Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, March 30, 2010
TORONTO (SHfn) – Foundation Resources (TSX: V.FDN, Stock Forum) shares powered 126% higher to 52 cents on Tuesday after the micro cap explorer reported results from the first two holes of the recently completed 2010 winter drilling program on the East Coldstream Deposit located on its Coldstream Property in Ontario, which included 13.55 grams per tonne (g/t) gold over 3.0 metres intersected within a 27.28 metre wide zone averaging 4.88 g/t gold. Foundation has an option to earn up to a 70% interest in the Coldstream property from Alto Ventures (TSX: V.ATV, Stock Forum).
As well, shares of Critical Outcome Technologies (TSX: V.COT, Stock Forum) moved up 18% to 45.5 cents as the clinical developer of small molecules for the treatment of diseases announced “positive” test results from a series of animal experiments carried out at a prominent Canadian cancer research facility with COTI-2 as a single agent against an aggressive strain of triple negative human breast cancer (TNBC); MDA-MB-231-luc.
EMC Metals (TSX: T.EMC, Stock Forum), meanwhile, said it has received a NI 43-101 technical report and mineral resource estimate for its Nyngan Gilgai Scandium property in New South Wales, Australia, which shows a total measured and indicated resource of 12.01 million tonnes of 261 ppm scandium using a cutoff of 100 ppm. Scandium has been used primarily to produce high-strength aluminum-scandium alloys for products such as baseball and softball bats, bicycle frames, and golf clubs as well as minor components for the aerospace industry. An emerging market for scandium lies within the energy industry with the development of Solid Oxide Fuel Cells (SOFCs). SOFCs are devices that produce electricity directly from oxidizing a fuel using a solid oxide, or ceramic, electrolyte. EMC stock popped 16% to 18.5 cents.
Shares of AMI Resources (TSX: V.AMU, Stock Forum) added 14% at 16 cents after the junior miner announced that it has completed its initial drill program towards earning its 51% interest in the Sirba Gold Project in Niger from Golden Star Resources. Results included 24 metres of 3.08 g/t gold.
And, Allon Therapeutics (TSX: T.NPC, Stock Forum) Tuesday released top-line results from an imaging study of schizophrenia patients showing that 12 weeks of treatment with the company's lead neuroprotective drug candidate davunetide resulted in a statistically significant increase in levels of a biomarker that is an important indicator of brain cell health. Its shares surged 11% to 42 cents.
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