Montreal Exchange Yorbeau leads way

There are always exceptions to the rule. Trading in resource issues this week on the Montreal Exchange was generally off, if the falling mining and minerals index was any indication, but a couple of stocks, Yorbeau Resources and Abitibi Metal Mines, proved to be exceptionally active.

Closing up 13 cents to $1.03 on a volume of 2,409,100 was Yorbeau, which recently published promising preliminary results from drilling on the Aw zone of the company’s Astoria property in northwestern Quebec. Of 32 drill intersections, 78% assayed gold values above 0.1 oz per ton, the company reports. A parallel zone (Bw) also looks promising.

Yorbeau will be asking shareholders this month at the company’s annual meeting to approve a consolidation of existing shares on the basis of one common share for each two common shares.

Abitibi Metal, which traded 1,243,900 shares, closed down 4 cents to 21 cents . Assay results from a bulk sample collected this winter on gold property in Malartic Twp. are due soon.

Closing down 59 cents to $2.15 with 346,700 shares changing hands was Louvem Inc., which has made a deal with Perron Gold Mines giving the latter an option to earn a 50% interest in the Pascalis-North property and the Beaufort property in exchange for $7 million of exploration work over three years. Perron closed down 89 cents to $4.85 on a volume of 173,300. The old Siscoe mi ne in northwestern Quebec is being dewatered in a project involving Cambior Inc. and Maufort Resources. A surface drilling program there has extended one known zone, and two other zones have been discovered. Cambior closed down $4.88 to $25.63 on 118,500 shares, while Maufort closed up 21 cents to $1.51 on a volume of 792,000.

Abcourt Mines, which is benefiting from higher silver and zinc prices, closed down 42 cents to $1.81 with 765,200 shares changing hands. Abcourt is the principal shareholder of Aunore Resources, which is involved in a joint venture with Nova Beaucage Mines on the Elder gold property. Aunore, which has a 65% interest in the property, is working with a $7.5 million exploration budget this year. Abcourt has said it hopes to have the property in production during the first half of 1988. Aunore closed down 29 cents to $2.65 on 84,000 shares.

Closing down 1 cents to 48 cents on 100,400 shares was Dennor Exploration, which recently released encouraging preliminary drilling results from gold property in Bourlamque Twp. near Val d’Or.

Newly listed for trading on the Montreal Exchange were Morono Mines and Q-Vest 1986 Mining and Co.