On Monday, MacDonald Mines Exploration (TSX: V.BMK, Stock Forum) shares jumped 53% to 24.5 cents after the micro cap explorer announced that the 2010 exploration drilling program on its McNugget Property in northern Ontario has discovered new volcanogenic massive sulphide (VMS) mineralization of substance. Massive sulphides were intersected in all May 2010 drill locations with widths varying from two meters to greater than 30 metres. This location is characterized by a long magnetic high (magnetite) with an associated electromagnetic conductor (VTEM).
As well, shares of Decade Resources (TSX: V.DEC, Stock Forum) shot up 21% to 50 cents as the junior miner reported that drilling has intersected multiple zones of semi-massive copper mineralization from one to 10 metres wide in a porphyry environment at its 100% owned Wedeene River property near Kitimat, British Columbia. To date, eight drill holes have been completed and “strong chalcopyrite mineralization has been observed in five of the holes.”
In Tuesday trading, Anaconda Mining (TSX: T.ANX, Stock Forum) shares climbed 16% to 32 cents after the micro cap miner reported that it has entered into an agreement to acquire interests in two iron exploration portfolios from a private Chilean company, Inversiones SBX Limitada. The exploration properties are located in north central Chile, within the Chile-Peru iron ore belt and include the Vetarron magnetite deposit and the Antonio property concessions, totaling 4,300 hectares.
Also, shares of WesternZagros Resources (TSX: V.WZR, Stock Forum) moved up 10% to 33 cents as the oil and gas explorer/developer said it has successfully and safely secured the Kurdamir-1 well in the Kurdistan Region of Iraq, following the loss of well control reported on May 15, 2010. The risk of the damaged drill pipe failing and releasing hydrocarbons or hydrogen sulphide (H2S) at the surface has been eliminated.
Wednesday’s market action saw shares of MAX Minerals (TSX: V.MJM, Stock Forum) surge 22% to 44 cents after the micro cap explorer reported that it has entered into an agreement to complete the strategic acquisition of Calgary’s Varenna Energy. In consideration of the sale, MAX agrees to issue 11,331,750 of its common shares to the shareholders of Varenna in exchange for all issued and outstanding shares of Varenna. The deal provides MAX with a 51-101 compliant independent reserve of approximately 235,000 boe of proven plus probable reserves, more than over 12,000 acres of undeveloped land, in addition to tax pools of approximately $2.2 million.
In addition, shares of Black Marlin Energy Holdings (TSX: V.BLM, Stock Forum) gained 19% to 44.5 cents as the East African oil and gas explorer/producer said it has entered into a definitive agreement to be acquired by Afren plc. Under the terms of the agreement, each Black Marlin shareholder will receive 0.3647 of a common share of Afren for each common share of Black Marlin held, which represents a premium of approximately 42.9% based on the 20-day weighted average trading price of the Black Marlin shares on the TSX Venture Exchange and a Canadian Dollar per British Pound exchange rate of 1.54.
On Thursday, Fire River Gold (TSX: V.FAU, Stock Forum) shares powered 19% higher to 43 cents after the micro cap miner reported assay results from the ongoing re-evaluation program from its 100% owned Nixon Fork Gold Mine Project in Alaska, which included 23.2 grams per tonne (g/t) gold over 12.3 metres.
As well, shares of PharmaGap (TSX: V.GAP, Stock Forum) added 26% at 19.5 cents as the biotech firm said it is seeking a licensing agreement with a major pharmaceutical company for its lead cancer drug. A key element in the licensing interest is the toxicity profile of the drug. Very low to no toxicity within the effective dose range has been observed in earlier animal tests conducted by the Company and confirmed in the results of animal tests recently completed at the Ottawa Hospital Research Institute. A number of testing activities are underway or are about to start that will provide the company with additional data for the selection of the cancer target, route of administration and dose levels for GAP-107B8.
And, in Friday trading, Mawson Resources (TSX: T.MAW, Stock Forum) shares climbed 37% to 40.5 cents after the micro cap explorer Thursday reported diamond drill results from the Ostra Jarntjarnbacken uranium prospect located within the Arjeplog - Arvidsjaur uranium district of Sweden, which included 17 metres of 0.1% U308 from 60 metres.
Finally, Canadian Superior Energy (TSX: T.SNG, Stock Forum) provided an operational update to shareholders. Highlights included a production increased to 3,127 boe/d for the week ending May 19, under-pinned by what the company claims is a “significant” oil and gas discovery in the Eaglesham Wabamun trend in Alberta, which came online in May producing 2.4 mmcf/d and 100 bbls/d. Canadian Superior will be changing its name to Sonde Resources and begin trading under the new symbol "SOQ" on the Toronto Stock Exchange on or about June 8, 2010. Its stock popped 10% to 75 cents.