Montreal Exchange: Abitibi Metals popular

What looked to be a definite upturn in the market, with the gold price stepping however briefly over the $500(US)-per-oz hurdle and the me’s mining and minerals index experiencing daily gains of 33.6 pt and 50.9 pt on consecutive outings, turned sour suddenly at week’s end. Trading generally continues to be moderately light.

One of the exceptions is Abitibi Metals Mines, a heavy trader of late which reports encouraging results from a drilling program on the Jolin property in Carpentier Twp., about 30 miles north of Val d’Or. Abitibi dropped 1 cents to 19 cents on a volume of 882,300.

Announcing encouraging drilling results from an underground exploration program at shaft No 2 on the Dubuisson gold property at Val d’Or are joint-venture partners Acquisitor Mines and Stabell Resources, which gained 5 cents to 36 cents on more than one million shares. The companies are confident they have a high grade deposit on their hands.

Louvem Mines, which slipped 3 cents to $1.71 with 50,300 shares changing hands, has announced that its exploration arm, Monicor Exploration, may acquire a 5% interest in the Courvan property in northwestern Quebec, where a drilling campaign is just ending, by contributing $400,000 to exploration expenses by the end of February, 1988. Louvem has a 52% interest, from which Monicor’s 5% ownership would be drawn.

Increasing its ownership in Nova- Cogesco Resources to 18.4% from 16% was MSV Resources, whose A stock closed down 14 cents to $2.55 on 79,300 shares. Nova-Cogesco traded 71,700 shares and dropped 9 cents to $2.50.

Bresea Resources, which closed at 50 cents on the week, had old drill core from property in Labrador re-assayed and now reports two gold-bearing zones are indicated at the site. (Drillers in the 1960s were concentrating on base metals.) New exploration work is being planned for 1988, the company says. Bresea’s partner in the venture is Tandem Resources, which moved up 8 cents to 73 cents on a volume of 23,200.

Hoping in the near future to raise the $7.3 million needed to deepen the existing shaft, complete mine development on the sixth and seventh levels and begin production in the Aw zone at the Astoria property in northwestern Quebec is Yorbeau Resources, which traded 91,900 shares and gained 2 cents to 76 cents . The company says it has several interested parties willing to participate.

Newly listed on the me is Toronto- based Spirit Lake Explorations.