Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, January 19, 2010
TORONTO (SHfn) – Gold results glistered in Tuesday trading, while copper-zinc-gold drilling grabbed the attention of some.
Magellan Minerals (TSX: V.MNM, Stock Forum) shares jumped 16% to 88 cents on Tuesday after the micro cap miner released fresh drill results at its Moreira Gomes prospect located in its Cuiu Cuiu project in Brazil. The company released results from seven diamond drill holes, including hole CC53-09, which showed 13.69 grams/tonne (g/t) of gold over 17 metres. However, the other holes showed gold at less than two grams/tonne.
As well, shares of Great Quest Metals (TSX: V.GQ, Stock Forum) shot up 52% to 16 cents as the junior explorer said it had acquired a 50 square kilometer gold concession in Western Mali, West Africa. The company’s release from Monday said that it expected the potential for a gold discovery was very high. Great Quest agreed to pay $120,000 over three years for the concession.
Overland Realty (TSX: V.OVL, Stock Forum), meanwhile, reported that it has entered into a definitive support agreement that provides for an offer to be made by Cominar Real Estate Investment Trust (TSX: T.CUF.UN, Stock Forum), by way of a take-over bid, to purchase all of the outstanding common shares of Overland for 82 cents a share in cash, or a total consideration of approximately $70.9 million. Overland stock popped 35% to 81 cents.
ARISE Technologies (TSX: T.APV, Stock Forum) shares powered 17% higher to 28 cents after the solar technology provider said it has been awarded a contract to supply a 150KW photovoltaic rooftop solar system to the Region of Waterloo in Ontario.
A copper-zinc-gold property in Sweden brought positive attention to Blackstone Ventures (TSX: V.BLV, Stock Forum). The company announced that it would launch a drilling program at its Uma VMS (volcanogenic massive sulphide) property, and its shares subsequently climbed 39% to 19.5 cents. It plans to drill 12 to 20 holes.
But news of a new gold trend was not greeted with any celebration. Threegold Resources (TSX: V.THG, Stock Forum) fell 16% to 15.5 cents, despite its assertion that drill results from its Adanac project showed a new gold trend. The company said that fall drilling results included less than a gram per tonne of gold in each of the nine holes for which it has results.
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