Active trading marked the week ended April 9, with daily volumes ranging between 4.5 million and 7.6 million shares. The market portfolio was off by almost 9 points on the week, with the mining and minerals index gaining less than one point. The ME reported a total value traded in its equity market in March of $1.6 billion, down from February and but up from March a year ago. The market portfolio index is up by 110 points on the year to the end of March.
Among the week’s volume leaders was VSM Exploration, which is proving up a substantial tonnage at its Grevet zinc project southeast of Matagami, Que. Trading more than 600,000 shares, VSM closed unchanged at $1.25.
Continuing its active trading ways was Boralex, which owns a portfolio of 12 junior mining companies. More active at present in the oil and gas industry, Boralex slipped by 3 cents to 10 cents on a volume of 454,000.
Placer Dome announced the purchase of an additional 600,000 shares of Cache Exploration at $1 per share, boosting its ownership to 20.5% of the junior. The proceeds will provide Cache, which moved up 2 cents to 40 cents, with funding for its planned exploration work.
In northwestern Ontario near Dryden, Societe Miniere Mimiska undertook a 7-hole program representing 610 metres at its Nabish Lake nickel-copper property. Mimiska, which slipped by 2 cents to 20 cents on 86,100 shares, said it was particularly encouraged by the nickel values returned. The drilling tested anomalies and a surface sulphide-rich zone discovered last December.
Canchrome Mines remains excited about its chromium prospect near Thetford Mines, Que. The company is awaiting complete assays from a 58-hole winter drilling program on the Reed-Belanger deposit south of the old Reed mine, a former chromite producer. Canchrome, which closed unchanged at 84 cents with 181,200 shares changing hands, said results to date indicate a zone widening with depth.
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