Montreal Exchange VSM assays gold

Trading picked up considerably by the end of the report period but the general index, the market portfolio, was down by more than 33 points for the week ended Sept. 11. The mining and minerals index experienced a steeper decline, finishing down by more than 58 points. Daily volumes were mainly in the 4-million-share range, jumping to 7.5 million shares on the last trading day of the report period. Already active at a zinc exploration project near Matagami, Que., VSM Exploration reports a channel-sampling assay of 20 grams gold per tonne across one metre from its Gand D project in the Chibougamau, Que., area. VSM, controlled by Placer Dome, slipped 3 cents on the week to $1.08 on 26,700 shares. Its project partner at Gand D is Serem-Quebec, a French- controlled exploration company.

Yorbeau Resources, which fell 3 cents to 30 cents on a volume of 39,700, says drilling has confirmed the vertical extension to an additional 500 ft. of its Aw zone under the 10th level, 1,500 ft. below surface, at the Astoria gold property south of Rouyn-Noranda, Que.

A gold discovery was announced by joint-venture partners Orient Resources and ASE-listed Consolidated Gold Hawk Resources at property in Nelligan Twp. northeast of Val d’Or, Que. A surface exploration program is under way. Trading 82,200 shares, Orient closed unchanged at 18 cents.

The Fontana gold prospect near Amos, Que., is proving to be a difficult project to understand geologically, St. Genevieve Resources, Stratmin, Jilbey Exploration and COATS-listed Portfield Industries are discovering. In particular, the complex vein structures are reported to be a real challenge to follow. Trading 105,600 shares, St. Genevieve fell 3 cents to $1.50. Stratmin, affiliated with St. Genevieve, dropped 9 cents to $1.15. Jilbey gained 2 cents to 25 cents with 23,000 shares changing hands.

Amberquest Resources reports entering an agreement with Gordex Minerals under which Amberquest may acquire up to a 100% interest in the Cape Spencer property in New Brunswick. Amberquest, which slipped 14 cents to 55 cents on 8,500 shares, plans to reactivate the vat- leaching project.