Fresh from settling its legal dispute over the Goldboro gold project in Nova Scotia, Exploration Orex announced it is negotiating with Minnova for exploration and hopefully development of the east-coast property. Orex, which reached an out-of- court settlement with TSE-listed Onitap Resources allowing for the amendment of a purchase agreement for the Goldboro property, says it has entered into a letter of intent with Minnova which will see the Noranda-related company earn a 60% project interest. Orex, with headquarters at Rouyn-Noranda, Que., closed at 30 cents while Minnova finished at $14.75.
Daily trading volumes were relatively strong, in the range of 6-7 million shares, during the first part of the holiday-shortened week ended Dec. 24.
From northeastern Ontario, Freewest Resources and Noranda Exploration, a unit of Noranda, announced more encouraging results from the Lightning gold zone which extends across two properties in Harker and Holloway twps. Freewest, which closed at $2.90, and Noranda, which finished at $16.63, continue to report significant widths from their drilling.
Ressources Val d’Or has its eye on a privately owned gypsum property in northwestern Ontario which it is using treasury shares to acquire. Val d’Or, trading at 4 cents, is hopeful of raising funds to organize an exploration program this winter.
Elsewhere in northwestern Ontario, near Dryden, Societe Miniere Mimiska reports encouraging sampling results (copper-nickel) from trench No. 1 at the Contact Bay property. Mimiska closed at 33 cents.
The recently discovered Orphee zone near Quevillon in northwestern Quebec has been traced along more than 300 metres, VSM Exploration and its project partner Serem-Quebec report. VSM closed at 95 cents. The pair, actively exploring a number of other claims in that part of the province, is earning a 55% interest in the copper-zinc- silver property hosting the Orphee zone.
Canamax Resources, closing at 42 cents, announced a $39.5-million writedown of its assets and investments in other exploration firms.
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