Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, April 8, 2010
TORONTO (SHfn) – Mountain Lake Resources (TSX: V.MOA, Stock Forum) shares powered 54% higher to 45.5 cents on Thursday after the micro cap explorer reported intersections of gold mineralization in the latest analytical results from the 33-hole drill program recently completed at the Leprechaun Deposit area of the Valentine Lake Gold Project in Newfoundland, which included 6.79 grams per tonne (g/t) gold over a true width of 25 metres. Marathon PGM (TSX: T.MAR, Stock Forum) is the operator of the project under the sub-option and joint venture agreement in which it can earn a 50% interest in the property. Mountain Lake currently owns a 30% interest in the Valentine and has an exclusive option to purchase the remaining 70% interest from Richmont Mines. Marathon PGM shares shot up 24% to $1.65.
As well, shares of Indigo Exploration (TSX: V.IXI, Stock Forum) added 40% at 21 cents as the junior explorer said it has entered into a non-binding Letter of Intent (LOI) to acquire all of the issued and outstanding shares of Sanu Resources Burkina Faso SARL, an indirectly-owned subsidiary of NGEx Resources (TSX: V.NGQ, Stock Forum). The primary assets of Sanu Burkina consist of four gold mineral exploration permits in the Republic of Burkina Faso, West Africa. The consideration for the acquisition is $65,000 and three million common shares of Indigo at a deemed price of 15 cents per share, of which $30,000 was paid on signing of the LOI.
Great Plains Exploration (TSX: T.GPX, Stock Forum), meanwhile, announced test results of its first Cardium oil well at 13-07-50-05 W5 in Pembina, Alberta. Following completion, testing took place over a five-day period, during which time the well was flowed and subsequently swabbed for a total of 68.4 hours at an average rate of 610 BOPD. At the end of the test period, the well swabbed at a rate of 417 barrels per day of new 38 degree API oil, with associated gas of 110 Mcf per day. No formation water was produced. Great Plains and its partner, Sifton Energy Inc., are now equipping the well for commercial operation, with first production scheduled for mid-April 2010. Great Plains owns an undivided 50% working interest in this well. Great Plains stock popped 22% to 67 cents.
Shares of Belvedere Resources (TSX: V.BEL, Stock Forum) climbed 47% to 23.5 cents after the junior miner reported that its wholly-owned subsidiary, Belvedere Mining Oy, has signed a fixed price sales agreement with Jinchuan Group Ltd for the sale of the nickel, copper and cobalt concentrate from the Hitura mine in Finland. The sales agreement is denominated in Euros and has a duration of 18 months from the commencement of deliveries. Deliveries are expected to start in August of this year.
And, Second Wave Petroleum (TSX: V.SCS, Stock Forum) Thursday said it has increased corporate proved plus probable (P+P) reserves by 29% to 5,634 mboe (65% Oil and NGLs) in 2009, while the net present value of the P+P reserves, before tax discounted at 10%, increased by 43% to $104.9 mm. Second Wave shares jumped as much as 10% to $3.18.
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