Stockhouse Canadian Small and Micro-cap Stock Report for Friday, January 8, 2010
TORONTO (SHfn) – Some speculators piled into a small gold play Friday, while a joint venture boosted a copper/gold explorer.
Northern Gold Mining (TSX: V.NGM, Stock Forum) shares climbed 55% to 29.5 cents on Friday after ValGold Resources (TSX: V.VAL, Stock Forum) reported drill results for the first two holes of the 2009 program on its 100% owned Garrison property in northern Ontario. Northern Gold Mining is the project operator and is currently in the first year of an option agreement under which it is earning its initial 50% interest in the Garrison property from ValGold by making $4 million in exploration expenditures and paying ValGold $1 million in option payments within the next four years. Assays included 22.0 metres of 4.21 grams per tonne (g/t) gold.
As well, shares of Millrock Resources (TSX: V.MRO, Stock Forum) shot up 35% to 29 cents as the micro cap explorer said it has signed a letter of intent to enter into an Option to Joint Venture Agreement with Inmet Mining (TSX: T.IMN, Stock Forum) concerning Millrock's San Jose and Dry Mountain copper/gold claims in Arizona. The agreement will give Inmet the opportunity to earn a 70% interest in the two claim blocks by spending US$4.0 million in exploration expenditures and making option payments of US$300,000. The 2010 exploration expenditure commitment is US$500,000 and the initial payment is US$50,000. Millrock will be the exploration operator for the first year of exploration and thereafter at Inmet's option.
Armistice Resources (TSX: T.AZ, Stock Forum) shares powered 31% higher to 38 cents on Friday after the junior miner announced that it has signed a letter of intent with a group of private investors to provide the company one year to complete due diligence and sign a definitive option agreement for the purchase of up to 100% of the ownership of the Kerr Mine workings and related mineral properties totaling in excess of 2000 acres. The Kerr mine in northern Ontario produced more than 11 million ounces of gold from 1938 to 1996.
Medoro Resources (TSX: V.MRS, Stock Forum), meanwhile, reported that it has received a National Instrument 43-101 compliant technical report on Colombia Gold plc's Echandia property located in the Marmato region of Colombia. The Echandia Report contains a mineral resource estimate of 1.08 million ounces of gold in the measured and indicated category with an additional 0.27 million ounces of gold in the inferred category. The estimate was based on 17,144 meters of diamond drilling in 96 holes and using a cutoff grade of 0.3 g/t. Medoro stock popped 14% to 58 cents.
And, shares of Hydrogenics (TSX: T.HYG, Stock Forum) jumped as much as 11% to 50 cents after the developer and manufacturer of hydrogen generation and fuel cell products announced the award of a contract with the Canadian Space Agency for the development of a next generation power system to be used for surface mobility applications on the Moon. The scope of the contract includes an electrolyzer that produces both hydrogen and oxygen using solar power and a fuel cell system to be used for mobility, auxiliary, and life support systems.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |