TORONTO (SHfn) – SNS Silver (TSX: V.SNS, Stock Forum) shares surged 66% to 24 cents on Wednesday after the micro cap explorer reported that partial assays have been received from hole GR09-29 at the Emerald Lake gold project in northern Ontario, which included eight feet (from 822 to 830 ft) averaging 131 grams per tonne (g/t) (3.82 oz/t) gold.
As well, shares of Petaquilla Minerals (TSX: T.PTQ, Stock Forum) moved up as much as 21% to 58 cents as the junior miner announced its gold production in Q3 2010 increased by 3,274 ounces, or 31%, over Q2 2010. As a result of this production increase, together with reductions in operating costs, cash costs were reduced to US$637 per ounce on a by-product basis, down 33.6% from US$960 per ounce in Q2 2010. Gross margin from the sale of gold in Q3 2010 amounted to $4.7 million.
Peregrine Diamonds (TSX: T.PGD, Stock Forum), meanwhile, said it is proceeding with a $3.5 million 2010 diamond exploration programme on its wholly-owned 315,000 hectare Nanuq project, located about 300 km north of Rankin Inlet in Nunavut. The programme will include approximately 2,000 metres of core drilling on high-priority kimberlite targets, ground geophysics, prospecting and kimberlite indicator mineral sampling. Peregrine stock popped 20% to $2.50.
Automated Benefits (TSX: V.AUT, Stock Forum) shares powered 27% higher to 14 cents after the developer of software applications for the insurance industry reported that fiscal 2009 revenue increased by 18% to approximately $4,586,000, compared with approximately $3,891,000 in the previous year.
Shares of Riverstone Resources (TSX: V.RVS, Stock Forum) climbed 22% to 73 cents after the gold explorer announced results from recent drilling on the Rambo Main gold deposit, which is one of four deposits that host NI43-101 compliant resources on the Karma gold project in Burkina Faso, West Africa. Highlights included 24 metres grading 3.45 g/t gold.
And, Troymet Exploration (TSX: V.TYE, Stock Forum) Wednesday reported that plans are well advanced for the upcoming summer field program on its 100% owned Key property in British Columbia. The Key property adjoins the Blackwater project where Richfield Ventures Corp. (TSX: V.RVC, Stock Forum) has identified a bulk gold deposit. Troymet shares added as much as 27% at 14 cents.
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