Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, November 24, 2010
TORONTO (SHfn) – Forum Uranium (TSX: V.FDC, Stock Forum) shares surged 14% to 24.5 cents on Wednesday after the micro cap explorer reported that all analytical results have been returned and interpreted from the Nutaaq rare earth elements (REE) showing on its North Thelon project in Nunavut. The work completed this summer has confirmed what the company called “significant REE potential” in a large eight by 10 kilometre intrusive body. Overall grades have improved from 2009 and two distinct areas of potential have been identified within this complex.
As well, shares of Almaden Minerals (TSX: T.AMM, Stock Forum) gained 30% to $3.88 as the junior miner announced the first results from the second phase drilling now underway at its 100% owned Ixtaca zone in Mexico, which included 94.65 meters of 1.33 grams per tonne (g/t) gold and 79.9 g/t silver.
Woulfe Mining (TSX: V.WOF, Stock Forum), meanwhile, said has entered into a Heads of Agreement with Korea Zinc Co., Ltd. Korea Zinc will place $10 million at 30 cents per share into Woulfe resulting in 13.46% ownership of the common shares of the company. Korea Zinc will invest $38 million of cash into Woulfe 100% owned Sangdong Mining Corporation and will arrange subsequent financing to complete the development of the Sangdong project on announcement of feasibility study due in 2011. In return, Korea Zinc will acquire 51% of Sangdong Mining. Woulfe stock popped 26% to 36 cents.
And, First Lithium Resources (TSX: V.MCI, Stock Forum) Wednesday announced that a drill rig has been mobilized to the newly-optioned Mollie River property, and a minimum six hole, 1200 metre program is set to begin today. The property is located approximately four kilometres from the western edge of Trelawney Mining and Exploration (TSX: V.TRR, Stock Forum) Chester Gold Complex in northern Ontario. First Lithium shares powered 24% higher to 13 cents.
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