Speculators piled into a small platinum play Thursday, while others took heed of a heavy oil resource estimate.
Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, November 19, 2009
TORONTO (SHfn) – Speculators piled into a small platinum play Thursday, while others took heed of a heavy oil resource estimate.
Noront Resources (TSX: V.NOT, Stock Forum) shares powered 39% higher to $2.08 on Thursday after the explorer reported newly-obtained assay results of completed drill holes from its Eagle's Nest deposit at the McFauld's Lake Property in northern Ontario, which included 22.8 metres averaging 4.41% nickel, 2.38% copper, 28.07 grams per tonne (g/t) platinum, and 7.95 g/t palladium.
As well, shares of Great Pacific International (TSX: V.GPI, Stock Forum)gained 45% to 14.5 cents as the oil and gas producer/explorer said it recently commissioned a "Heavy Oil in Place Determination Report" from Chapman Petroleum Engineering on four sections of its petroleum and natural gas leases near Manning Alberta. Total heavy oil in place assessed by Chapman on the company's lands for the two most significant potential carbonate reservoir zones in the area, the Elkton and Lower Debolt formations, amounted to 206 million barrels of petroleum initially in place.
Champion Minerals (TSX: V.CHM, Stock Forum), meanwhile, announced an initial Mineral Resource Estimate on its Fermont Iron Property in Quebec. At a 15% iron cut-off grade, there are a combined 503.3 million tonnes grading 28.0% iron in the Inferred Mineral Resources category. Champion stock popped 16% to 52 cents.
Destiny Resource Services (TSX: T.DSC, Stock Forum) and Logan Oil Tools, a Houston-based global supplier of down hole tools, jointly announced they have entered into an agreement and plan of merger, whereby Destiny will be merged with and into Logan. Under the terms of the agreement, each Logan share will be exchanged for 4.2 Destiny common shares. Destiny shares soared 105% to $4.
And, shares of Kimber Resources (TSX: T.KBR, Stock Forum) continued to climb Thursday, surging 31% to $1.10 following a 25% gain on Wednesday after the micro cap miner reported a new, upgraded mineral resource estimate for the Carmen Deposit in Mexico. At a cut off of 3 g/t recoverable gold equivalent, it showed average modelled gold recoveries were 96% for indicated mineral resources and inferred mineral resources, while the average modelled silver recovery was 72% for indicated mineral resources and 75% for inferred mineral resources.
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