Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, July 21, 2010
TORONTO (SHfn) – Magma Metals (TSX: T.MMW, Stock Forum) shares surged 16% to 47.5 cents on Wednesday after the micro cap miner announced that drilling to test electro-magnetic (EM) anomalies in the Bridge Zone intersected several mineralized zones at the Thunder Bay North platinum-palladium-copper-nickel project in northwest Ontario, which included 51.0 metres of 5.02 grams per tonne (g/t) platinum, 4.84 g/t palladium, (9.86 g/t platinum + palladium), 1.18% copper and 0.56% nickel from 85.1 metres.
As well, shares of Harte Gold (TSX: V.HRT, Stock Forum) gained 21% to 17 cents as the junior explorer reported that a sample taken by field prospector Gary Peacock on the Sugar Zone Property in Ontario in late 2009, "under an overturned tree," which graded 87.8 g/t gold, has now been corroborated by Harte Gold's VP Exploration, Mr. George Flach, P.Geo., with recent grab sampling from the site that returned 9.85 g/t, 52.8 g/t, 6.84 g/t and 37.3 g/t gold.
Argex Mining (TSX: V.RGX, Stock Forum), meanwhile, announced that it has received results from metallurgical tests performed to date by Process Research Ortech on samples from Argex's La Blache properties in Quebec. Preliminary leaching tests using Process Research Ortech leaching technology demonstrated high extraction efficiencies for the iron (greater than 90%), titanium (greater than 85%), vanadium (greater than 90%) and chromium (greater than 90%). Argex stock popped as much as 13% to 26 cents.
And, Rio Alto Mining (TSX: V.RIO, Stock Forum) Wednesday said it has received from the General Bureau of Environmental Affairs of the Ministry of Energy and Mines of Peru Directoral Resolution No 234-2010-MEM/AAM dated July 20, 2010, by which it approves the Environmental Impact Study of its La Arena Gold Oxide Project. The company also announced that the technical due diligence required as part of the previously announced US$24.25 million gold prepayment facility has been completed and that Rio Alto's Mexican exploration properties have been sold. Rio Alto shares jumped 14% to 80 cents.
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