A gloomy investment mood seemed to prevail for the week ended Jan. 23, with the mining and minerals index off 72.7 points. The market portfolio lost ground as well, dropping 35.8 points. Daily trading volumes were moderately st rong, ranging between 5.8 and 8.1 million shares.
A drill program is under way at a gold property north of Fort Frances, Ont., by joint project partners Freewest Resources and TSE- listed Sparton Resources. Chip samples from a trenching program have proved encouraging. Trading 119,400 shares, Freewest closed unchanged at $2.80.
Exploration Abior, which gained 2 cents to 34 cents on 91,300 shares, is acquiring a 50% interest in the Dieppe property of Noranda Exploration, wholly owned by Noranda, in Quebec’s Casa Berardi area, beside the Inco-Gold Knight operation. A drilling program is under way. Trading 72,000 shares, Noranda slipped 38 cents to $22.75.
Ressources Minieres Forbex and ASE-listed Bonanza Metals report a reserve calculation (514,750 tons of 2.45% copper and non-assayed zinc values) for the western part of their Poirier mine property near La Sarre, Que. Drilling continues on the property. Trading 31,000 shares, Forbex was off 4 cents to 35 cents .
Early exploration work has uncovered a polymetallic showing on the Clytie Bay property of Exploration Brex in the Kenora area of northwestern Ontario. Brex, which moved up 4 cents to 26 cents with 14,400 shares changing hands, has commenced a drilling program.
Abcourt Mines says it will close its Abcourt-Barvue silver-zinc mining operation in Quebec’s Barraute Twp. at the end of March. The high transportation cost involved in having the ore milled is cited as one of the reasons for the closure. Abcourt gained 2 cents to 27 cents on 14,500 shares.
Actively involved in the development of a graphite property near Fermont, Que., Societe d’Exploration Miniere Mazarin has acquired a new exploration arm, Petro-Gaspe (1986), which will concentrate on precious and base metal projects. Mazarin closed unchanged at 70 cents on a volume of 151,800.
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