TORONTO (SHfn) – Explor Resources (TSX: V.EXS, Stock Forum) shares jumped 35% to 44 cents on Tuesday after the micro cap explorer reported the completion of its initial NI 43-101 Mineral Resource Estimate for the Timmins Porcupine West Gold Property in northern Ontario, which showed an Indicated resource of 127,000 gold ounces (770,000 tonnes at 5.13 g/t gold) and an Inferred resource of 704,000 gold ounces (5,523,000 tonnes at 3.97 g/t gold). A 2.20 g/t cut-off grade was used in the calculations.
As well, shares of Raydan Manufacturing (TSX: V.RDN, Stock Forum) moved up 173% to 15 cents as the producer of specialized suspension and coupling systems for trucks, trailers and heavy equipment announced that Link Suspensions of Canada, Limited Partnership and Link Manufacturing, Ltd. will acquire all or substantially all of the assets of Raydan for a consideration in the amount of $4,423,444 plus the assumption of approximately $1,665,000 in line of credit debt, subject to the closing working capital adjustments.
Regulus Resources (TSX: V.REG, Stock Forum), meanwhile, reported results from preliminary metallurgical work on its 50%-owned Rio Grande copper-gold-silver project in Argentina, which company says “indicate good gold recovery is achievable.” Regulus stock, however, dropped 32% to 52 cents.
Shares of Carmanah Technologies (TSX: T.CMH, Stock Forum) rose 13% to 45 cents after the provider of solar LED lights and solar power systems announced that Mexican officials have selected Carmanah’s EG-series solar LED outdoor lighting system for an outdoor area project in a deal valued at nearly US$1 million.
And, Polar Star Mining (TSX: T.PSR, Stock Forum) Tuesday said it has signed a letter of intent to enter into an exclusive option agreement with BHP Billiton regarding 172,600 hectares of exploration land held by Polar Star in Chile. BHP Billiton will commit to US$1 million in reconnaissance exploration expenditure, and subsequently select up to five separate blocks for further expenditure and will sole fund US$3.5 million in exploration expenditure on each selected block to earn a 51% interest in that block. Polar Star shares powered 27% higher to 38 cents.
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