Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, November 10, 2010
TORONTO (SHfn) – Avala Resources (TSX: V.AVZ, Stock Forum) shares surged 43% to $1.43 on Wednesday after the micro cap miner reported drill and trench results from the Korkan-Bigar target area in Serbia, which included 52 meters of 4.30 grams per tonne (g/t) gold.
As well, shares of Linear Metals (TSX: T.LRM, Stock Forum) gained as much as 36% to 39.5 cents as the junior explorer provided an update on its 100% owned La Morena project in Mexico. Additional follow-up of previously reported near surface mineralization has resulted in the discovery of a potentially major extension to the Mina Porfido fault structure, now continuing through several newly discovered historical workings and new surface showings to over 500 metres in length (open), and averaging three metres to four metres in width.
Augen Gold (TSX: V.GLD, Stock Forum) shares shot up 29% to 27 cents after the junior miner said it has started trenching and sampling in the area of several Soil Gas Hydrocarbon (SGH) anomalies potentially indicative of gold mineralization near Cote Lake, well within the boundaries of the eastern part of its 100%-owned South Swayze Property, located between the Sudbury and Timmins in Ontario. A drill is en route to follow through on trenching results.
Nuinsco Resources (TSX: T.NWI, Stock Forum), meanwhile, announced that drilling has begun at its Diabase Peninsula uranium project in the Athabasca Basin of Saskatchewan. The minimum 2,000 metre program will follow up on past results that have returned strongly anomalous uranium mineralization, peaking at 0.07% uranium (0.083% U3O8), and other key elements indicative of a uranium mineralizing event common to deposits in the Athabasca basin. Nuinsco stock popped as much as 15% to 23 cents.
And, Endeavour Silver (TSX: T.EDR, Stock Forum) Wednesday reported its financial and operating results for the third quarter of 2010. Mine operating cash flows increased 181% to $9.2 million, while silver production climbed 20% to 797,054 ounces and gold production jumped 28% to 4,607 ounces in Q3, 2010 compared to Q3, 2009, due to higher plant throughput at both Guanacevi and Guanajuato. Endeavour Silver shares rose 15% to $6.74.
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