Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 5, 2011
TORONTO (SHfn) – Focus Metals (TSX: V.FMS, Stock Forum) shares climbed 21% to 80 cents on Monday after the micro cap miner reported results of the mineral resource estimate for its 100% owned Lake Knife Project near Fermont, Quebec. Measured and Indicated resources totaled 4.97 million tonnes grading 15.67% Cgr. (carbon as graphite), as well as Inferred resources of three million tonnes grading 15.58% Cgr. A cut-off of 5% Cgr was used.
As well, shares of Canasil Resources (TSX: V.CLZ, Stock Forum) shot up 32% to 22.5 cents as the junior explorer announced that MAG Silver Corp. (TSX: T.MAG, Stock Forum) has started the planned diamond drill program at the La Esperanza silver-lead-zinc project in Mexico. The drill program is planned for up to 5,000 metres in 16 drill holes to test two of the veins in the project area, including extensions of the La Esperanza vein previously drill tested by Canasil. MAG is earning a 60% interest in the property from Canasil under an option agreement dated August 19, 2010.
Frontier Rare Earths (TSX: T.FRO, Stock Forum), meanwhile, said it signed a definitive agreement with Korea Resources Corporation, the Korean Government-owned mining and natural resource investment company, to form a strategic partnership designed to accelerate the development of Frontier's Zandkopsdrift rare earth project in South Africa. Frontier stock popped 19% to $1.25.
Shares of Rye Patch Gold (TSX: V.RPM, Stock Forum) surged 84% to 71 cents after the junior miner, through its wholly-owned subsidiary Rye Patch Gold U.S. Inc., announced it has acquired land and mineral rights by staking open, locatable public lands that contain gold and silver resources in the Rochester Mining District in Nevada.
And, TAG Oil Ltd. (TSX: T.TAO, Stock Forum) Monday reported that the Cheal-B5 discovery well in New Zealand is naturally flowing at an average rate of 1,870 barrels of oil equivalent per day, consisting of 1,700 barrels of oil and 1.0 million cubic feet of gas per day flowing through a 40/64" choke over a five-day test period. TAG Oil shares rose 12% to $5.65.
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