Montreal exchange Freewest gets new zone

Freewest Resources was the most active trader on the Montreal Exchange during the week ended May 29 with 527,700 shares changing hands. Noranda, its partner on the Harker-Holloway gold project in northeastern Ontario, said drilling encountered a new zone above the previously known Lightning zone.

Some excellent widths carrying good grades were encountered including one hole that intersected 124 ft. grading 0.27 oz. gold per ton (uncut). What’s more, the drilling also gave some excellent values when it intersected the Lightning zone itself.

The property is covered by some heavy overburden making it difficult to explore, but now that Noranda has its teeth into a substantial gold deposit, this could develop into a significant find. Located on the Destor-Porcupine Fault, it has the pedigree to be big. Certainly, it has helped spark interest in the area north of Kirkland Lake.

Freewest, which has a 40% interest in the property, was up a nickel to close at $2.50 at the end of the week.

Vior was also active, trading 169,900 shares and slipping 9 cents to close at 94 cents.

A new drilling program is planned for the Douay property in northwestern Quebec where Vior is teaming up with Inco Gold and Cambior on an exploration project. One earlier hole yielded 59 ft. of 0.23 oz. gold.

Cambior, meanwhile, fell 88 cents to close at $13 7/8 on 86,500 shares. As well as the Douay project, Cambior has been spreading its wings lately increasing its interest in the Valdez Creek gold project in Alaska and taking an interest previously given up by Placer Dome on a gold property in Guyana with Golden Star Resources as partner.

Tandem Resources was down 1 cents at 30 cents on 55,000 shares despite some big projections put forward by Central Crude President Richard Nemis about the potential of the Moss Lake gold project in northwestern Ontario.

Tandem and Storimin Resources hold the property where Central Crude says there is the potential for a large, low-tonnage, open pit gold mine. Previously, the property had been actively explored by Tandem and Storimin as a lode deposit to be mined underground.

La Fosse Platinum was up 4 cents to close at 34 cents on 54,200 shares. It recently took a plane load of investors and analysts up to its Labrador Trough area property where it is working on an iron ore deposit that may have magnesium potential.

Agnico-Eagle was down $2 to close at $7.50 on 111,600 shares. A major shareholder is trying to stop Agnico from proceeding with a financing deal.

Placer Dome lost $1 after on 270,800 shares after it announced that it was bidding $230 million to take over Stikine Resources in order to gain a 50% interest in northwestern British Columbia’s Eskay Creek gold play.