume slipped to 2.6 million shares one day — suddenly turned bullish on the final day of our report period, with the market portfolio gaining more than 39 pts and the mining and minerals index jumping almost 54 pts. Needless to say, both indices finished higher on the week.

Encouraging results from two properties north of Schefferville, Que., have been reported by La Fosse Platinum, which is actively exploring for platinum group metals in the province’s northeast. Copper and nickel values are included in the results. La Fosse traded 2,000 shares on the week and moved up 5 cents to $1.05.

Two O Group companies, Oz Exploration and Norwood Exploration, say a conservative evaluation of the Forsan property southeast of Val d’Or, Que., indicates reserves of about 311,500 tons grading 0.14 oz gold per ton. Oz, which gained 3 cents to 21 cents on a volume of 153,500, and Norwood, which dropped 1 cents to 30 cents on 21,900 shares, have a combined 50% interest in the property owned by COATS-listed Exxeter Resources.

Muscocho Explorations says shareholders have approved the terms of a loan agreement with Echo Bay Mines whereby an $11- million loan may be converted into Muscocho shares at $4 per share. Two Echo Bay representatives have joined an expanded Muscocho board. Muscocho closed down 4 cents to $3.70 with 14,000 shares changing hands, while Echo Bay slipped 13 cents to $26.63 on 48,000 shares.

Increasing its holding in Bruneau Mining from 37.1% to 43.3% on a fully diluted basis was Canamax Resources, which agreed to acquire 1.5 million shares of the former at 30 cents per share. Bruneau traded 132,200 shares and closed unchanged at 20 cents , while Canamax traded 3,000 shares and moved up 13 cents to $7.63.

A Hughes-Lang company, Gallant Gold Mines, reports completion of a 2-stage diamond drill program on property in Villebon and Freville twps. in northwestern Quebec. Gallant, which fell 6 cents to 25 cents on a volume of 8,500, says further work on the claims is not justified and the claims will be allowed to expire.

Newly listed on the ME is American Reserve Mining of Vancouver.