On Monday, Cardero Resource (TSX: T.CDU, Stock Forum) shares soared 28% to $1.86 after the miner said it has entered into an agreement with Nanjinzhao Group Co., a private Chinese enterprise, whereby its 100% owned subsidiary Cardero Hierro del Peru, S.A.C., the holder of the Pampa de Pongo Iron Property in Peru, will sell its 100% interest to Nanjinzhao for a total purchase price of US$200 million.
As well, shares of Apollo Gold (TSX: T.APG, Stock Forum) surged 20% to 18 cents as the micro cap explorer announced that it has received all necessary permits and approvals and open-pit mining at its 100% owned Black Fox gold project near Timmins, Ontario, is expected to begin in March 2009.
In Tuesday trading, Peregrine Diamonds (TSX: T.PGD, Stock Forum) shares shot up 22% to 27.5 cents after the micro cap miner reported the discovery of diamonds in the CH-2 and CH-3 kimberlites, and a new diamond result from the CH-1 kimberlite that exhibits a coarse diamond size distribution from its 9,800 square kilometre Chidliak property on Baffin Island, Nunavut. A 356.6 kilogram surface sample from CH-2 yielded 372 diamonds larger than the 0.075 mm sieve size, including three diamonds larger than the 0.600 mm sieve size.
Also, shares of Patricia Mining (TSX: V.PAT, Stock Forum) soared 74% to 20 cents as the junior explorer announced that it has entered into a definitive agreement in which Richmont Mines (TSX: T.RIC, Stock Forum) will acquire all of Patricia Mining's outstanding shares through a combination of cash and stock. Patricia Mining shareholders will receive 15 cents in cash and 0.055 of one Richmont share for each Patricia Mining share held. The transaction values Patricia Mining at 26 cents per share and represents a 100% premium to the closing price of Patricia Mining's shares on October 24, 2008, the last complete trading day before this announcement.
Wednesday’s market action saw shares of Stornoway Diamond (TSX: T.SWY, Stock Forum) power 40% higher to 14 cents after the micro cap explorer announced the receipt of a positive economic study for the Renard Diamond Project located at the Foxtrot Property in Quebec. The Foxtrot Property is a 50/50 joint venture with SOQUEM INC. A NI 43-101 compliant mineral resource shows 7.0 million carats of Indicated Resource, 11.6 million tonnes at an average grade of 60 carats per hundred tonnes (cpht), and 4.5 million carats of Inferred Resource (7.2 million tonnes at an average grade of 63 cpht).
In addition, shares of Canadian Royalties (TSX: T.CZZ, Stock Forum) climbed 16% to 28.5 cents as the junior miner reported the discovery of a new zone of Nickel-Copper-PGE (Platinum Group Element) mineralization at Kehoe in Quebec, which included 38.15 metres grading 1.23% nickel and 1.21% copper, 0.56 grams per tonne (g/t) platinum, and 1.99 g/t palladium.
On Thursday, Sinchao Metals (TSX: V.SMZ, Stock Forum) shares surged 67% to 10 cents after the micro cap miner said it has received a NI 43-101 compliant resource estimate for the Sinchao Project in Peru, which showed a 237 million tonne Inferred Resource containing an estimated 3.73 million ounces of gold, 2.45 billion pounds of copper and 92 million ounces of silver, or 4.04 billion pounds of copper grading 0.77% copper equivalent based on US$600/oz gold, $1.50/lb copper and $8/oz silver. This Inferred Resource is within a larger Inferred Resource of 416 million tonnes grading 0.36% copper, 0.33 grams per tonne (g/t) gold and 9.3 g/t silver (containing an estimated 4.4 million ounces of gold, 3.3 billion pounds of copper and 124 million ounces of silver).
As well, shares of Mediterranean Resources (TSX: T.MNR, Stock Forum) jumped 33% to six cents after the junior explorer reported results from four infill diamond core holes drilled at its 100% owned Corak property in Turkey, which included gold values up to 71.4 g/t, with one interval of 5.15 g/t over 22.2 metres.
And, in Friday trading,Galway Resources (TSX: V.GWY, Stock Forum) shares shot up 43% to 15 cents after the micro cap explorer said it has entered into an option agreement with Rio Tinto Mining and Exploration to acquire 100% interest in nine coal concessions totaling 7,500 hectares, roughly 50% of the previously drilled San Louis Coal basin in Colombia. The San Luis Coal Basin (approximately 15,000 hectares) is believed to contain as much as 300 million tons of coal resources in all categories.
Finally, shares of Hy-Drive Technologies (TSX: V.HGS, Stock Forum) soared 50% to 45 cents as the technological solution provider to deliver both fuel savings and emission reduction for Class 8 on-highway trucks reported that a series of tests used to determine fuel efficiency as well as emissions performance under the supervision of accredited validation laboratories have now been completed, which recorded average fuel savings in excess of 20% with commensurate emissions reductions.