Stockhouse Canadian Small and Micro-cap Stock Report for Monday, August 15, 2011
TORONTO (SHfn) – Rare Earth Metals (TSX: V.RA, Stock Forum) shares climbed 17% to 31 cents on Monday after the micro cap miner reported rare earth element results from the first drill hole on the West Lavergne REE Mineralized Zone at the Lavergne-Springer property 80 km east of Sudbury, Ontario, which included 1.50% Total Rare Earth Oxides (TREO) over 94.2 meters.
As well, shares of TerraX Minerals (TSX: V.TXR, Stock Forum) shot up 35% to 27 cents as the junior explorer said it has begun drilling on its wholly-owned Stewart gold-copper property in Newfoundland. The property features an east-northeast striking, 6 km long by up to 1.4 km wide epithermal to porphyry style alteration zone with extensive low grade gold-copper mineralization, of which less than 15% has been drill and trench tested.
Covalon Technologies (TSX: V.COV, Stock Forum), meanwhile, announced a multi-year distribution agreement with a Canadian distributor that will export and distribute Covalon's ColActive Plus Ag collagen wound care dressings in the Middle East. The first order under the agreement has been received and the agreement includes purchase commitments for a minimum of $700,000 in the first year of the agreement with a total minimum purchase commitment of approximately $11.2 million over five years. Covalon stock popped 29% to 20 cents.
And, NGEx Resources (TSX: T.NGQ, Stock Forum) Monday reported the start of the initial drill program on its wholly-owned Bada Potash project in the Danakil Depression of Eritrea. NGEx shares rose 15% to $3.60.
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