Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 17, 2013 VANCOUVER (SHfn) –
GTA Resources and Mining Inc. (
TSX: V.GTA,
Stock Forum) was up 47.8% to 17 cents. The stock is reacting to news of the commencement of a diamond drill program at the mineral explorer’s Auden property, located adjacent to
Zenyatta Ventures Ltd.'s (
TSX: V.ZEN,
Stock Forum) Albany graphite project in Northern Ontario. The drill program will initially target electromagnetic anomalies (conductive zones) located in the central part of the property and having geophysical characteristics similar to the geophysical signature associated with Zenyatta's high purity graphite zones. These graphite deposits were discovered while testing electromagnetic (EM) targets and have been described as occurring in breccia pipes (diatremes) with dimensions in the order of 200 metres by 400 metres. GTA's management and geological consultants believe that the graphite breccia pipes that exist on Zenyatta's Albany project are similar to kimberlite pipes (diatremes) and are likely to occur in clusters along structural corridors that may extend onto GTA's Auden property.
PMI Gold Corp. (
TSX: T.PMV,
Stock Forum) climbed 46.4% to 41 cents as investors assessed the news that
Asanko Gold Inc. (
TSX: T.AKG,
Stock Forum) will acquire all of the common shares of the exploration and development company to create an emerging mid-tier gold producer with a clear pathway to 400,000 ounces of annual gold production. Under the arrangement, each PMI shareholder will receive 0.21 Asanko common shares for each PMI common share. This values each PMI share at $0.441 representing a premium of 79% to the 20-day volume weighted average share prices of the PMI common shares on the TSX as of Dec. 16, 2013. Following the completion of the business combination, PMI and Asanko shareholders will hold approximately 50% each of the combined company.
Caribou King Resources Ltd. (
TSX: V.CKR,
Stock Forum) rose 11% to five cents after the company said that several significant electromagnetic (EM) conductors have been confirmed on its Mulloy graphite project, located roughly ten kilometers west of the Zenyatta Ventures Albany graphite project in Ontario. Four electromagnetic (EM) conductors are confirmed, three of which have a strike length over 700 meters, with the fourth striking over 600 meters in length, and all conductors remain open along strike. Each of the conductors corresponds in part with magnetic lows that are believed to indicate graphite mineralization, and one conductor is supported in part by historical drilling that encountered several intervals of graphite mineralization as described in detail below. "Our Mulloy property continues to demonstrate a great potential for significant graphite mineralization,” said Michael England, CEO and Director. “Just as we expected from our earlier reconnaissance geophysics, the EM conductors are much larger than initially indicated, with a good correlation between conductivity and non-magnetic character expected for graphite mineralization. Our drill permits are expected shortly, we have a drill ready, and most importantly, we have road access directly to our drill targets."
True Gold Mining Inc. (
TSX: V.TGM,
Stock Forum) was up 3.9% to 40 cents after the mineral exploration and development company announced results from an independent feasibility study for the Karma gold project in Burkina Faso, West Africa. The study supports a technically simple open-pit heap leach project that offers low capital and operating costs, rapid payback and strong financial performance at US$1,250 per ounce of gold. "The Karma project is an ideal foundation upon which to build a mining company,” said Mark O'Dea, Executive Chairman. “It is straightforward, financeable, resilient, and has tremendous room to grow. We are delighted to have achieved this important milestone, and feel strongly that our development approach is ideally suited to the attributes of our project. I am very proud of our team for designing a mine plan that honours the characteristics of our deposits. It maximizes profitability, minimizes technical risk and manages both capital and operating costs."
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| PMI Gold Corporation (T.PMV, Stock Forum) |
44.64% |
| Carpathian Gold Inc. (T.CPN, Stock Forum) |
36.84% |
| LGX Oil + Gas Inc. (V.OIL, Stock Forum) |
35.29% |
| Golden Queen Mining Co. Ltd. (T.GQM, Stock Forum) |
30.30% |
| Southern Pacific Resource Corp. (T.STP, Stock Forum) |
13.89% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Calmena Energy Services Inc. (T.CEZ, Stock Forum) |
-28.57% |
| Xmet Inc. (V.XME, Stock Forum) |
-22.22% |
| LX Ventures Inc. (V.LXV, Stock Forum) |
-17.86% |
| Logan International Inc. (T.LII, Stock Forum) |
-13.64% |
| Thompson Creek Metals Company Inc. (T.TCM, Stock Forum) |
-9.78% |