The stock market rallied during the week ended May 28, with the market portfolio jumping by 32.6 points and the mining and minerals index climbing by 44.7 points. Daily trading volumes ranged between 2.4 million and 5.7 million shares.
Results from 20 more holes from an ongoing drilling program testing the contiguous Holloway and Teddy Bear properties in Harker and Holloway twps. in northeastern Ontario were reported by Freewest Resources and Noranda Exploration, a unit of Noranda. Freewest, trading 20,500 shares, gained 25 cents to $3.38, while Noranda moved up 63 cents to $18.75 on almost 164,000 shares.
Investors in the stock of American Barrick Resources reacted favorably following the announcement that Barrick and fellow North American gold-mining company Newmont Mining are discussing a merger. Barrick moved up by $1.13 to $23.25 on almost 70,000 shares. Both companies are active along the Carlin Trend in Nevada.
Audrey Resources, which closed unchanged at $3.50, was among the more active stocks on news of a possible buyer for its stake in the Mobrun polymetallic project near Rouyn-Noranda, Que. There was no announcement of a finalized deal at presstime.
From the Douay gold exploration project northeast of Joutel, Que., Inco and Societe d’Exploration Miniere Vior reported a new preliminary reserve estimate for the West zone of 643,000 tons averaging 0.29 oz. gold per ton (at a cutoff grade of 0.087 oz.). The zone, they said, remains open at depth (below 1,400 ft.) Trading 182,000 shares, Inco gained $1 to $39. Vior slipped a penny to 30 cents on 50,600 shares.
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