Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 4, 2012
TORONTO (SHfn) – Rare Element Resources (TSX: T.RES, Stock Forum) shares jumped 21% to $4.35 on Wednesday after the resource explorer/developer reported results of an updated NI 43-101-compliant mineral resource estimate of rare-earth elements plus yttrium contained in three deposits located in the Bull Hill area of the Bear Lodge project in Wyoming. The updated resource estimate of the Bull Hill deposit consists of 6.8 million tons (6.2 mm metric tonnes) averaging 3.75% REO, a 38% increase in the Measured and Indicated categories.
As well, shares of Threegold Resources (TSX: V.THG, Stock Forum) moved up 13% to 13.5 cents as the micro cap explorer said it has acquired 135 claims from prospector and businessman Rene Rousseau in Duverny Township, in the vicinity of its Standard Gold Project in Quebec, for a consideration of $25,000 at signing, plus $50,000 and one million units upon acceptance of the TSX. The units will consist of one common share and one purchase warrant priced at 15 cents for the first 12 months and 18 cents for the following 12 months. Starting March 2012, $40,000 and 300,000 shares shall be issued each 12 months until the final installment of $120,000 on March 2016.
Stornoway Diamond (TSX: T.SWY, Stock Forum), meanwhile, announced the filing of a National Instrument 43-101 technical report representing the qualifying report for the recently-announced Feasibility Study at the Renard Diamond Project in Quebec, which showed base case estimates of Net Present Value of $672 million at a 7% discount rate and Internal Rate of Return of 18.7% before taxes and mining duties, and $376 million and 14.9% after taxes and mining duties. Stornoway stock popped 21% to $1.19.
And, shares of Prophecy Platinum (TSX: V.NKL, Stock Forum) continued to move higher Wednesday, rising 13% to $2.57. On Tuesday its share price gained 11% after the company announced that it will begin drilling on its Wellgreen PGE-Ni-Cu project in the Yukon starting the third week of January, 2012. Approximately 9,000 meters of underground drilling have been planned, targeting the infill areas of the existing Wellgreen inferred resource, and potential expansion of the resource southward to fill the pit area currently being designed in the company's Preliminary Economic Assessment, which is due for completion in the first quarter of 2012.
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