Montreal Exchange Syngold sets a new high

Wednesday close, Dec 17

For the second week in a row Syngold Exploration was the most active issue on the Montreal Exchange establishing another high on the strength of drilling results from the Owl Creek West property in northeastern Ontario.

Syngold traded 1,585,300 shares during the week and almost broke through the $3 level as it touched a high of $2.99 before settling at $2.92, up 67 cents for the week. Last week it traded almost a million shares and gained $1 before closing at $2.25.

The company announced some tremendous drill hole results from the property in which it’s earning a 25% interest, but core from more holes is currently being analyzed. Speculation is that they’re as good as the previous two holes.

Kidd Creek Mines, which owns the property and is operator on the project, has four drills working.

Despite news of a new gold discovery on its Amos-area property in northwestern Quebec, Aiguebelle Resources slipped 4 cents to 90 cents on 115,300 shares. Financially troubled Aiguebelle is amalgamating with a wholly owned subsidiary of Cambior and exploration results don’t seem to carry much weight.

Cambior has also entered into a joint venture agreement with Maufort Resources to explore the Siscoe property in the Val d’Or area. Cambior will be operator and can earn a 50% interest in the property by spending $6.5 million on exploration.

Maufort was off 12 cents during the week to 62 cents on 10,300 shares.

Cambior itself gained 12 cents to close at $14.50 on 85,300 shares.

Belmoral Mines says it plans to exercise its option to buy 750,000 shares of Wrightbar at $3 per share. That would give it a 35% interest in the company.

Wrightbar was unchanged at $1.55 after trading 85,100 shares while Belmoral slipped 7 cents to $2.92 on 32,400 shares.

Audrey Resources was up 11 cents to $1.80 on 135,700 shares. Results from testing of a bulk sample from its Mobrun project near Rouyn have improved substantially in November indicating an operating profit of at least $11 per tonne. Its forecasting net cash flow of over $1 per share should it make a commercial production decision on the property by mid-1987.