Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, October 2, 2013 VANCOUVER (SHfn) –
Confederation Minerals Ltd. (
TSX: V.CFM,
Stock Forum) rose 18.2% to 26 cents after the exploration and development company announced assay results from the final four holes of the 2013 summer drilling program at their Newman Todd gold project in the Red Lake District, northern Ontario. The highlights included 1.5 meters of 5.13 grams per tonne gold and 0.5 meters of 20.0 grams per tonne gold, as well as 10.0 meters grading 7.43 grams per tonne gold, including 0.5 meters at 128.0 grams per tonne gold, and 6.0 meters grading 4.57 grams per tonne gold including 0.5 meters at 49.10 grams per tonne gold.
Paladin Energy Ltd. (
TSX: T.PDN,
Stock Forum) climbed 8.5% to 51 cents as investors assessed the news of that uranium production company’s cash cost cuts for full year 2014 are forecast to total US$23 million. Corporate overhead and exploration costs will be cut by US$10.8 million, a 24% reduction over full year 2013. As well, discretionary capital expenditure has been reduced by US$12.4 million, with the majority of those cuts coming during full year 2015. Board and management base salaries will be cut by 10%.
The Paladin Board also remains committed to ongoing strategic rationalisation of its asset base. This includes re-igniting discussions and negotiations to sell a minority stake in Langer Heinrich, located in Namibia, Africa. Paladin is also pursuing potential joint venture partners for its undeveloped advance stage assets. Currently, Langer Heinrich C1 cash costs are targeted to be reduced by 15% to approximately US$25 per pound over full year 2013 and full year 2015 before the impact of inflation. Kayelekera, located in Malawi, Africa, C1 cash costs are targeted to be reduced by 22% to approximately US$30.6 per pound over full year 2014 and full year 2015 before the impact of inflation.
'East West Petroleum Corp. (
TSX: V.EW,
Stock Forum) gained 2.5% to 41 cents after the oil and gas junior provided an operations update on the ongoing nine well exploration drilling program in the Taranaki Basin of New Zealand with joint venture partner and operator,
TAG Oil Ltd. (
TSX: T.TAO,
Stock Forum). The company has been informed by TAG that the Cheal-E2 well located in the Cheal North exploration permit has reached total depth of 2,198 meters, and that the operation was completed on time and on budget.
TAG also reported that well logs from the Cheal-E2 well indicated hydrocarbon bearing strata was encountered within the Urenui and Mt. Messenger formations supporting the decision to complete and production test the well. Production testing of the Cheal-E-2 well, as well as the Cheal-E-1 well, which well logs also indicated the presence of hydrocarbon bearing strata in the Urenui and Mt Messenger formations, is expected to commence in mid-October. The Nova-1 drilling rig will now be used to drill the Cheal-E-3 well, which will test an additional identified Urenui and Mt. Messenger prospects within the Cheal North permit.
TerraX Minerals Inc. (
TSX: V.TXR,
Stock Forum) was up 5.3% to 60 cents before closing unchanged at 57 cents after the resource company reported further high grade gold assay results from drill core re-logged and re-sampled from its Northbelt property in the Yellowknife gold camp, Northwest Territories. Highlights included 62.90 grams per tonne gold over 5.00 meters, 4.43 grams per tonne gold over 5.00 meters and 6.55 grams per tonne gold over 2.00 meters.
GoldQuest Mining Corp. (
TSX: V.GQC,
Stock Forum) lost 6.7% to 28 cents. The stock is reacting to news of the mineral exploration company’s assay results from six drill holes, including four holes at the company's 100% owned Romero Discovery along the Las Tres Palmas trend and two at the La Rosa target, in the Dominican Republic.
The four in-fill holes at Romero are part of an on-going in-fill drill program and they focused on delineating the southern area of the mineralization, which has previously been lightly drilled. The results are being incorporated into the mineral resource estimate being prepared in accordance with NI43-101 by Micon International. The mineral resource estimate is on schedule to be completed in the fall.
Drilling highlights from Romero included 119.36 metres grading 0.64 grams per tonne gold uncut and 0.20% copper, as well as 66.36 metres of 0.84 grams per tonne gold uncut and 0.32% copper.
Drilling on the La Rosa target produced no significant results.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Mirabela Nickel Ltd. (T.MNB, Stock Forum) |
100.00% |
| Neptune Technologies & Bioressources Inc. (V.NTB, Stock Forum) |
16.09% |
| Neptune Technologies & Bioressources Inc. (T.NTB, Stock Forum) |
15.14% |
| Sphere 3D Corporation (V.ANY, Stock Forum) |
14.44% |
| Paladin Energy Ltd (T.PDN, Stock Forum) |
10.64% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Zenyatta Ventures Ltd. (V.ZEN, Stock Forum) |
-9.00% |
| Niko Resources Ltd. (T.NKO, Stock Forum) |
-8.05% |
| Horizons BetaPro COMEX Silver Bear Plus ETF (T.HZD, Stock Forum) |
-5.19% |
| Xtreme Drilling and Coil Services Corp. (T.XDC, Stock Forum) |
-4.97% |
| NuVista Energy Ltd. (T.NVA, Stock Forum) |
-4.96% |