Stockhouse Canadian Small and Micro-cap Stock Report for Friday, December 12, 2008
TORONTO (SHfn) - Gold assays made more than a few shareholders happy Friday, while speculators reacted positively to uranium results.
Victoria Gold (TSX: V.VIT, Stock Forum) shares shot up 13% to 22.5 cents on Friday after the micro cap miner reported the latest assay results from drill hole NW-13a at its Helen Zone discovery in Nevada, which included 29.6 metres of 16.75 grams per tonne (g/t) gold.
As well, shares of Solex Resources (TSX: V.SOX, Stock Forum) jumped 29% to 4.5 cents as the junior explorer announced the final results of the 2008 drilling program completed on the Puncopata Prospect at the Macusani East uranium project in Peru, which included eight metres of 0.216% U3O8.
Sprott Resource (TSX: T.SCP, Stock Forum), meanwhile, reported that it has elected to terminate its option agreement with Paragon Minerals (TSX: V.PGR, Stock Forum) concerning Paragon's JBP-Appleton Linear Property. Paragon stock slipped 11% to four cents.
Shares of Luna Gold (TSX: V.LGC, Stock Forum) powered 15% higher to 11.5 cents after the micro cap explorer announced that it has renegotiated the terms of the agreement relating to its Cachoeira project in Brazil, which included extending the timeframe for complying with the remaining exploration expenditure requirement by one year to October, 2010.
And, Channel Resources (TSX: V.CHU, Stock Forum) Friday said it has entered into an agreement with IBK Capital for the arrangement of a private placement equity financing, on a best-efforts basis, for up to $1 million. The company intends to use the proceeds of this financing to advance the Fox Creek lithium project in Alberta and the Tanlouka gold project in Burkina Faso, and for corporate development and general working capital purposes. Its shares surged 50% to 1.5 cents.
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