TORONTO (SHfn) – Exall Energy (TSX: T.EE, Stock Forum) shares surged 16% to 86 cents on Wednesday after the oil and gas explorer/producer reported results of the wells drilled during the 2010 winter drilling season. A new oil well drilled in the Marten Mountain "B" Sand project area in Alberta discovered two zones of productive oil-saturated reservoir sandstone, which flowed 600 barrels of 40 degrees API sweet oil and 110 MCFPD of solution gas (620 BOEPD) over a three-day test period (445 BOEPD net).
As well, shares of Nevada Exploration (TSX: V.NGE, Stock Forum) gained 26% to 12 cents as the junior explorer said it has signed a non-binding letter of intent, whereby Northgate Minerals (TSX: T.NGX, Stock Forum) may earn a joint venture interest in NGE's Awakening Gold Project in Nevada. Northgate will have the option to earn a 51% interest in the property by funding US$4.1 million in qualifying expenditures and making US$435,000 in cash payments over five years.
Cream Minerals (TSX: V.CMA, Stock Forum), meanwhile, announced that Roca Mines (TSX: V.ROK, Stock Forum) has received the final assay results from a single drill hole at the Once Bocas target at Creams Nuevo Milenio silver-gold project in Mexico, which included 12.19 metres averaging 90.9 grams per tonne (g/t) silver and 0.496 g/t gold. If Roca spends US$12 million in exploration expenditures over a four-year term ending on July 24, 2013, it will earn a 50% interest in Nuevo Milenio. Roca then has the option to earn a further 20% interest in Nuevo Milenio, for a total interest of 70%, through the completion a positive feasibility study within three years of November 24, 2013. Cream stock popped 18% to 10 cents.
And, Intrepid Mines (TSX: T.IAU, Stock Forum) Wednesday reported that diamond drill hole GTD-10-137 from the Tujuh Bukit Project in Indonesia has intersected gold and copper in a new zone of porphyry mineralization, which included 86 metres at 1.11 g/t gold and 0.56% copper. Its shares added 15% at 39 cents.
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