Junior explorer jumps on gold drill results

Stockhouse Canadian Small and Micro-cap Stock Report for Monday, January 16, 2012

TORONTO (SHfn) – Unigold (TSX: V.UGD, Stock Forum) shares climbed 97% to 33.5 cents on volume of more than 6.6 million shares Monday after the micro cap explorer reported additional results from the 2011 drilling program at its wholly-owned Candelones Project in the Dominican Republic, which included 73 metres of 2.36 grams per tonne (g/t) gold.

As well, shares of Brownstone Energy (TSX: V.BWN, Stock Forum) shot up 58% to 63 cents on more than 2.6 million shares traded as the oil and gas producer/explorer said it has been advised by its joint venture partners that there has been an oil discovery in the Upper Mirador Formation at the Mani-1 well on the Llanos 27 Block in Colombia. Initial production rates from the test were 1,510 bbls/d of fluids with a 32% watercut equating to approximately 1,025 boe/d of 14 degree API oil. During the course of the following 57 hour test, fluid and oil production rates improved to 2,310 bbls/d of fluids and a 16% watercut equating to approximately 1,940 boe/d of 16 degree API oil.

Beaufield Resources (TSX: V.BFD, Stock Forum), meanwhile, reported assay results for samples from the summer exploration program on its 100% owned Schefferville iron range properties in Quebec. Of a total of 1433 grab and chip samples, 24% (343 samples) were greater than 45% Fe2O3 (iron oxide) and a total of 27 samples were greater than 75% Fe2O3. Beaufield stock popped 12% to 28 cents.

And, Fission Energy (TSX: V.FIS, Stock Forum) and its 50% joint venture partner, ESO Uranium Corp. (TSX: V.ESO, Stock Forum), Monday announced that an expanded $2.76 million, 33 hole winter drill and geophysical program has begun at its PLS Property in Saskatchewan. Fission shares rose 16% to 94 cents on volume of more than 2.7 million shares, while shares of ESO Uranium added 17% at 10.5 cents.

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