Montreal Exchange Syngold backs off

After setting new highs for the past two weeks, Syngold Exploration came back down to earth with a thud this week. Once again it was the most active trader on the Montreal Exchange with 1,117,600 shares moving during the week, but the direction was down as it fell 89 cents to close at $1.80. It had been as high as $3.30.

The market correction can’t detract from two very good holes drilled earlier, including one that graded 0.18 oz over 174 ft., but the latest results just couldn’t match those earlier sections. One hole returned 0.22 oz gold per ton over 9.8 ft and 0.11 over 156.2 ft, but other values were all less than an ounce.

Societe d’Exploration Miniere Mazarin is said to have hit some good stuff on its Wilco property in the Rouyn area, although no values have been released yet. On the strength of that plus prospecting on a large claim-holding in a virtually unexplored area near Schefferville, Que., Mazarin set a new high of 73 cents .

Mazarin was the second largest trader this week with 1,040,900 shares changing hands. It closed at 65 cents , up 22 cents on the week.

Aiguebelle Resources gained 7 cents to close at $1 on 34,600 shares. It is getting more good results from a new discovery on its Bassignac Twp. property in northwestern Quebec.

Belmoral Mines lost ground when news was released that the Quebec Court of Appeal has ordered a new trial regarding the death in 1980 of eight miners at one of the company’s Val d’Or gold mines.

Belmoral closed at $2.55, down 43 cents on the week, as 52,500 shares were traded.

Its associated company, Wrightbar Mines, picked up a nickel to close at $1.60 on 76,100 shares. Belmoral just announced it would exercise its option to buy 750,000 Wrightbar shares at $3 which will result in Belmoral holding 35% of Wrightbar.

Normetal Exploration, a new listing, traded as high as $1 and as low as 39 cents during the week but closed at 59 cents on 65,200 shares. It has returned some good values from five holes drilled on its Barraute Twp. property including 10 ft grading 0.35 oz gold per ton.