Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, June 29, 2011
TORONTO (SHfn) – Petrolia (TSX: V.PEA, Stock Forum) shares surged 31% to $2.48 on Wednesday after the oil and gas explorer reported results of an independent resource assessment of the Macasty Shale in Quebec by reserves evaluator Sproule Associates Limited of Calgary (Sproule). Based on data available at this time, Sproule's best estimate of the Total Petroleum Initially-In-Place is 30.9 billion barrels of oil for the Petrolia land interest holdings.
As well, shares of Commerce Resources (TSX: V.CCE, Stock Forum) moved up 13% to 69 cents as the junior miner announced assay results for the first four of seven drill holes completed during the 2011 winter drilling program at the Ashram Rare Earth Element Zone at its Eldor Project in Quebec, which included 2.10% Total Rare Earth Oxides (TREO) over 586.92 metres.
Shares of Bear Lake Gold (TSX: V.BLG, Stock Forum) climbed 25% to 12.5 cents after the micro cap explorer announced the results of an initial mineral resource estimate and an update on the drilling program at the Bear Lake zone of its Larder Lake Project in the northeastern Ontario. The resource estimate prepared by P&E Mining Consultants Inc. stands at 3,750,000 tonnes grading 5.67 grams per tonne (g/t) gold in the Inferred category for a total of 683,600 ounces of gold. The zone remains open on strike and at depth.
Ondine Biomedical (TSX: T.OBP, Stock Forum), meanwhile, said it has entered into a definitive arrangement agreement pursuant to which 0902337 B.C. Ltd. (Acquireco) has agreed to acquire all of the issued and outstanding equity of Ondine. Acquireco is a private company whose sole shareholder is Carolyn Cross, Chairman, Chief Executive Officer and a shareholder of Ondine. Under the arrangement, holders of Ondine common shares will receive 33 cents per common share in cash, or a total consideration of approximately $3.19 million. Ondine stock popped 55% to 31 cents.
And, Volta Resources (TSX: T.VTR, Stock Forum) Wednesday reported that an updated NI 43-101 compliant Mineral Resource estimate has been completed for the Kiaka Gold Project in Burkina Faso. Measured and Indicated Resources increased 118% to 3,018,000 ounces of gold and Inferred Resources increase 163% to 1,260,000 ounces of gold. Volta shares jumped 14% to $1.56.
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