Montreal Stock Exchange Moss Lake drilling

Recent drilling at the Moss Lake gold project in northwestern Ontario has project partners Tandem Resources and ASE-listed Storimin Exploration excited. A preliminary reserve estimate comprising about 1.1 million tons grading 0.2 oz. gold per ton and another 925,458 tons grading 0.11 oz. is indicated. The property is under option to TSE-listed Central Crude, which may earn a 51% interest in the project. Trading 450,800 shares, Tandem gained 17 cents to 34 cents. In a more positive mood for the week ended May 15, investors helped to boost the market portfolio by almost 15 points and the mining and minerals index by more than 24 points. Daily trading volumes ranged between 4.6 million and 7.2 million shares.

Cambior, which last year acquired a 50% interest in the Chimo gold mine near Val d’Or, Que., is negotiating to purchase the remaining 50% from Societe Miniere Louvem. Total purchase price is about $6.4 million. Trading 164,100 shares, Cambior moved up 50 cents to $14.25, while Louvem jumped 40 cents to $4.55 on a volume of 30,100.

In the Val d’Or area, Consolidated Abitibi Resources reports the presence of copper mineralization on its Abitibi and Bevcon properties which sit next to the Aur/Louvem massive sulphide discovery in Louvicourt Twp. Consolidated Abitibi, trading 28,100 shares, closed unchanged at 80 cents. Funding and carrying out the exploration work is Aur Resources, which climbed 5 cents to $3.95 with 111,700 shares changing hands.

Gold-producer Canamax Resources reports reaching a preliminary agreement to sell its 51% interest in a Manitoba potash project to a French concern. Trading 6,500 shares, Canamax slipped 9 cents to $1.50.

Audrey Resources and Minnova report an underground drilling program on the jointly owned, polymetallic 1100 lens project at the Mobrun property northeast of Rouyn-Noranda, Que., is more than half completed. Audrey gained 30 cents to $2.35 on the week on 57,600 shares, while Minnova was up $1 to $18 on a slim volume of 600 shares.

Newly listed on the ME are junior Registry Resources and Perpetual Growth Fund — VII, which recently acquired the mineral assets of the NIM 1989 partnership fund.