Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, November 30, 2010
TORONTO (SHfn) – Midway Gold (TSX: V.MDW, Stock Forum) shares jumped 19% to 81 cents on Tuesday after the micro cap explorer reported drill results from its Spring Valley Project in Nevada. The project is considered a large tonnage, moderate-to-low grade gold deposit that may be mined by open pit methods. Results included 31.4 metres of 3.3 grams per tonne (g/t) gold, with 38 intercepts having fire assays greater than 1 g/t gold and 17 intercepts greater than 3 g/t gold. Barrick Gold has the exclusive right to earn a 60% interest in the project by spending US$30 million on the property over five years. Barrick may increase its interest by 10% (70% total) by spending an additional US$8 million in the year immediately after vesting at 60%.
As well, shares of Kootenay Gold (TSX: V.KTN, Stock Forum) moved up 19% to 94 cents after the junior miner announced assay results from the holes PC 003 & PC 004 as part of a 10,000 meter, multi-phase drilling program underway on its Promontorio Silver Project in Mexico, which included a shallow intercept of 262.4 g/t silver and 1.1 % lead+zinc over 13.5 meters.
Passport Potash(TSX: V.PPI, Stock Forum), meanwhile, reported that the drill will be mobilizing on Tuesday, November 30, in contemplation of commencing drilling later this week. Passport also announced that the Letter of Intent (LOI) between it and the Karlsson Group dated October 27, 2010, has been extended for 30 days, effective immediately. As set forth in the LOI, Passport and Karlsson agreed to exclusive negotiations for a 30-day period to jointly develop a Definitive Cooperative Agreement detailing the exploration and development of potash acreage, including land acquisition, seismic surveys, drilling of core holes, and preparation of an NI 43-101. The 30-day extension will allow Passport and Karlsson to solidify negotiations that will culminate in the development of a joint plan of operations to bring the Holbrook Basin in Arizona into production. Passport Potash stock popped 13% to 35 cents.
Shares of Bell Copper (TSX: V.BCU, Stock Forum) surged 22% to 22 cents after the junior explorer/developer announced that it is now poised to advance its La Balsa in Mexico and Van Dyke project in Arizona to production.
And, Pro Minerals (TSX: V.PRM, Stock Forum) Tuesday said it has mobilized drilling equipment and support crews to its Shining Tree Gold Project situated southwest of Kirkland Lake, Ontario. Drilling will begin immediately on the highest priority targets identified from integrated geological, geophysical and geochemical surveys completed earlier this year. Pro Minerals shares added as much as 25% at 10 cents.
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