Montreal Exchange Latest Grevet results

The volatile gold market had a negative effect on resource issues for the week ended Feb. 6, with the mining and minerals index off more than 19 points in mixed trading. The general market portfolio index enjoyed a much stronger response, closing up more than 32 points. Daily trading volumes were relatively flat, ranging between 4.1 million and 5.4 million shares. In the Matagami area of Quebec, VSM Exploration and project partner Serem Quebec reported their latest drilling results from the Grevet M zinc-copper-silver venture. The partners are looking for a greatly enhanced reserve estimate when the calculations are in. An economic study of the property is under way. Trading 41,800 shares, VSM climbed 5 cents to 75 cents .

An underground exploration program worth $2 million is being launched by Ormico Exploration and Goldex Mines on gold property five miles west of Val d’Or, Que. Ormico dropped 10 cents to $1.35 with 50,600 shares changing hands, while Goldex jumped 45 cents to $4.20 on 6,300 shares.

Orient Resources has commenced a 10,000-ft drilling program at its Sturgeon River project in the Geraldton area of northwestern Ontario where polymetallic showings have been uncovered. Trading 45,000 shares, Orient declined 5 cents to 27 cents .

Among the weekly volume leaders, with 324,700 shares traded, was Armeno Resources, which slipped 12 cents to 42 cents . The Vancouver- based company is set to start up a new exploration program at a gold property near Bralorne, B.C.

In Labrador, Societe Miniere Mimiska reports earning a 50% interest from Noranda in the Pyrite Falls gold project. Results of a shallow drilling program are being reviewed. Meanwhile, in the Atikokan area of northwestern Ontario, Mimiska says it has uncovered a new gold showing at its Fern Elizabeth property. Mimiska, trading 30,600 shares, dropped 1 cents to 71 cents , while Noranda was down $1.13 to $21.13 on 133,000 shares.