Unlisted Trading (January 06, 1992)

Property neighbors White Star Copper Mines and Chance Mining and Exploration emerged as the most active traders during an otherwise quiet Christmas week as Falconbridge Ltd. announced plans to explore the Kidd Creek area at Timmins, Ont.

Trading 139,500 shares, White Star gained 10 cents to close at 70 cents during the week ended Dec. 30. Chance shed 2 cents to close at 28 cents, after gaining 5 cents at the end of the previous week.

At least half of Falconbridge’s $1.3 million exploration budget for the area will be spent on or near White Star’s claims, which border the Kidd Creek mine property on the west side. Under a recently signed agreement, Falconbridge may earn a 100% interest in the White Star property by making scheduled payments totalling $600,000.

On the next property to the west, in which Chance retains a 10% net profit royalty, Falconbridge has outlined a small massive sulphide lens at about 2,000 ft. below surface. Chance, 35%-owned by Conwest Exploration, has about $1 million in its treasury.

Pelangio-Larder Mines has almost doubled in price during the past two weeks, slipping slightly to 38 cents during the days leading up to the start of the new year. Pelangio stands to benefit from an agreement which calls for partners Kennecott and Deak Resources to spend millions of exploration dollars around the Kerr gold mine in northeastern Ontario. Pelangio owns a 15% net profit royalty on a property owned by Kennecott adjacent to the Kerr mine claims.