Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, September 29, 2010
TORONTO (SHfn) – Paget Minerals (TSX: V.PGS, Stock Forum) shares surged 81% to 29 cents on Wednesday after the micro cap explorer said it has discovered gold and silver in a large volcanogenic massive sulfide (VMS) alteration zone on its 100% owned Chist Creek property near Terrace, British Columbia. Rock sampling has returned gold values up to 687 grams per tonne (g/t), silver values to 735 g/t, copper to 2.0%, zinc to 1.2% and lead to 1.26%.
As, well, shares of Lexam Explorations (TSX: V.LEX, Stock Forum) gained 48% to 87 cents after the junior miner and VG Gold Corp. (TSX: T.VG, Stock Forum) announced that they have reached an agreement in principle to combine the two companies to create an exploration company focused on the Timmins mining camp in northern Ontario. Common shareholders of VG Gold would receive one common share of the combined company for every common share of VG Gold currently held, and common shareholders of Lexam would receive 2.1 common shares of the combined company for every common share of Lexam currently held. Under the proposed transaction, Rob McEwen, the current Chairman and CEO of Lexam, would acquire a major stake in the combined company through a private placement of $5 million, as well as his current 49% percent ownership interest in Lexam, and will become the Chairman of the combined company.
Caza Oil and Gas (TSX: T.CAZ, Stock Forum), meanwhile, reported that the Caza 158 #1 well in Upton County, Texas, operated by Devon Energy, reached a total depth of 11,012 feet on September 17, 2010. Electric logs indicated multiple potential pay sands in the Wolfcamp, Spraberry and Atoka formations. Caza currently has a 25.0% working interest and a corresponding 18.75% net revenue interest in the well. Caza stock popped 17% to 49 cents.
And, Probe Mines (TSX: V.PRB, Stock Forum) Wednesday said it has completed a 10-hole, 2,958 metre, drilling program on the Black Creek chromite deposit in the Ring of Fire area, James Bay Lowlands, Ontario. The drilling program was successful in extending the Black Creek chromite zone approximately 115 metres along strike (from 200 metres to 315 metres) and to a vertical depth of approximately 320 metres (from 175 metres), representing increases of 58% in length and 83% in depth from previous drilling. Probe shares added 12% at 64 cents.
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