Stock movers for the week of July 15, 2013:
On Monday, TAD Mineral Exploration (
TSX: V.TJ) soared 60% to $0.04 cents after the exploration and development company said it had acquired acreage prospective for hydrothermal graphite in Ontario. This new prospect, the 'Constance Lake' hydrothermal graphite prospect borders Zenyatta Ventures Ltd. (
TSX: V.ZEN). Management plans to mobilize crews on this prospect shortly. This new prospect consists of 16 claims making up approximately 635 acres acquired through staking.
Goldstrike Resources (
TSX: V.GSR) rose 16.7% to 28 cents after the gold explorer reported that early exploratory drilling on its flagship 100% owned Plateau South property in Eastern Yukon has intersected mineralization with visible gold in three of the first six holes, with sulphide mineralization in every hole drilled to date, and the zone remains open.
On Tuesday, Copper Fox Metals Inc. (
TSX: V.CUU) soared 36% to 80 cents a share after the resource development company announced it had entered into a joint venture agreement with Teck Resources Ltd. (
TSX: T.TCK.B) regarding the Schaft Creek property in northern British Columbia, under which Teck will hold a 75% interest and Copper Fox will hold 25% interest. Under the agreement, Teck will make an initial $20 million payment to Copper Fox and has committed to make two additional $20 million payments, the first following a decision to bring the property into production and the second following the completion of mine construction. Teck has also agreed to fund the first $60 million of costs of the joint venture prior to a production decision. Currently, Teck is planning a 10,000 meter drilling program during the 2013 field season focused on exploration, potential resource expansion and geotechnical controls.
Fission Uranium Corp. (
TSX: V.FCU) rose 10% to 88 cents on Tuesday after the resource company and Special Projects Inc (SPI) announced the filing of a patent application for an invention of an airborne system and method for surveying a geographic area to detect and map the locations of radioactive geological deposits, such as boulders and clusters of rock. The invention results in a particularly high-resolution survey and is an improvement over known airborne surveying methods for radioactive deposits. The invention led Fission to discover the high-grade uranium boulder field at its Patterson Lake South (PLS) property in Canada's Athabasca Basin.
On Wednesday, Medallion Resources (
TSX: V.MDL) rose 4.7% to 33.5 cents after the mineral resource company announced the recent exercise of 1.57 million common-share purchase warrants, resulting in gross proceeds of $392,750 to Medallion. The warrants were issued as part of the company's July 2010 financing, entitling the holders to purchase one common share of Medallion stock at a price of 25 cents, and expired July 12, 2013. Of the total available warrants from the July 2010 financing, holders exercised over 99%.
In Thursday trading, Canada Carbon (
TSX: V.CCB) soared 36% to 17 cents after the junior explorer announced results from its first series of beneficiation tests conducted at SGS Canada Inc. (Lakefield) on its 100% owned Miller lump/vein graphite property, located 70 kilometres west of Montreal, Quebec. Highlights from the results included an initial flotation test of a 2.0 kilogram surface sample with a grade of 61.2% graphitic carbon, which was concentrated by grinding and flotation to 79.2% graphitic carbon. The +48 mesh size fraction represented 34.3% of the flotation concentrate and was assayed at 93.5% graphitic carbon. Furthermore, a traditional leach process yielded a concentrate that assayed 99.2% graphitic carbon.
Africa Hydrocarbons (
TSX: V.NFK) climbed 33% to four cents after the international oil and natural gas company provided an operational update regarding its BHN-1 exploration well in Tunisia. As previously announced, the company has reached a total depth of 2,745 metres, after penetrating 247 metres of the Abiod chalky limestone formation within the planned target area. Due to open-hole wellbore instability the company has deemed it prudent to run the seven inch liner to the bottom, after which it will then conduct cased-hole wire-line logging operations. Setting and cementing of the liner is currently underway. The well is being drilled to evaluate a Cretaceous Abiod oil target on the Bouhajla North prospect.
And, on Friday, Caribou King Resources (
TSX: V.CKR,
Stock Forum) climbed 14.3% to cents after the junior exploration company announced that it had engaged geologist Steven Lauzier, P.GEO. OGQ#1430, and his company SL Exploration Inc. to conduct geologic mapping and prospecting at its Calumet graphite project, located 80 kilometers west of Montreal, Quebec. Lauzier recently completed exploration on Canada Carbon Inc.’s (
TSX: V.CCB,
Stock Forum) historic Miller graphite mine, which adjoins the Calumet project on the east and north. Recently, Canada Carbon announced the identification of 17 new conductive anomalies on their project, along with metallurgical test results on graphite veins with up to 99.2% graphitic carbon in a concentrate in preliminary tests.
PMI Gold (
TSX: T.PMV,
Stock Forum) fell 1.5% to 33 cents as investors assessed news of the international gold company’s multi-pronged strategy to cut costs and accelerate early project cash flow for its flagship Obotan gold project in southwest Ghana. West Africa. Key points of the strategy include reviewing of all major contracts and re-tendering processes to take advantage of falling costs industry-wide. PMI is also searching for financing options for Obotan while waiting for approval of the final Environmental Impact Statement. Until a suitable financing package is secured, the company has taken a number of decisive steps to cut costs across the organization to preserve its strong cash reserves of US$102 million for project development and refocus exploration. These initiatives include a material reduction in Directors' fees and salaries for all executives and senior staff, a reduction in exploration staff in Ghana, a reduction in corporate and administrative overheads across the company and a significant reduction in exploration expenditure.