Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 13, 2010
TORONTO (SHfn) – All that glistered wasn’t gold assays Wednesday as speculators also took a shine to a rare earth play.
Eagle Hill Exploration (TSX: V.EAG, Stock Forum) shares surged as much as 34% to 21.5 cents on Wednesday after the micro cap miner reported assay results from its initial splitting and assaying of up to 8,700 meters of previously drilled, but un-sampled, core from the Windfall Lake Property in Quebec, which included 5.95 grams per tonne (g/t) of gold over 21.35 meters.
As well, shares of Module Resources (TSX: V.MLE, Stock Forum) moved up 64% to 11.5 cents as the junior explorer announced results from the remaining three holes of its five-hole diamond drill program that began October, 2009, on the McMaster Zone at its Ladner Gold Property near Hope, British Columbia, which included 2.86 g/t gold over 43.6 metres.
C.A. Bancorp Inc. (TSX: T.BKP, Stock Forum), meanwhile, said Maxam Opportunities Fund Limited Partnership and Maxam Opportunities Fund (International) Limited Partnership have increased the price for the offer to acquire C.A. Bancorp to $1.45 per share in cash. C.A. Bancorp stock popped 13% to $1.52.
Nuinsco Resources (TSX: T.NWI, Stock Forum) shares powered 39% higher to 12.5 cents after the mineral explorer reported the completion of an Exploration Target Mineralization Inventory (ETMI) estimate on its 100% owned Prairie Lake Project in northwestern Ontario. The ETMI sets the target estimate for the two areas drill-tested to date at between 330 and 360 million tonnes averaging 3.5% to 3.7% P2O5 (phosphorous) and 0.12% to 0.14% Nb2O5 (niobium) (1.2 to 1.4 kg/tonne). In addition to phosphorous and niobium, the suite of minerals of economic significance includes tantalum (Ta), uranium (U) and rare earth elements (REE) (including lanthanum (La), cerium (Ce), samarium (Sm), neodymium (Nd) and yttrium (Y)).
Shares of Redknee (TSX: T.RKN, Stock Forum) climbed 17% to 1.29 after the provider of business-critical software and solutions for communications service providers announced the opening of its new office in Beirut, Lebanon, which the company believes will help expand its existing presence in Dubai, UAE, Nairobi, Kenya and Johannesburg, South Africa.
Wildcat Silver (TSX: V.WS, Stock Forum) shares gained 14% to 49 cents after the junior miner provided an update of the mineral resource estimate at its 80%-owned Hardshell property in Arizona. Mineral resources at Hardshell now contain: 80.4 million ounces of silver, an increase of 50% over the previous estimate, 1,742,200 tonnes of manganese, an increase of 196%, 225,000 tonnes of zinc, an increase of 140%, and 14,100 tonnes of copper, an increase of 187%.
And, Lakeside Steel (TSX: V.LS, Stock Forum) late Tuesday said it has increased production on its Stretch Reduction Mill by adding additional production shifts to meet stronger demand for Lakeside Steel's OCTG products. In addition, Lakeside Steel has recalled all of its temporarily laid off employees and has returned to full employment for the first time since November 2008. Based on current orders, the company expects its Stretch Reduction Mill and ERW 2"-8" Mill to operate at or near capacity through April of 2010. Its shares added 18% at 35.5 cents on Wednesday.
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