Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, March 31, 2011
TORONTO (SHfn) – International Northair Mines (TSX: V.INM, Stock Forum) shares powered 22% higher to 61 cents on Thursday after the micro cap explorer reported assays results from four holes of the Phase II core drill program presently underway at the La Cigarra silver project in Mexico, which included 48.05 metres of 140.6 grams per tonne (g/t) silver.
As well, shares of Barker Minerals (TSX: V.BML, Stock Forum) rose 91% to 10.5 cents as the junior miner announced analytical results from the previously announced 2010, 2000-metre trenching program on its 100% owned silver/gold/lead Black Bear project in British Columbia. Grab samples reported up to 116 ounces per ton (oz/t) silver and 59% lead at the Providence target and a chip sample from the Hunt vein reported 34 oz/t silver and 37.1% lead over a one-metre width.
Ivernia Inc. (TSX: T.IVW, Stock Forum), meanwhile, reported what it called a “significant” increase in mineral resources and reserves for the Magellan Mine in Western Australia. Measured and indicated mineral resources increased to 40.4 million tonnes (Mt) at a grade of 4.5% lead (Pb), with a further 12.1 Mt at a grade of 4.0% Pb in the inferred category. This is an 87% increase in tonnage and a 76% increase in contained metal in measured and indicated mineral resources. Ivernia stock popped 17% to 42 cents.
And, Reef Resources (TSX: V.REE, Stock Forum) late Wednesday announced that drilling of its Ausable # 5 well in Ontario reached total depth of 615 metres on March 29. A total of four cores were taken over a depth of 32 metres with overall good recoveries. Oil staining was observed on the core samples, which are currently being analyzed with results to be released in the near future. The Ausable reef is currently on production and is generating revenue from the initial Enhanced Oil Recovery Natural Gas Recycling program, which began in the fourth quarter of 2010. Reef shares added as much as 33% at 10 cents on Thursday.
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