COATS (over-the-counter) Strike soars to 65 cents

Confirming a base metal find on their property near Matachewan, Ont., Strike Minerals soared to new highs for the week ended Jan. 22, gaining 20 cents to close at 65 cents on a volume of 509,700. Partners Strike (40%) and Queenston Mining (60%) have intersected several units of massive sulphide, including a 14.3-ft. length grading 5.17% zinc and 0.93% copper, on their Robertson Twp. property. Rumor has it that the intersection has sparked a staking rush in the Matachewan area.

Word that Flambeau Mining has finally secured a mining permit for its copper project in northern Wisconsin is good news for Pelangio- Larder Mines, which is farming out a nearby property to Placer Dome. The Flambeau go-ahead, which took more than three years to obtain, indicates that Wisconsin may be easing its anti-mining stance. Trading 53,000, Pelangio gained 1 cents to close at 26 cents.

Millstream Mines, which has an interest in a polymetallic prospect in New Brunswick, has completed a private placement of 909,198 common shares at 20 cents per share. Proceeds of $181,839 will be used to pay off debts, the company says. Millstream shares have been inactive for some time.

Trading 48,000, Thunder Bay- based CopperQuest gained 5 cents to close at 20 cents. The company owns a copper property in northern Saskatchewan, where previous drilling intersected a 35.5-ft. length grading 2.32% copper.

Madison Grant Resources continues to be active, trading 101,000 to close unchanged at $2. The company says it knows of no reason for the trading activity besides the acquisition of an additional 40 claims around its gold mine near Virginia City, Mont.