Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 19, 2010
TORONTO (SHfn) – Metalex Ventures (TSX: V.MTX, Stock Forum) climbed 93% to 80 cents on Friday after the micro cap miner said an “unusually high numbers of diamonds” have been recovered from portions of the T1 kimberlite on the Metalex (94.2%) - Arctic Star (5.8%) Diamond (TSX: V.ADD, Stock Forum) joint venture in the James Bay lowlands, Ontario. Ongoing work at C.F. Mineral Research Ltd. has resulted in the recovery of more than 800 commercial-sized (0.425mm - 0.85mm) diamonds from 138 to 153 meters depth in the 15(th) of 20 reverse circulation drill holes being processed from T1.
As well, shares of Adriana Resources (TSX: V.ADI , Stock Forum) added 37% to 59 cents as the junior explorer clarified reports from media sources originating from China that the company has entered into a preliminary agreement with Wuhan Iron and Steel for the development of the Lac Otelnuk project in Quebec. Adriana has been in discussions with potential joint venture partners, however at this time the company has not entered into a binding agreement for the development of the project. Discussions are continuing and should they result in a definitive agreement, the company will make the appropriate disclosure.
CanAm Coal (TSX: V.COE, Stock Forum), meanwhile, announced that it has completed its transaction to acquire an additional 49% ownership stake in RAC Mining LLC (RAC) and certain other assets from Job Land & Mineral Inc., its previous partner in RAC. CanAm stock popped as much as 14% to 16 cents.
And, First Lithium Resources (TSX: V.MCI, Stock Forum) Friday said it has entered into an option agreement with Newcastle Minerals (TSX: V.NCM, Stock Forum) to acquire up to a 75% interest in their Mollie River claims, approximately four kilometres from the western edge of Trelawney Mining and Exploration (TSX: V.TRR, Stock Forum) Chester Gold Complex. First Lithium shares moved up 18% to 10 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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