Energy junior up 20% on asset sale

Brownstone Energy Inc. (TSX: V.BWN, Stock Forum) soared 20% to six cents on Tuesday after the oil and gas company announced that it has agreed to sell its 25% oil and gas participating interest in the Canaguaro Block in the Llanos Basin in Colombia to Petrominerales Ltd. (TSX: T.PMG, Stock Forum). Petrominerales will pay Brownstone a total of US$6 million in cash for its 25% private participating interest, subject to customary post-closing price adjustments. The sale is expected to be completed in the next 30 days, subject to the satisfaction of certain closing conditions, including receipt of regulatory and other approvals.

Roxgold Inc. (TSX: V.ROG, Stock Forum) was up 1.9% to 54 cents. The exploration and development company announced results from the ongoing infill drilling program on the 55 Zone, at its 100% owned Yaramoko permit in Burkina Faso. The highlight of the results was over 3.96 meters grading 22.1 grams per tonne gold.

Canada Lithium Corp. (TSX: T.CLQ, Stock Forum) climbed 3.4% to 61 cents before closing at 59 cents. The lithium-focused company announced that, following an on-site field evaluation yesterday, the Canadian Standards Association (CSA) has granted approval for the company to operate its process plant kiln, located near Val d’Or, Quebec. Canada Lithium will now commence the commissioning process for various hydrometallurgical circuits within the plant that, due to their integration into the kiln circuit, could not be pre-commissioned. These include the kiln input conveyor, kiln filters and baghouse installations, kiln bed, kiln discharge conveyor, lithium sulphate circuit, CO2 supply system, lime addition circuit and reverse osmosis water systems, plus various process control systems. The heating of the kiln to operational temperatures of about 1,000°C will require several days.

Orca Gold Inc. (TSX: V.ORG, Stock Forum) fell 14% to 77 cents after the resource company reported that it had granted an aggregate of 600,000 incentive stock options to certain eligible persons of the company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $0.90 per share.