Stockhouse Canadian Small and Micro-cap Stock Report for Monday, June 21, 2010
TORONTO (SHfn) – Geologix Explorations (TSX: T.GIX, Stock Forum) shares climbed 14% to 24 cents on Monday after the micro cap explorer announced the beginning of drilling at both the Tepal gold-copper porphyry project and Libertad gold-silver project in Mexico.
As well, shares of Happy Creek Minerals (TSX: V.HPY, Stock Forum) shot up 43% to 30 cents as the junior miner late Friday reported preliminary analytical results from four more drill holes in Zone 2 on the Rateria property in the Highland Valley area of British Columbia, which included 40.0 metres containing 0.32% copper.
Northern Superior Resources (TSX: V.SUP, Stock Forum) and Rainy River Resources (TSX: V. RR, Stock Forum), meanwhile, announced that they have entered into an agreement whereby Northern Superior has granted to Rainy River an option to earn a 51% joint venture interest in the eastern half of Northern Superior's 100% owned Ti-pa-haa-kaa-ning/Big Dam gold property in northwestern Ontario. Rainy River can earn its 51% interest in the eastern half of the TPK Property by (a) funding $9.4 million in exploration expenses over a three-year period, with $1.4 million in year 1, $4 million in year 2 and $4 million in year 3; (b) making cash payments of $300,000 upon receipt of regulatory acceptance and a further $1.3 million in January, 2011 and (c) completing three equal annual private placements of common shares of Northern Superior of $500,000 each for a total equity investment of $1.5 million. Northern Superior stock popped as much as 30% to 19.5 cents.
Shares of Treasury Metals (TSX: T.TML, Stock Forum) surged 22% to 45 cents after the junior explorer reported assay results from its recently completed +5,000 metre diamond drilling program on its Goliath Gold Project about 20 kilometres east of Dryden, Ontario, which included 10.50 metres of 7.47 grams per tonne (g/t) gold.
And, Blackdog Resources (TSX: V.DOG, Stock Forum) Monday said it has signed an agreement to purchase non operated interests in three light oil wells from Guardian Exploration Inc. in Girouxville, Alberta. Under the terms of the agreement, Blackdog will pay Guardian $710,000 cash and 100,000 Blackdog common shares at a deemed price of 30 cents per share to receive a 55% working interest in two producing Gilwood light oil wells and a 50% working interest in one producing Slave Point light Oil well. The wells produce at a stabilized aggregate rate of approximately 90 barrels of oil per day net to Blackdog. Shares of Blackdog added 10% at 32 cents.
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