Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, November 10, 2009
TORONTO (SHfn) – Massive sulphides made quite an impression on speculators Tuesday, while a Ghana gold play soared on a takeover bid.
Rockcliff Resources (TSX: V.RCR, Stock Forum) shares jumped 57% to 34.5 cents on Tuesday after the micro cap explorer reported that drilling on the Rail Zone has intersected copper-gold mineralization on its Snow Lake VMS Project in Manitoba. Hole RL09-37 intersected 4.74 metres of massive sulphides grading 9.02% copper, 3.46 grams per tonne (g/t) gold, 1.62% zinc and 36.5 g/t silver.
As well, shares of Moydow Mines International (TSX: T.MOY, Stock Forum) moved up 120% to 77 cents as the miner said it has entered into an agreement with Franco-Nevada (TSX: T.FNV , Stock Forum), which sets out the basis for Franco-Nevada to acquire the company and its 2% Net Smelter Returns royalty on a portion of Newmont Mining Corporation's Ahafo gold mine in Ghana for total consideration valued at US$58 million. Shareholders of Moydow will receive 0.02863 Franco-Nevada shares for each Moydow share they own.
Imperial Metals (TSX: T.III, Stock Forum), meanwhile, announced partial results from the sixth and seventh drill holes of the 2009 deep drilling program at the Red Chris copper/gold property in British Columbia, which included 152.5 metres grading 4.12% copper and 8.83 g/t gold starting at a depth of 540.0 metres. Imperial Metals stock popped 46% to $8.85.
Shares of Oro Silver Resources (TSX: V.OSR, Stock Forum) powered 27% higher to 21.5 cents after the junior miner reported assay results for two recently completed diamond drill holes on its El Compas property in Zacatecas, Mexico, which included 193.2 g/t gold and 1,263.9 g/t silver over 4.28 metres.
And, Cossette Inc. (TSX: T.KOS, Stock Forum) Tuesday said it has entered into a definitive agreement to be acquired and taken private by Mill Road Capital, L.P., a private investment firm, for a consideration of $7.87 per share in cash. Its shares climbed 33% to $7.78.
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