I hold shares of Parvus Mines, which seems to have almost disappeared from the scene since the late-1970s. Now I hear there is a private placement of flow-through shares; also, it has reappeared on coats. I heard they have been linecutting and doing geophysical work on the 27 claims in Red Lake and are supposedly going to start drilling in July. Is this true and what is going on? W.W., Niagara Falls, N.Y.
After more than a few years of inactivity, Toronto-based Parvus Mines is coming alive. President Robert Van Tassell tells us the company is arranging a private placement of flow-through shares to raise $405,500 for an extensive exploration program consisting of linecutting, geological mapping, geochemistry, geophysical surveys, stripping and diamond drilling, with the program scheduled to begin in the first part of July.
Parvus, which was incorporated in September, 1960, holds a 100% interest in 27 mining claims in the townships of Baird, Fairlie and Heyson in the Red Lake area of northwestern Ontario, consisting of 14 patented claims and 13 claims held under Ontario mining leases. According to Mr Van Tassel, previous drilling on the property revealed two or three gold-bearing zones. The Parvus claims are located about seven miles southwest of the Dickenson Mines’ and Campbell Red Lake Mines’ operations.
Current owners of Parvus are Landmark Corp. and Dickenson Mines, each with about a 48% interest. (Parvus has approximately 2.1 million shares outstanding.) Original owners of Parvus were Dickenson and Consolidated Durham Mines, with the latter company becoming part of Durham Mines, which became part of Landmark Corp. in April of this year.
Parvus shares are listed on coats, where during May they traded for a low of 30 cents and a high of 60 cents on a volume of 2,000.
Be the first to comment on "Queries Parvus making noises again"