Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, August 19, 2010
TORONTO (SHfn) – Vista Gold (TSX: T.VGZ, Stock Forum) shares climbed 15% to $1.98 on Thursday after the micro cap miner reported estimated proven and probable mineral reserves of two million ounces as well as the results of a Preliminary Feasibility Study for the Batman deposit at the its wholly-owned Mt. Todd gold project in Northern Territory, Australia.
As well, shares of Soltoro (TSX: V.SOL, Stock Forum) shot up 13% to 26 cents as the junior explorer said it has completed further drilling to expand the Las Bolas deposit on its El Rayo property in Mexico. Drill results included 61.5 metres of 106 grams per tonne (g/t) silver.
Fancamp Exploration (TSX: V.FNC, Stock Forum), meanwhile, reported the field work was completed on July 7, 2010, and to date a grand total of 33 holes have been drilled on the McFauld's Lake Property in northern Ontario. The most significant intersection in this series of shallow holes was in FN 10-01, 100 metres to the south, which encountered 0.73% nickel, 0.22% copper, 830 pbb palladium and 225 ppb platinum/1.4 metres at a depth of 60 metres. Fancamp stock dropped 25% to 45 cents.
Shares of Canasil Resources (TSX: V.CLZ, Stock Forum) jumped 35% to 11.5 cents after the explorer and MAG Silver (TSX: T.MAG, Stock Forum) announced the signing of a binding letter agreement providing for MAG to earn a 60% interest in Canasil's 18,954 hectare La Esperanza Silver project in Mexico. To complete the earn-in of 60% interest in the La Esperanza project, MAG must complete $5 million of exploration expenditures and $500,000 cash payments to Canasil over a period of four years. The initial payment of $50,000 upon signature and first year expenditure of $750,000 are firm commitments, and will include a minimum of 1,500 metres of drilling.
And, Medallion Resources (TSX: V.MDL, Stock Forum) Thursday said it has received data from its recently completed airborne geophysical survey on its heavy rare-earth project in the Red Wine district of Labrador. The company claims the new data both expands and supports previous estimates on the area for rare-earth mineralization. Strong magnetic and radiometric anomalies correspond to a large area on Medallion's 22-square-kilometre "A" block that is known to cover the eudialyte-bearing south Red Wine intrusion. Medallion shares surged 18% to 20 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
To read more articles by Sean Mason please click here