In Montreal, shareholders of associated companies Agnico- Eagle Mines and Dumagami Mines have approved an amalgamation, the new company to produce a projected 200,000 oz gold per year by 1991. Agnico, which fell 75 cents to $10.38 on 29,600 shares, is currently Dumagami’s major shareholder. Trading 29,800 shares, Dumagami closed unchanged at $17.50.
Another Agnico-associated company, Goldex Mines, earning a 60% interest in the Val d’Or, Que., property of Ormico Exploration, reports intersecting a new gold zone below 2,000 ft. Trading 8,400 shares, Goldex lost 34 cents to $3. 75, while Ormico gained 18 cents to $1.45 on a volume of 250,300.
VSM Exploration, already exploring a zinc prospect in the Matagami area of Quebec, is negotiating a deal with TSE-listed Onitap Resources to test the latter’s base metal property in Tonnancourt and Josselin twps. in the same part of the province. VSM, which dropped 4 cents to 75 cents with 47,500 shares changing hands, may earn up to a 50% interest in the property.
Tandem Resources and ASE- listed Storimin Exploration are negotiating an agreement with TSE- listed Central Crude regarding further exploration of the Moss Lake joint venture gold project west of Thunder Bay, Ont. Central Crude may earn a 51% interest in the project. Trading 89,700 shares, Tandem slipped 3 cents to 25 cents .
Recently completing a 7-hole infill drilling program on the Spirit zone at the Edwards gold property near Wawa, Ont., was Spirit Lake Explorations, which dropped 8 cents to $1.83 on 36,000 shares. The company is planning a follow-up winter drilling program in the new year.
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