On Monday, Sure Energy (TSX: T.SHR, Stock Forum) shares climbed 20% to 48 cents on Monday after the oil and gas explorer/producer said it has made a sweet dual zone natural gas discovery in the Peace River Arch area of Alberta. The 100% working interest well production flow tested for eight days at a combined stabilized rate of 3.5 MMcf/d from two separate zones. This discovery well is anticipated to begin production at a rate of 2.0 MMcf/d (335 BOE/d) net to the company.
As well, shares of International Royalty (TSX: T.IRC, Stock Forum) shot up 50% to $7.06 as the mineral royalty firm reported that it has been informed of the intention of Franco-Nevada Corporation to, directly or indirectly through a wholly-owned subsidiary, make a formal all-cash offer to IRC shareholders to acquire any or all of the outstanding common shares of IRC for $6.75 cash per share.
In Tuesday trading, Stornoway Diamond (TSX: T.SWY, Stock Forum) shares jumped 18% to 36 cents on Tuesday after the micro cap miner announced the completion of a revised National Instrument 43-101 compliant mineral resource estimate for the Renard Diamond Project in Quebec, which showed a total Indicated Mineral Resource of 23.0 million carats, and a total Inferred Mineral Resource of 13.3 million carats, increases of 228% and 195% respectively over the previous estimates published in December 2008.
Canacol Energy (TSX: V.CNE, Stock Forum), meanwhile, provided an update of its development drilling program at its operated Rancho Hermoso Field located in the Llanos Basin of Colombia, where the company has a 100% operated working interest. On December 5, 2009, the Guadalupe reservoir was perforated from 9,042 to 9,050 feet, and flowed at a final rate of 3,944 barrels per day of 33 degree API gravity oil (986 net barrels of oil per day) and 318 thousand standard cubic feet of gas per day, with a water cut decreasing to 6% under naturally flowing conditions through a choke of 3/4 inches at a bottom hole flowing pressure of 145 psi. Canacol stock popped 16% to 44.5 cents.
Wednesday’s market action saw shares of Northern Gold Mining (TSX: V.NGM, Stock Forum) surged 17% to 28 cents on Wednesday after the micro cap explorer reported preliminary drill results for the first two holes of its diamond drilling program on the Garrison gold property in the Kirkland Lake mining camp of northern Ontario, which included 56.1 metres grading 2.14 grams per tonne (g/t) gold.
Also, shares of Xenos (TSX: T.XNS, Stock Forum) moved up 65% to $3.46 as the provider of software for streamlining enterprise information supply chains said it has entered into a definitive agreement for Actuate Corporation (NASDAQ: ACTU, Stock Forum) to acquire all of the outstanding common shares of Xenos by way of a take-over bid at a price of $3.50 per share in cash, or a total consideration of $37.7 million.
On Thursday, First Gold Exploration (TSX: V.EFG, Stock Forum) shares powered 15% higher to 19 cents on Thursday after the micro cap miner reported more sampling results at the San Javier silver property in Mexico, which returned as high as 2070 grams per tonne (g/t) silver, 5.17% lead, and zinc 2.66%.
OSI Geospatial (TSX: T.OSI, Stock Forum), meanwhile, said its U.S. operations has signed a three-year U.S. Army contract valued at approximately $5.7 million. Under the terms of this contract, the company will provide engineering, training and support services. The company expects to recognize about $1.9 million in revenue annually for the next three years. OSI stock popped 18% to 16.5 cents.
And, in Friday trading, 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.
Finally, 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.