Montreal Exchange Spirit Lake drilling

The declining price of gold seemed to have little or no effect on resource issues during the week ended March 20. Moving the other way, the exchange’s mining and minerals index jumped almost 56 points on moderate daily trading volumes ranging between 4.6 million and 5.7 million shares. The general market portfolio index also closed higher, moving up 14.6 points. Near Wawa, Ont., Spirit Lake Explorations reported more encouraging drill results from its Edwards gold property, including a 15-ft. section of 2.8 oz. gold per ton. The winter drilling program continues. Trading 35,500 shares, Spirit Lake closed unchanged at $1.70.

American Reserve Mining re- ported an exploration program for the Paymaster gold project at Timmins, Ont., is being prepared by project partner Placer Dome. Drilling of the eastern property is to be included. Dewatering of the old mine workings is said to be almost complete. American climbed 2 cents to 70 cents on 24,100 shares, while Placer Dome moved up 38 cents to $21.63 on a volume of 823,600.

In Vauquelin Twp., Que., at the Bloc-Ouest property, next to the producing Chimo mine, Vauquelin Mines announced a 21.7-ft. intersection grading 0.11 oz. gold at a vertical depth of 2,230 ft. Vauquelin slipped 9 cents to 25 cents on 7,000 shares.

Jilbey Industries continued to trade strongly following the release of drill results from the Fontana gold property in Duverny Twp., Que. Jilbey, which has a 25% interest in the project, gained 10 cents to 60 cents with 702,800 shares changing hands.

Active on a couple of Canadian gold projects, Standard Creek near Bralorne, B.C., and Trecesson in northwestern Quebec, is Vancouver- based Armeno Resources. Trading 18,000 shares, Armeno dropped 2 cents to 35 cents.

Aunore Resources, off 1 cents to 12 cents on 500 shares, recently optioned a group of claims in Quebec’s Beauchastel and Duprat twps. to Inco. An Aunore subsidiary, Aunorex Exploration, also made a deal with Inco, optioning property to the metals producer in Hebecourt Twp., Que. Inco gained $1.38 to $32 on 351,100 shares.