Montreal Exchange Drilling at Douay

The mining and minerals index tumbled by almost 62 points during a week in which gold briefly topped the US$400 mark. The general market portfolio index fared much better, moving up by 18.4 points. For the week ended Oct. 2, daily trading volumes were generally strong, ranging between 3.2 million and 7.3 million shares. Four new drill hole results from the Douay gold property in Quebec’s Casa Berardi region were reported by project partners Inco, Cambior and Societe d’Exploration Miniere Vior. Results of the completed drill program, designed to test the potential of the West zone, included 39.6 ft. of 0.29 oz. gold per ton. Trading 76,400 shares, Vior gained 2 cents to 66 cents. Cambior, on 170,500 shares, dropped 75 cents to $13.50. Nickel giant Inco climbed 75 cents to $32.13 on a volume of 273,000.

Ressources Val d’Or has sought the aid of a private firm in its bid to acquire a 100% interest in the Vendome zinc project, north of Val d’Or, Que. The firm, Bullion Monarch Canada Resources, may make the final three payments owed by Val d’Or to claim an 80% interest in the property. Trading 47,500 shares, Val d’Or closed unchanged at 4 cents.

Now that Aur Resources and Societe Miniere Louvem have settled their legal dispute over ownership of the Louvicourt base metal deposit northeast of Val d’Or, exploration work can be continued in earnest. Planned is the sinking of a 3,000-ft. shaft, that work to commence early in 1991. Aur, trading 21,200 shares, slipped 24 cents on the week to $3.45, while Louvem moved up 5 cents to $4.80 with 19,600 shares changing hands.

J.A.G. Mines has signed a property agreement with VSE-listed Iskut Gold to allow the latter to earn a 50% interest in the Belleterre gold prospect, 62 miles southwest of Val d’Or. Trading 21,000 shares, J.A.G. slipped 1 cents to 18 cents.

On the west coast, Cheni Gold Mines has acquired an option to earn a 60% interest in the J&L polymetallic property near Revelstoke, B.C., from two TSE-listed companies, Equinox Resources and Pan American Minerals. Gold producer Cheni dropped 29 cents to $1.55 on 2,600 shares.