The latest drilling results from near Quevillon, Que., have project partners VSM Exploration and Serem-Quebec confident they will be able to add to their already impressive preliminary zinc-copper- silver reserve figures. The latest targets for the partners are a pair of optioned properties about five kilometres southeast of the Grevet claims. A recent hole on one of the properties, Orphee, returned 4.35 metres of 12.1% zinc, 0.64% copper and 12.4 grams silver per tonne. VSM, which traded 43,300 shares during the week ended Nov. 20, closed unchanged at $1.20.
Daily trading volumes during the week jumped around, ranging between 3.8 million and 8.3 million shares. Both the market portfolio and mining and minerals index dropped, the former by 10.4 points and the latter by almost 13 points.
A court battle between Exploration Orex and TSE-listed Onitap Resources may be averted; the two sides jointly announced they are discussing a possible settlement. Orex, which closed unchanged at 38 cents on 440,500 shares, launched a lawsuit this summer against Onitap related to the Goldboro gold project in Nova Scotia.
Cominco will spend about $1.4 million during the next year to explore the Normetal zinc-copper property (a former producer) in northwestern Quebec of Exploration Miniere Normetal and Societe d’Exploration Miniere La Sarre. A major drilling program is planned. Trading 46,400 shares, Cominco gained 63 cents to $20.75. Normetal, trading 8,000 shares, slipped 2 cents to 40 cents. La Sarre fell 4 cents to 20 cents on a volume of 399,800 shares.
In Nevada, Amberquest Resources has entered into an option agreement to acquire 10 claims in Clark Cty. and has been granted an option to acquire a 5-acre mill site near Railroad Pass. Amberquest was off 2 cents on the week to 45 cents with 49,600 shares changing hands.
Planning a drilling program at the Rouyn-Noranda, Que., property of joint venture partner Golden Briar Mines is Minnova, which gained 13 cents to $15.25 on a tiny volume of 100 shares. Trading 138,400 shares, Golden Briar closed unchanged at 14 cents.
A recent listing on the ME is Metall Mining, which gained 13 cents to $11.50 during the week and traded 19,000 shares.
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