Montreal Exchange Drilling pushes Aur up

Ore-grade gold values in 18 of 22 holes drilled on Aur Resources First Canadian property near Val d’Or, Que., boosted the company’s stock by about 13% during the week to close up 63 cents at $5.38 on 103,500 shares.

Aur says the results could mean a higher grade on the deposit than was previously calculated. The deposit was previously estimated to contain 700,000 tons averaging 0.20 oz gold per ton.

The biggest trader on the Montreal Exchange this week was giant Noranda, a diversified company. Investors were probably reacting to news from the forestry sector rather than any mining-related news.

Noranda was up $1.62 on 514,600 shares to close at $24.

North American Rare Metals continues to climb. It was up 2 cents on the week closing at 55 cents on 293,500 shares after touching a high of 62 cents . Its Casa Berardi property seems to be the reason for NAR’s improvement.

Parquet Resources traded 187,500 shares as it moved up 12 cents to close at 50 cents . It has some property in the Beardmore area of northwestern Onta rio, near Metalore’s gold discovery.

Wrightbar has been steadily climbing in recent weeks on the basis of exploration results on its Bourlamaque property. It was up 15 cents this week to close at $2.05 on 161,000 shares.

Still on a rollercoaster ride after some terrific drill results were announced in late 1986, Syngold gained back 20 cents to close at $1.99 on 129,000 shares.

Novamin fell back 34 cents this week to close at $3.10 on 27,300 shares . The company has just completed a road show which may explain some of the increased volume in recent weeks.

Novamin has six drill rigs working on a number of interesting projects, but the latest results to stir interest come from the Darius project, a joint venture with St Joe Canada in which Novamin has a 51% interest. Although no tonnage estimates have been announced yet, the company estimates an average grade of 0.25 oz gold per ton, uncut, across an average mining width of 10 ft on the northwestern Quebec property.

Aiguebelle slipped 15 cents to 99 cents on 55,300 shares on news that Quebec government regulations may reduce the value of its shares in a proposed amalgamation with a wholly-owned subsidiary of Cambior. Cambior, on the other hand, has had nothing but good news since it was formed in mid-1986. It moved up another notch this week closing up 50 cents at $17.38 on 101,500 shares.

Despite a reserve figure that shows some steady work has been done on its Sourart Twp. property, Oasis Resources was down 10 cents to close at 58 cents on 27,300 shares.

Oasis says it has about 300,000 tons grading 0.19 oz gold on a property that was virtually unexplored a year ago.

La Pause Resources was unchanged at 23 cents on 26,100 shares. It says drilling has started on the North showing of its Lac Tremoy property adjacent to the Noranda mine near Rouyn, Que.

Recent new listings on the Montreal Exchange include St. Genevieve Resources, Ojibway Resources and Forbex Mining Resources.