Montreal Exchange Mining issues shine (March 09, 1987)

The action wasn’t all resource companies, but mines and minerals shares had a significant, and favorable, impact on trading on the Montreal Exchange this past week.

One of the most actively traded issues was La Pause Resources of Noranda. During the week 424,200 shares changed hands, with the stock closing unchanged at 20 cents .

La Pause is currently drilling for gold on its townsite Tremoy property, on the same zone as last year. According to a company spokesman, early indications are good. “The deeper it goes, the wider it gets,” the spokesman said, adding that the company is preparing to calculate reserves for the find.

Syngold Exploration was also quite active, trading 614,000 shares and gaining 48 cents to $2.95. The company is awaiting drilling results from its property in the Rouyn-Noranda area.

Trading 116,200 shares during the week was Belmoral Mines, with the share price closing at $4.80, up 85 cents . “It’s underpriced right now,” said company director of corporate affairs Harry Tompkins. “Up to now, Belmoral has been overlooked.” Belmoral recently reported it turned a profit of $1.4 million in 1986, compared to a loss of $7.1 million in 1985.

Another of the active issues during the week was Beaufield Resources of Toronto, which closed at $1.49, up 20 cents . North American Rare Metals also traded actively, with 219,100 shares changing hands, and closing unchanged at 82 cents .

Chesbar Resources traded 71,400 shares during the week, closing at $1.50, up 11 cents Chesbar, which has applied for a TSE listing, recently released partial assay results for its Chester Twp. property southwest of Timmins, Ont., indicating an average grade of 1.08 oz of gold per ton across an average vein width of 4.2 ft

In northern Quebec, on its Ungava property, Oasis Resources recently announced the discovery of many highly anomalous zones of platinum, gold and palladium, with the first tests for platinum yielding grades of up to 0.105 oz per ton. Oasis was active during the week at 150,400 shares but closed down 2 cents to 46 cents .

A new listing on the Montreal Exchange is Robex Resources of Ste- Foy, Que.