From the Harker-Holloway area of northeastern Ontario, Freewest Resources and Noranda Exploration report a drill intersection of 53.1 ft of 0.21 oz gold per ton at 1,175 ft below surface. The companies have two rigs at work on the property. Freewest gained 9 cents to $1.24 on 317,600 shares, while Noranda Inc. slipped 63 cents to $26.38 on a volume of 137,400.
Speaking of Noranda, the base- metals giant reports it is about to start mining the E-32 copper deposit at Murdochville, Que., on the Gaspe peninsula. The mine underwent rehabilitation following a fire in 1987 which destroyed the underground conveyor system.
Among the week’s leaders was Mazarin Inc., up 8 cents to 42 cents on more than 1.4 million shares. Mazarin has been drilling for graphite in the Fermont, Que., area and is awaiting assay results from 12 early holes.
Wrightbar Mines, which lost 2 cents to 18 cents on 9,900 shares, has put its Bourlamaque gold project near Val d’Or, Que., on hold, deciding now may not be the best time to place the property into production. Project operator Belmoral Mines, which produces gold on adjoining property, wanted to spend a further $2 million to bring the project to the production stage. Trading 84,800 shares, Belmoral dropped 7 cents to $1.55.
Drilling from the 1,850 level at Virginiatown, Ont., returned another exciting intersection, 12.1 ft of 1.26 oz gold per ton, reports Armistice Resources. The company, which climbed 5 cents to 93 cents with 141,300 shares changing hands, is hoping to strike it rich with a deep- drilling program on property next to the old Kerr mine.
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