Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, January 14, 2010
TORONTO (SHfn) – Gold assays generated much speculation Thursday, while a copper-nickel-PGM play benefited from pending JV cash.
Premium Exploration (TSX: V.PEM, Stock Forum) shares powered 29% higher to 62 cents on Thursday after the micro cap explorer/developer reported that assay results have been received from the first three holes of the Phase-Two drill program at the Friday-Petsite Property in Idaho, which included 3.81 grams per tonne (g/t) gold over 121.1 meters. Premium Explorationis a Ticker TraxPlanetary Prospect that was first identified at 22 cents a share.
As well, shares of Duluth Metals (TSX: T.DM, Stock Forum) added 53% at $3.27 as the miner said it has signed a binding heads of agreement with Antofagasta plc on a joint venture development to aggressively advance the Nokomis copper-nickel-PGM (platinum, palladium and gold) project in Minnesota to production. Terms of the agreement include Antofagasta providing US$130 million in direct funding to the project for its 40% interest in the joint venture.
Vero Energy (TSX: T.VRO, Stock Forum), meanwhile, announced drilling and operating results for the fourth quarter of 2009. This drilling program enabled the company to add “significant” production at the end of the fourth quarter, exiting at an estimated 7,800 boed (82% natural gas) net of a disposition of approximately 350 boed in the quarter. With a number of well completions at year end and into early January, current production based on field estimates is 8,200 boed (80% natural gas). Vero stock popped 15% to $6.25.
Shares of Sirit Inc. (TSX: T.SI , Stock Forum) climbed 14% to 29.5 cents after the provider of radio frequency identification technology said it has signed a definitive agreement whereby Federal Signal (NYSE: FSS, Stock Forum) will acquire all of the issued and outstanding common shares of Sirit for 30 cents a share in cash, or a total consideration of $49.5 million.
Nautilus Minerals (TSX: T.NUS, Stock Forum) shares jumped 12% to $2.37 after the junior miner announced the discovery of five Seafloor Massive Sulphide systems during its 2009 exploration campaign. Copper grades up to 32.4% and zinc grades up to 52.6% were reported from grab samples collected from these discoveries using a hand held x-ray fluorescence meter. Final assays on samples collected indicate gold up to 39.7 g/t and silver up to 682 g/t.
And, Anderson Energy (TSX: T.AXL, Stock Forum) Thursday reported that it has begun its operated Edmonton Sands winter drilling program on November 4, 2009. As of January 14, 2010, the company has drilled 122 gross Edmonton Sands wells, with a success rate of 85%, consistent with expectations and historical results. The company's approximate capital working interest in the wells drilled is 75%. It expects to bring on the new production from this winter's drilling program in the second quarter of 2010 at an average operating expense of $5 per BOE, which is substantially less than the historical Edmonton Sands average operating expense of $9 per BOE. Anderson's estimated production guidance for 2010 remains at 8,000 to 8,500 BOED. Anderson Energy shares surged 16% to $1.57.
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