TORONTO (SHfn) – Mountain Lake Resources (TSX: V.MOA, Stock Forum) shares jumped 37% to 58 cents on Tuesday after the micro cap explorer reported more 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 38.32 grams per tonne (g/t) over a true width of 9.00 metres. Mountain Lake has a 30% interest in the Valentine Lake Gold Property with an option to acquire the remaining 70% interest from Richmont Mines Inc. and a subsequent sub-option and joint venture agreement whereby Marathon PGM (TSX: T.MAR, Stock Forum) can earn a 50% interest in the property. Marathon shares added 19% at $1.88.
As well, shares of Æterna Zentaris (TSX: T.AEZ, Stock Forum) moved up 17% to $1.17 as the late-stage drug development company specializing in oncology and endocrinology announced that it will make an oral presentation, as well as a poster presentation on Erk/PI3K inhibitor compounds, Tuesday, April 20, at the American Association for Cancer Research Annual Meeting in Washington, D.C.
Paragon Minerals (TSX: V.PGR, Stock Forum), meanwhile, provided an update on its recently completed winter diamond drilling program at the South Tally Pond volcanogenic massive sulphide (VMS) project in Newfoundland, which included six metres of 6.60% zinc, 0.68% lead, 0.61% copper, 28.38 g/t silver, 0.46 g/t gold. Paragon stock popped as much as 34% to 21.5 cents.
Shares of Khan Resources (TSX: T.KRI, Stock Forum) sank 37% to 54 cents after the junior miner reported that its 58%-owned Mongolian joint venture subsidiary, Central Asian Uranium Company, LLC (CAUC) and its 100%-owned Mongolian subsidiary, Khan Resources LLC (Khan Mongolia) have received notice from the Mongolian Nuclear Energy Agency (NEA) stating that CAUC's mining license 237A and Khan Mongolia's exploration license 9282X have been invalidated. The invalidations purport to be effective as of October 8, 2009, and purport to be based on a failure by CAUC and Khan to address violations of Mongolian law stemming from a July 2009 report issued by an inspection team appointed by the Mongolian State Specialized Inspection Agency in respect of the mining license.
And, Fire River Gold (TSX: V.FAU, Stock Forum) Tuesday reported additional results, which included 60.55 g/t gold over 4.2 metres, for the ongoing geological re-evaluation program for the Nixon Fork Gold Mine Project in Alaska. Its shares climbed as much as 19% to 51 cents.
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