Stockhouse Canadian Small and Micro-cap Stock Report for Friday, December 11, 2009
TORONTO (SHfn) – Some speculators made more than a few pennies from a copper 43-101 Friday, while gold/silver samples lifted shares of a small explorer.
Duluth Metals (TSX: T.DM, Stock Forum) shares climbed 69% to $1.79 on Friday after the miner reported the receipt of an independent NI 43-101 compliant report on the resource estimate for the Nokomis Deposit on the Nokomis Property in Minnesota. The three highest grade areas have a cumulative total of 92 million tonnes of Indicated Resources at an average grade of 1.80 CuEq%(copper equivalent grade) using a 1.0% CuEq cut-off grade. The other higher grade areas have a combined total of approximately 48 million tonnes of Indicated Resources at an average grade of 1.75% CuEq using a 1.0% CuEq cutoff grade.
As well, shares of Pele Mountain Resources (TSX: V.GEM, Stock Forum) added 8% at 20 cents as the micro cap explorer announced that a selected grab sample of blasted rock from an old pit on the West Highland project in northern Ontario has returned mineralization grading 50 grams per tonne (g/t) gold, 161 g/t silver, 4.3% zinc, and 1.1% lead.
Wallbridge Mining (TSX: T.WM, Stock Forum), meanwhile, said in response to the discovery and drill intersection of copper-gold-molybdenum mineralization at its Rogers Creek property, it has successfully acquired, by staking, properties covering an additional 779 square kilometers over five other similar intrusions. Wallbridge also owns 10 million shares of Duluth Metals, which helped boost its stock 42% to 27 cents.
And, NaiKun Wind Energy Group (TSX: V.NKW, Stock Forum) late Thursday reported that it has been granted a provincial Environmental Assessment Certificate from the British Columbia Environmental Assessment Office for its 396MW offshore wind energy project in northwest British Columbia, paving the way for the construction of Canada's first offshore wind energy project. Its shares surged 13% to 53 cents on Friday.
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