In Tuesday trading, Solvista Gold Corp. (TSX: V.SVV, Stock Forum) soared 40% to 35 cents on Tuesday after the exploration company announced the completion of its 8,000 metre, phase one drill program on three separate targets within the Caramanta Porphyry Cluster at its Caramanta project, located at the center of the Middle Cauca Belt, one of the most prolific gold districts in Colombia. Drilling highlights included 456.73 metres grading 1.01 grams per tonne gold, 0.21% copper and 2.3 grams per tonne silver and 323.42 metres grading 1.34 grams per tonne gold, 0.21% copper and 2.5 grams per tonne silver.
Orbite Aluminae Inc. (TSX: T.ORT, Stock Forum) climbed 26% to 92 cents after the clean tech alumina producer announced that Peter Crossgrove, Pascal Decary and Claude Lamoureux are joining the Board of Directors, effective immediately, as independent members and will be proposed by the Board for election by the shareholders at the next annual general meeting of the company, which is scheduled for June 20, 2013. "The collective experience that we are adding to our Board will strengthen Orbite on multiple levels," said Lionel Léveillé, Chairman of the Board of Directors. "The nomination of Lamoureux strengthens the Board's capital markets acumen and shows our commitment toward improving our corporate governance practices. Crossgrove's depth and breadth of management experience within the resource industry will be invaluable to draw down on as we move ahead with our projects. Bringing Decary on board provides Orbite with an experienced voice in clean tech and environmental services, as well as in international environmental regulations, which is an area that we believe holds great potential for Orbite and its shareholders."
On Wednesday,Yorbeau Resources Inc. (TSX: T.YRB.A, Stock Forum) soared 23.5% to 21 cents after the gold exploration and mining company announced that it had entered into an option and joint venture agreement withGold Fields Sudbury Exploration Corp., a 100% indirect subsidiary of Gold Fields Ltd. (GFIOF). Subject to certain conditions, Gold Fields has the option to earn a 51% interest in the company's 100% held Rouyn property in Quebec, Canada. In order to exercise the option and vest the 51% interest, Gold Fields is required to fund $19 million in exploration and development expenditures, which includes a cash pre-payment of $1 million to Yorbeau in respect of services and equipment to be provided to Gold Fields by the company. Gold Fields is also required to participate in three private placements for securities of Yorbeau with the cost ranging from at least $3 million and up to a maximum of $6 million. Upon vesting a 51% interest in the property, Gold Fields has a further option to increase its interest to 70% by spending an additional $15 million over three years after the initial term.
Donner Metals Ltd. (TSX: V.DON, Stock Forum) rose 9% to 12 cents after the exploration and development company reported that sulphide mineralization continues to be intersected at the McLeod Deep Zone, located in the Abitibi region of central Québec. The recent drilling results, as reported to the company by partner and project operator Glencore Xstrata (GLNCY), include an intercept grading 9.49% zinc, 1.75% copper, 52.96 grams per tonne silver and 1.03 grams per tonne gold over 34.80 metres. This program, to be completed in 2013, is designed to both expand and confirm mineral resources down-dip from planned development in the McLeod Zone with the goal of establishing an indicated mineral resource.
On Thursday, PNG Gold Corp. (TSX: V.PGK, Stock Forum) jumped 10% to 5.5 cents on Thursday after the exploration company reported gold and silver assay results from 11 diamond drill holes from Imwauna Main Structure, located 80 kilometres northeast of Alotau, Papua New Guinea. The highlight was 2.5 metres grading 52.1 grams per tonne gold and 124.2 grams per tonne silver.
Belo Sun Mining Corp. (TSX: T.BSX, Stock Forum) climbed 5.8% to 55 cents after the mineral exploration company received positive results from preliminary metallurgical leach test work conducted with samples from the South Block deposit of its 100% owned Volta Grande gold project located in Para State, Brazil. A total of six South Block composite samples were tested. Head grades varied from 2.2 grams per tonne gold to 6.5 grams per tonne gold with an average gold recovery of 95%.
And, in Friday trading, America's largest conventional uranium producer, Energy Fuels Inc. (TSX: T.EFR, Stock Forum) rose 9.7% to 17 cents after signing a letter of intent (LOI) with a Canadian based resource company, Strathmore Minerals Corp. (TSX: T.STM, Stock Forum), who soared 30.6% to 23.5 cents after the LOI news, whereby Energy Fuels would acquire, by way of a plan of arrangement, all of the issued and outstanding common shares of Strathmore. Under the terms of the LOI, Strathmore shareholders would receive 1.47 common shares of Energy Fuels for each common share of Strathmore held, resulting in the shareholders of Strathmore owning approximately 21% of the issued and outstanding shares of Energy Fuels upon completion of the transaction. Energy Fuels and Strathmore believe the transaction will position the newly combined Energy Fuels as the premier pure-play U.S. uranium company, supported by significant current uranium production of 1.175 million pounds for its current fiscal year, as well as a robust pipeline of development projects.
Falcon Oil & Gas Ltd. (TSX: V.FO, Stock Forum)was up 7.3% to 22 cents after exploration company announced that it has executed a conditional agreement with Sweetpea Petroleum Pty Ltd, a wholly-owned subsidiary of PetroHunter Energy Corp. (PHUN), to acquire its 50 million shares or 24.22% interest in Falcon Oil & Gas Australia Ltd. (FOGA). FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Falcon currently owns 150 million shares in FOGA representing 72.68% of the issued share capital of FOGA. Upon completion of the agreement, Falcon's shareholding in FOGA will increase to 200 million shares representing 96.90% of the issued share capital.