Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 13, 2010
TORONTO (SHfn) – Northern Superior Resources (TSX: V.SUP, Stock Forum) shares climbed 39% to 89 cents on Monday after it and Rainy River Resources (TSX: V.RR, Stock Forum) announced the discovery of gold bearing mineralization intersected during the companies’ initial diamond drilling program on Target 3 of their TPK Joint Venture project, 190 km northeast of Pickle Lake in northern Ontario, which included 25.9 grams per tonne (g/t) gold over 13.5 metres.
As well, shares of Continental Nickel (TSX: V.CNI, Stock Forum) shot up 42% to 71 cents as the micro cap explorer reported that the first drill hole of its recently completed seven hole "Phase II" diamond drilling program at the newly discovered "Sleeping Giant" zone on the Nachingwea Project in Tanzania has intersected nickel-copper sulphide mineralization, which included a 9.3 metre interval grading 5.01% nickel and 0.77% copper.
URSA Major Minerals (TSX: T.UMJ, Stock Forum) shares powered 25% higher to 17.5 cents after the junior miner announced its financial and operating results for the three months ended October 31, 2010, which included net income of $548,202 and cash flow from operations of $256,226 from the Shakespeare Nickel-Copper Mine, located 70 km west of Sudbury, Ontario.
Gold Wheaton Gold (TSX: T.GLW, Stock Forum), meanwhile, said that it and Franco-Nevada (TSX: T.FNV, Stock Forum) have agreed to a friendly business combination whereby Franco-Nevada will acquire Gold Wheaton for approximately $830 million in cash and shares. Under the terms of a binding letter agreement, the transaction will be structured as a Plan of Arrangement, and Gold Wheaton's common shareholders will receive $5.20 per share, payable 60% in shares and 40% in cash. Gold Wheaton stock popped 14% to $4.99.
Shares of Nuinsco Resources (TSX: T.NWI, Stock Forum) surged 36% to 19 cents after the junior explorer announced the completion of additional field work at the Bukari gold concession in Egypt's Eastern Desert. The company said the most recent program indicates that the strike length of the Bukari 1 vein system is considerably longer than previously thought, and also identified a previously unknown vein system, which is interpreted to have a potential strike length of up to five kilometres based on satellite imagery.
And, Bellhaven Copper & Gold (TSX: V.BHV, Stock Forum) Monday reported its most recent drill hole (DDH-14), targeting the La Cantera prospect in Colombia, cut two substantial intervals of porphyry and breccia containing high levels of gold and copper, including 126 metres of 1.02 g/t gold and 0.36% copper, or 1.64 g/t gold equivalent. Bellhaven shares added 10% at 69 cents.
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