Unlisted Trading (September 23, 1991)

Horne Fault Mines plummeted during the week ended Sept. 17 after the company was given the option to acquire a 2.2% net smelter return on a tailings recovery operation in the southwest U.S.

Trading 136,000 shares, Horne Fault closed at 50 cents after peaking at $1.90 during the previous week. The company says approximately 160,000 tons of tailings grading more than six ounces gold per ton are available for processing at the site. Horne would pay $2.5 million to a private U.S. company for the royalty interest.

Also losing value during the week was Canmine Resources, which dropped from 27 cents to 20 cents on moderate volume. Canmine plans to start drilling at its FER copper-zinc property in Manitoba in January. The company will also conduct a bulk-sampling program on its San Antonio silver property in Mexico. Mountain Beaver Resources, gaining 25 cents to 70 cents, announced that its joint venture agreement with Minnova on the Afterthought property in California has been terminated. Mountain Beaver will write off $1.1 million in exploration expenditures in fiscal 1991, while the polymetallic property will be returned to Afterthought Mining.