Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, October 6, 2009
TORONTO (SHfn) – A larger-than-expected kimberlite pipe gave a big boost to a small diamond play Tuesday, while gold results shone brightly.
Stornoway Diamond (TSX: T.SWY, Stock Forum) shares jumped 23% to 24.5 cents on Tuesday after the micro cap explorer announced the completion of the summer drill program on the Renard 2 kimberlite pipe located at the Renard Diamond Project in Quebec. The latest drilling has confirmed that Renard 2 is significantly larger than previously thought, and detailed drill data now support a high confidence geological model that is approximately four times larger than the initial mineral resource estimate for the kimberlite pipe, which was declared in December 2008.
As well, shares of Keegan Resources (TSX: T.KGN, Stock Forum) added 15% at $4.82 as the junior miner reported new results from its 2009 drilling program at the Esaase property in Ghana, which included 9.3 metres of 11.1 grams per tonne (g/t) gold.
Colombian Mines (TSX: V.CMJ, Stock Forum), meanwhile, said it has received written notification that it will be awarded mineral concession contracts covering more than 20,000 hectares of select property in some of Colombia's most prospective mineral belts. These contracts will bring the company's total granted holdings to approximately 22,000 hectares. Colombian Mines stock popped 100% to 24 cents.
Shares of Espial (TSX: T.ESP, Stock Forum) powered 60% higher to 40 cents after the provider of digital TV software and solutions announced that Chongqing Cable TV Network has selected Espial MediaBase to power their on-demand services. Chongqing Cable TV Network is located in the southwest of China and provides analog and digital TV services to 4.2 million subscribers.
Crown Point Ventures (TSX: V.CWV, Stock Forum) shares surged 40% to 70 cents as the oil and gas company said it has successfully completed its second well as a dual zone oil and gas well as part of a three well program in the El Valle field in Argentina.
And, Great Panther Resources (TSX: T.GPR, Stock Forum) Tuesday reported production results for the third quarter of 2009 from its two wholly-owned mines in Mexico. Highlights include metal production of 597,057 silver eq oz, an increase of 34% from Q3 2008 and 19% from Q2 2009, which is a new record. Its shares climbed 19% to 89 cents.
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