Stockhouse Canadian Small and Micro-cap Stock Report for Friday, June 26, 2009
TORONTO (SHfn) – A shale gas resource estimate smelt sweet to some shareholders Friday, while speculators piled into an Ecuadorian gold play.
Corridor Resources (TSX: T.CDH, Stock Forum)shares climbed 17% to $2.80 on Friday after the oil and gas producer/explorer provided a summary of the results of an independent study of the quantity of shale gas resource contained within the Frederick Brook formation in the Sussex/Elgin sub-basins of southern New Brunswick. The study, effective June 1, 2009, stated that the best estimate of discovered resources in the study area is 67.3 Trillion Cubic Feet (TCF) gross and 59.1 TCF Corridor working interest.
As well, shares of Ecometals (TSX: V.EC, Stock Forum) shot up 105% to 20.5 cents as the micro cap miner reported plans for diamond drill testing on the Rio Zarza Gold Project in Ecuador, which the company claims has a structural scenario analogous to Kinross' Fruta del Norte Gold Deposit.
Cypress Development (TSX: V.CYP, Stock Forum) and Skyharbour Resources (TSX: V.SYH, Stock Forum), meanwhile, provided an update on their ongoing drill program on Cypress' (80%) Skyharbour's (20%) Broulan Reef gold project located in the Red Lake gold camp in northwestern Ontario. Results included 2.47 grams per tonne (g/t) gold over 4.1 metres. Cypress stock popped as much as 17% to 20.5.
And, Paramount Gold and Silver (TSX: T.PZG, Stock Forum) announced late Thursday that, effective June 29, 2009, it will be added to several Russell indexes including the Russell 3000 and Russell Global. Its shares added 12% at $1.91.
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