Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, October 29, 2009
TORONTO (SHfn) – Gold assays continued to propel shares of a small miner Thursday, while a battery stock charged higher on robust demand.
Lake Shore Gold (TSX: T.LSG, Stock Forum) shares added 11% at $3.41 on Thursday after the miner reported results from 21 underground holes (4,417 metres) from the 525 metre and 650 metre levels of its 100% owned Timmins Mine Property in northern Ontario, which included 16.41 grams per tonne (g/t) gold over 14.20 metres.
As well, shares of Electrovaya (TSX: T.EFL, Stock Forum) powered 26% higher to 77 cents as the developer and manufacturer of Lithium Ion SuperPolymer battery systems said it is accelerating the set-up of its joint-venture production facility in Norway with its partner Miljobil Grenland based on robust demand. The Miljobil Grenland joint venture, of which Electrovaya is a shareholder, is establishing a Lithium Ion SuperPolymer cell and battery pack manufacturing facility in Norway to meet the emerging demands of electric vehicles, including the Tata Motors Indica EV.
Garibaldi Resources (TSX: V.GGI, Stock Forum), meanwhile, announced that wide spaced soil sampling on its 100% owned Tonichi Project in Mexico has identified a significant "gold in soil" anomaly over one of its high priority hyperspectral target areas. The soil geochemical survey outlined strongly anomalous gold values (112 samples returned gold values in excess of 0.1 g/t gold) over a strike length of 1150 meters and widths of 150 to 800 meters. Garibaldi stock popped 32% to 14.5 cents.
Shares of North American Gem (TSX: V.NAG, Stock Forum) surged 12% to 14.5 cents after the coal junior reported the commencement of operations at North American Gem Mine #1 in Whitley County, Kentucky.
And, Nord Resources (TSX: T.NRD, Stock Forum) late Wednesday said it is undertaking an unregistered brokered private placement of 40 million units for total gross proceeds to the company of US$12 million. Following completion of the financing, Ross J. Beaty will own approximately 30% of the outstanding common shares of the company, representing a change of control pursuant to the policies of the Toronto Stock Exchange. Nord is ramping up copper mining and processing operations at its Johnson Camp Mine in Arizona. Its shares shot up 131% to 55 cents on Thursday.
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