Montreal Exchange TVX in major deal

News of the formation of a new major gold producer involving Inco and Consolidated TVX Mining, and of the latest exploration program for the Louvicourt massive sulphide deposit of Aur Resources and Societe Miniere Louvem northeast of Val d’Or, Que., highlighted investment activity for the week ended Oct. 23. A much improved market performance was witnessed for the week. The market portfolio gained more than 59 points and the mining and minerals index climbed more than 54 points. Daily trading volumes were consistent, ranging between 3.3 million and 5.5 million shares.

After promising to take its wholly owned Inco Gold unit public, nickel producer Inco has finally done so through an amalgamation with TVX, which has interests in producing gold properties in Brazil and Chile. The new company will be called TVX Gold. Trading 32,500 shares, TVX jumped $1 to $5. Inco showed a gain of $2 to $29.50 on a volume of 191,400.

Aur and Louvem, having settled their ownership dispute, recently began a $4.6-million exploration program which will bring the companies closer to an underground exploration/development start. This latest program, to involve in part more surface drilling, is expected to be completed by the end of February, 1991. Aur, which traded 24,000 shares, moved up 20 cents to $3.40, while Louvem jumped 25 cents to $4.15 with 54,300 shares changing hands.

North of Rouyn-Noranda, Que., Radisson Mining Resources reports that the results of an underground drilling campaign are confirming the continuity to the west of the principal mineralized zones of the Duquesne gold mine project between the seventh and ninth levels. Trading 35,500 shares, Radisson closed unchanged at 15 cents.

Preparing for an exploration program in the Matapedia Valley of the Gaspe region of Quebec is Aurochs Exploration. An agreement which is subject to regulatory approval gives the junior the right to earn a 100% interest in the gold property. Aurochs closed unchanged at 34 cents on 46,300 shares.