Unlisted Trading (November 25, 1991)

White Star Copper Mines (CDN) emerged as the top trader during the week ended Nov. 19, jumping from 10 cents to 50 cents in a matter of days.

The junior says it is negotiating with a major mining company to explore its Kidd Twp., Ont. claims, which adjoin the Kidd Creek mine property to the west. Rumor has it that Falconbridge Ltd. has been eyeing the property for years, and would like to drive an exploration drift through the White Star property and into adjacent ground once held by Chance Mining and Exploration. Now owned by Falconbridge, the Chance property contains a deep, preliminary reserve of 250,000 tons grading 12% zinc, 4% lead and 6.5 oz. silver per ton. Chance, which gained 5 cents to close at 25 cents, retains a 10% net profit royalty interest in the property.

Also a heavy trader, Wellington Cove Explorations surged to 90 cents from 50 cents. With over $600,000 in the kitty, Wellington has some room for new ventures. President Stanley Mourin says he knows of no reason for the market activity.

Near Gowganda, Ont., Tyranex Gold has started drilling extensions of the former producing Tyranite gold mine. The company is also working out a deal with Deak Resources, whereby ore from the Tyranite mine would be trucked to Deak’s Kerr mill for custom processing. Tyranex proposes ramp access for the shallow north extensions of the mine combined with a shaft for the higher-grade ore at depth.

Tyranex was 30 cents bid, 40 cents ask for the week.