Unlisted Trading (November 11, 1991)

Trading almost 1.5 million shares during the week ended Nov. 5, Willingdon Resources says it has reached an agreement in principle to merge with Sandy K Mines, owner of a high-grade silver-cobalt property in the Gowganda area of northeastern Ontario.

If the merger goes through, Willingdon will have the right to form a joint venture to develop the property, which is estimated to contain a recoverable mineral inventory of more than three million ounces silver. Willingdon closed unchanged at 80 cents.

Results from Wye Resources’ Saganaga Lake gold property near Thunder Bay, Ont., have confirmed the presence of several narrow, mineralized intervals at the southern extension of the Star zone. Wye, which was 16 cents bid for the week, will move a pilot mill on site to test gold recoveries from various bulk samples.

Investigating its FER copper-zinc property northeast of Flin Flon, Man., Canmine Resources says it has identified a silica alteration zone similar to that found at the Geco orebody in Manitouwadge, Ont., and the Winston Lake orebody near Schreiber, Ont. Canmine hopes to complete a private placement to finance drilling on an electromagnetic conductor which blankets the FER zone. Trading moderately, Canmine closed unchanged at 10 cents.