Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 7, 2010
TORONTO (SHfn) – Xmet (TSX: V.XME, Stock Forum) shares jumped 29% to 27 cents on Tuesday after the micro cap miner reported assay results for an additional five holes on its Duquesne-Ottoman property in Quebec, which included 6.41 grams per tonne (g/t) gold over 7.7 meters.
As well, shares of Colibri Resource (TSX: V.CBI, Stock Forum) moved up 36% to 17 cents as it and Agnico-Eagle Mines (AEM) said they have signed a letter of intent that allows AEM to acquire up to 75% of the Colibri gold claim in Sonora, Mexico and form a joint venture by making qualified exploration expenditures and payments to Colibri. Upon signing of a formal agreement, AEM shall purchase three million shares of Colibri at 15 cents per share with the right to purchase an equal amount of shares at 25 cents per share within the next two years. During the next three years, AEM must spend a minimum of US$3 million performing mineral exploration and complete a feasibility study within five years to earn up to 75% of the project. In addition, AEM will make option payments totaling $1,451,000 over a seven-year period.
Columbus Gold (TSX: V.CGT, Stock Forum), meanwhile, announced that drilling has begun on its Guild Project in Nevada, where joint venture partner Sniper Resources Ltd. is earning an initial 51% interest by undertaking staged annual exploration expenditures totaling US$2 million by October 2, 2012. Columbus Gold popped 29% to 63 cents.
Shares of Fjordland Exploration (TSX: V.FEX, Stock Forum) surged 42% to 18.5 cents after the junior miner provided an update on exploration activities on its Tak-Milligan copper-gold-molybdenum project in British Columbia. Grab samples assayed up to 0.36% copper, 0.29 g/t gold, and 52 ppm molybdenum.
And, Goldgroup Mining (TSX: T.GGA, Stock Forum) Tuesday, in coordination with DynaResource, Inc., reported that initial drilling from the current 18,500 metre diamond drilling program at the San Jos de Gracia project in Mexico has encountered gold mineralization from drill hole # SJG-10-203, yielding 332.86 g/t gold and 143.9 g/t silver over 5.50 metres. Goldgroup shares rose 15% to $1.32.
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