Montreal Exchange Messeguay/ Corona deal

When a senior takes an interest in a junior, watch out]

Toronto-based Corona Corp. has announced it has reached an option agreement with Messeguay Mines whereby it may earn up to a 70% interest in a portion of Messeguay’s Launay-Privat gold claims 30 miles northeast of Rouyn-Noranda, Que. Producer Corona also reports it may acquire about a 33 1/3% interest in Messeguay itself through private- placement subscriptions during a 3-year period. Corona closed unchanged on the week at $8.25 on 155,300 shares, while Messeguay climbed 8 to 30 on a volume of 218,600.

Election fever during our coverage period may have helped the ME experience gains in both its market portfolio index (almost 14 pts) and its mining and minerals index (more than 8 pts). Daily trading volumes were light (in the 4-million-share range), except on the day after the federal election, when 7.4 million shares changed hands.

Becoming involved in a nickel- copper play about 70 miles northwest of Chicoutimi, Que., is Ramcor Resources, which jumped 6 to 30 with 261,400 shares changing hands. Ramcor, with a 25% interest, and St. Philips Resources, with a 75% interest, have reportedly taken over the property from a private company which previously agreed to option a 60% interest in the project to a company whose participants include J.T. Flanagan and John McAdam. (The new property owners have agreed to honor the option deal.)

Trading 25,600 shares and closing unchanged at 49 was Aurizon Mines, which has acquired an option to earn a 51% interest in four claims near Val d’Or, Que., from VSE-listed Beauchamps Explorations. Tyler Resources, which gained 4 to 52 on a volume of 58,300, reports negotiating a private placement which will permit TSE-listed Golden Rule Resources to buy up to two million units at 55 per unit. Tyler and Golden Rule are involved in a gold exploration project at Weedy Lake, Sask.

Confirming the presence of gold mineralization at the Courville property northeast of Val d’Or, Que., with its own recent drilling program was Finor Exploration, which closed unchanged at 35 , trading 5,100 shares. Finor is earning a 30% interest in the property from Parquet Resources, which rose 5 to 17 on 38,200 shares. succeeding Bruno Della- Savia who has resigned.