Stockhouse Canadian Small and Micro-cap Stock Report for Monday, November 1, 2010
TORONTO (SHfn) – Pancontinental Uranium (TSX: V.PUC, Stock Forum) shares climbed 216% to 60 cents on Monday after the micro cap explorer reported that its joint venture partner, Crossland Uranium Mines, has identified “extensive” alluvial deposits that host heavy minerals containing rare earth elements (REE) at the joint venture's Charley Creek Project area in Northern Territory, Australia. Effective September 2010, Pancon has earned a 50% interest in Crossland's uranium project portfolio in Australia through the expenditure of Australian $8 million over four years, which includes Charley Creek.
As well, shares of Candente Copper (TSX: T.DNT, Stock Forum) shot up 19% to 74 cents after the junior miner provided an updated Mineral Resource Estimate recently completed for its 100% owned Canariaco Norte copper deposit in Peru. At the base case 0.30% copper cut-off grade, Canariaco Norte's Measured and Indicated tonnage has increased by 21% and the Measured and Indicated contained copper has increased by 16% from the Mineral Resource Estimate released in September 2008.
Terra Energy (TSX: T.TT, Stock Forum), meanwhile, said that GLJ Petroleum Consultants Ltd., an independent engineering and geological consulting firm, has provided Terra with an initial independent resource assessment of its Montney landholdings in British Columbia. It reported a "best estimate" of Discovered Petroleum Initially-In-Place (DPIIP) net to the company of 5.48 Trillion Cubic Feet (TCF) (8.68 TCF gross). The report also reports a "best estimate" of Undiscovered Petroleum Initially-In-Place (UDPIIP) of 6.42 TCF net to the company (7.45 TCF gross). In combination, the DPIIP and UDPIIP numbers result in a total resource estimate of petroleum (gas) in place of 11.90 TCF net to the company (16.13 TCF gross). Terra stock popped 11% to $1.28.
And, Western Copper (TSX: T.WRN, Stock Forum) Monday announced an updated resource estimate for its wholly-owned Casino Gold-Copper-Molybdenum Project in the Yukon. Near-surface Supergene Sulphide Zone increased 90% to 252 million tonnes. Measured & Indicated Supergene + Hypogene mineralization was 1.06 billion tonnes, while Inferred Supergene + Hypogene mineralization increased six times to 1.70 billion tonnes. The company said the 2010 resource estimate adds 7.4 million ounces of gold, 4.4 billion pounds of copper and 615 million pounds of molybdenum to its inferred resources. Western Copper shares jumped as much as 17% to $1.72.
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