Stockhouse Canadian Small and Micro-cap Stock Report for Monday, November 22, 2010
TORONTO (SHfn) – Brownstone Ventures (TSX: V.BWN, Stock Forum) shares climbed57% to 80 cents on Monday after the oil and gas producer/explorer said it had made an oil discovery in the Lower Mirador Formation at the well Canaguay - 1 on the Canaguaro Block in Colombia. Fluid production rates averaged 2,225 bbls/day of 20.7 degree API oil with a trace of water during the test. Brownstone has a 25% working interest in the Canaguaro Block. Partners in the project include Quetzal Energy (TSX: V.QEI, Stock Forum), which has a 25% working interest and is the operator. Quetzal shares rose 14% to 21 cents.
As well, shares of Mawson Resources (TSX: T.MAW, Stock Forum) shot up 28% to $1.99 as the junior miner reported the first channel sample results from its 100% owned Rompas gold-uranium project in Finland, which included 0.3 metres of 1,866 grams per tonne (g/t) gold and 8.0% uranium.
Potash One (TSX: T.KCL, Stock Forum), meanwhile, said it has entered into a support agreement pursuant to which K+S Aktiengesellschaft will make an offer to acquire all of the issued and outstanding common shares of Potash One at a price of $4.50 per share in cash, or a total consideration of approximately $434 million. Potash One stock popped 25% toto $4.53.
Shares of Volta Resources (TSX: T.VTR, Stock Forum) jumped 13% to $2.21 after the gold junior reported that recent metallurgical tests indicate that between 40% and 55% of gold at the Kiaka Project in Burkina Faso should be recoverable by gravity separation in less than 3% of the mass. SGS concludes that overall recoveries of >90% could be expected from a fairly standard process route that includes crushing, milling, gravity concentration with intensive cyanidation of the concentrate, finer milling of the gravity tailings followed by CIL treatment.
And, Fjordland Exploration (TSX: V.FEX , Stock Forum) and Cariboo Rose Resources (TSX: V.CRB, Stock Forum), 60%-40% partners in the Woodjam Joint Venture, announced on Monday that Gold Fields Limited's exploration company, Gold Fields Horsefly Exploration, has forwarded additional drilling results from the 2010 drilling program on the Woodjam North gold-copper property in British Columbia, which included 1.14 g/t gold and 0.29% copper (1.65 g/t gold equivalent) over 156.6 metres. Fjordland shares surged 29% to 13.5 cents.
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