On Monday, North American stock markets were closed for holidays.
In Tuesday trading, Fission Energy (TSX: V.FIS, Stock Forum) shares climbed 33% to 64 cents on Tuesday after the micro cap explorer reported that drill hole WAT10-070B, a 15 metre step-out to the west of the mineralization encountered in WAT10-063A, intersected a 13.5 metre wide interval of highly radioactive mineralization at the unconformity, including several intercepts totaling 7.5 metres of "off-scale" (cps >9999) hand scintillometer readings. Fission believes that the J-Zone represents a significant new discovery of unconformity mineralization at its Waterbury Lake Project in the Athabasca Basin region of Saskatchewan.
As well, shares of Lomiko Metals (TSX: V.LMR, Stock Forum) shot up 47% to 12.5 cents as the junior miner announced that Japan Oil, Gas and Metals National Corporation has entered into a Memorandum of Agreement with Lomiko and its wholly-owned subsidiary Lomiko Metals USA LLC to acquire 51% of Lomiko's Alkali Lake Lithium Project in Esmeralda county, Nevada, after completing US$2.5 million in work no later than March 31, 2013.
Wednesday’s market action saw shares of Magma Metals (TSX: T.MMW, Stock Forum) continue to bubble higher following the release of Tuesday’s well-received drill results. The company, which is based in Perth Australia, reported what it called “one of the best drill intercepts” at its Thunder Bay North platinum-palladium-nickel-copper project in Ontario. Magma highlighted 14 metres from the BL10-197 holes with 16.23 g/t of platinum and 13.92 g/t of palladium, with 3.52% of copper and 1.24% of nickel. Magma was up 14% at 75 cents.
Meanwhile, Cortex Business Solutions (TSX: V.CBX, Stock Forum) rang up big gains after the company, which makes electronic procurement systems, said that it had signed a project agreement with oil and gas exploration and production company Apache Corp (NYSE: APA, Stock Forum). CBS and Basware have signed an agreement to automate invoice processing for Apache’s North American operations. Shares of the Calgary-based company jumped 21% to 46 cents.
On Thursday, Western Potash (TSX: V.WPX, Stock Forum) shares surged 39% to 68 cents on Thursday after the micro cap explorer said it has received a “very encouraging” report from an oil and gas consultant commissioned to evaluate drill hole data collected during the company's definition drilling program at its Milestone project in Saskatchewan. A total of nine wells have been drilled at Milestone while defining the new potash resource, which was reported previously on February 2, 2010. The down-hole geophysical logs have indicated the presence of neutron-density crossovers (neutron capture) in two zones in all nine wells. A close inspection of the neutron capture, combined with data on lithology and porosity indicate the presence of hydrocarbons. Patricio Varas, CEO of the company commented that:" the possibility of having sizable natural gas pools sitting on the door step of our Potash deposit would represent a significant advantage to any future plans to develop the Milestone potash resource."
Also, shares of Petrolifera Petroleum (TSX: T.PDP, Stock Forum) moved up 24% to $1.28 as the oil and gas producer/developer announced that it has made “significant progress” in the remediation program at the La Pinta 1X well on its Sierra Nevada License in the Lower Magdalena Basin, onshore Colombia. The company also reported that it has spudded the Brillante SE 1X exploratory well, also on the Sierra Nevada License, on February 16, 2010. The projected total depth of the well is 9,500 feet and the well is considered prospective for natural gas and natural gas liquids.
And, in Friday trading, Arcan Resources (TSX: V.ARN, Stock Forum) shares powered 32% higher to $2.81 on Friday after the oil and gas explorer/producer reported initial test results from its first horizontal multi-stage fracture well in its Deer Mountain Unit #2 in Alberta, as well as an agreement to acquire approximately 81 net sections of offsetting lands with production of approximately 500 boe per day. After 10 days of testing, it has been established that the well has a productive capacity at the end of the test in excess of 600 barrels per day of 40 API light sweet oil.
Finally, shares of Norwood Resources (TSX: V.NRS, Stock Forum) gained as much as 69% to 11 cents as the energy junior announced that on February 15, 2010, it completed testing on the San Bartolo-1X2 sidetrack well in Nicaragua. The well reached total depth of 6428ft on January 31, 2010. Each of zones had indications of oil with zones 7 and 9 yielding quantities sufficient to consider fracture stimulation or horizontal drill holes to obtain commercial production rates. On January 29, 2010, the company completed a long-term swabbing test of zone 7 of 404 hours over 35 days. The test resulted in 1289 bbls of fluid, of which 241 bbls was 38.5 API oil and the remainder interpreted to be formation and drilling fluid coming from the sidetrack via a fracture connection to the 2007 San Bartolo-1 wellbore some 65' away.