TORONTO (SHfn) – Amex Exploration (TSX: V.AMX, Stock Forum) shares jumped 14% to 25 cents on Tuesday after the micro cap explorer announced the discovery of a previously unknown silica cap on its Natora South (Chivas) Gold Property in Mexico. Three heavy mineral samples collected at the bottom of the slope within a kilometer of the silicified zone returned anomalous gold values of up to 99 ppb gold.
As well, shares of Callinan Mines (TSX: V.CAA, Stock Forum) moved up 17% to $2.82 as the junior miner reported its intention to become a royalty company by reorganizing its exploration assets into a separate corporation, with a view to enhancing shareholder value. Callinan, upon becoming the royalty company, will hold a 6?% Net Profits Interest royalty and a 25 cents per ton royalty in the 777 Mine at Flin Flon, Manitoba, which produces copper, gold, zinc and silver and is operated by HudBay Minerals Inc. Callinan will also hold the War Baby mineral property, which covers an area down-trend from the 777 Mine.
Papuan Precious Metals (TSX: V.PAU, Stock Forum), meanwhile, said it has received gold and copper results from a soil geochemistry survey and outcrop sampling on its New Hanover Property, New Ireland Province, Papua New Guinea. Preliminary results have identified 225 m x 200 m and 100 m x 200 m gold in soil geochemical anomalies (greater than 0.1 g/t gold) with results up to 5.92 g/t gold. At Metemana Creek, a porphyry copper-gold prospect to the southwest of Kuliuta, recent sampling by the company has identified copper values as high as 9.67% copper in outcrop. Papuan stock popped 24% to 44.5 cents.
Shares of Lucky Strike Resources (TSX: V.LKY, Stock Forum) surged 21% to 20 cents after the junior explorer announced that it has cancelled the non-brokered private placement contemplated and described in the press release dated September 22, 2010, and replaced it with another proposed non-brokered private placement for a maximum gross proceeds of $900,000 through the sale of up to six million units of the company priced at 15 cents each. The net proceeds will be used for continuation of the acquisition of the Changyun coal mine in Guizhou Province of China and for general working capital.
And, Benton Resources (TSX: V.BTC, Stock Forum) and Mineral Mountain Resources (TSX: V.MMV, Stock Forum) Tuesday have signed a letter of intent, which grants Mineral Mountain the exclusive option to assume all of Benton's rights and obligations under the option agreement between Benton and Golden Harp Resources Inc. (TSX: V.GHR, Stock Forum) relating to Golden Harp's. 145 sq. km Copper Hill Block A gold property located 100 km south of Timmins, Ontario. Benton shares rose 13% to 68 cents.
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