Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, November 6, 2008
TORONTO (SHfn) - Shares of a small coal play heated up Thursday, while speculators took a shine to gold results.
Kent Exploration (TSX: V.KEX, Stock Forum) shares climbed as much as 33% before closing up 11% to five cents on Thursday after the micro cap miner said it has received 24 Coal Prospecting Permits from Saskatchewan Energy Resources, representing a permitted area of about 18,462 hectares. The permitted area consists of two townships located immediately east of, and approximately six miles from, the Adamas coal discovery, where North American Gem (TSX: V.NAG, Stock Forum) has reported a five-meter coal intersection grading sub-bituminous A quality.
As well, shares of Typhoon Exploration (TSX: V.TOO, Stock Forum) shot up 33% to two cents as the junior explorer reported results of the winter 2008 drill campaign on its 100% owned Fayolle property in Quebec, which included 19 metres of 10.84 grams per tonne (g/t) gold.
Manicouagan Minerals (TSX: V.MAM, Stock Forum), meanwhile, announced additional diamond drill results from its Barre de Fer Prospect in Quebec, which included 9.4 metres grading 1.48% nickel, 0.66% copper, and 1103 ppm cobalt. Manicouagan stock popped 14% to four cents.
Shares of Pason Systems (TSX: T.PSI, Stock Forum) jumped 10% to $11.09 after the provider of rental oilfield instrumentation systems reported that third-quarter revenue surged 32% to $80.5 million, while earnings jumped 36% to $21.4 million, or 26 cents a share, compared with 19 cents a share a year ago.
And, United Reef Limited (TSX: V.URP, Stock Forum) Thursday said it has been provided with a report from General Reef Corporation (GRC) updating GRC's recent drilling activity and other corporate matters. United Reef owns a 40% equity interest in GRC. GRC has a farmin and option agreement with EnCana Oil & Gas Partnership for certain farmin rights on 40.6 sections (25,000 acres) of freehold petroleum and natural gas rights in the Warner area of Alberta.
During October GRC re-entered and deepened its well 16-22-5-21W4, which was originally spudded in December of 2007, to a total depth of 1,000 metres. The well penetrated a sequence of stacked pay in several different Cretaceous aged sandstones. The deepest zone penetrated is the Bow Island Formation, which is gas-charged. The well also encountered gas up-hole in the shallower Milk River Formation, Belly River Formation and the Blood Reserve Formation. Gas was identified from well logs and gas shows encountered during the drilling of the well. United Reef shares surged 20% to three cents.
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