Encouraged by the results from a drilling program at the Sleeping Giant gold property north of Amos, Que., Cambior has approved a further $3.6-million expenditure for underground exploration. The Val d’Or, Que.-based producer reported a 47-ft. intersection grading 0.36 oz. gold per ton (uncut) and 0.19 oz. (cut) from hole 91-51.
Owner of the former producing property is Aurizon Mines, which slipped two cents to 21 cents on 66,000 shares during the week ended June 25. Cambior, which may earn a 50% interest in the property by spending $12 million by July 1, 1993, traded 54,200 shares and was off 50 cents to $9.63.
Daily trading volumes during the holiday-shortened week ranged between 3.7 million and 4.9 million shares. Both the market portfolio and mining and minerals index declined, the former by more than 29 points and the latter by 46.5 points.
Aur Resources reported acquiring an option to earn up to a 70% interest in a former producing copper-zinc property near Joutel, Que., from TSE-listed Joutel Resources. The full option period will run until 1997. Trading 216,500 shares, Aur closed unchanged at $3.63.
Shareholders of Ressources Minieres Rouyn recently approved a corporate name change to Mines Richmont. The company, with a 50% interest in the Francoeur gold-mining property at Rouyn-Noranda, Que., gained seven cents to 70 cents on 21,000 shares.
Armeno Resources, set to open a silver-lead-zinc mine in Ecuador, is seeking a voluntary delisting from the ME. Armeno, which traded 164,400 shares and closed unchanged at 44 cents, is also listed on the VSE.
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