On Monday, Sterling Resources (TSX: V.SLG, Stock Forum) shares climbed 23% to $2.33 after the oil and gas producer/explorer announced the “successful” drilling of the Cladhan sidetrack well located on Block 210/29a in the United Kingdom North Sea, some 225 miles north east of Aberdeen, Scotland, in 536 feet water depth. Sterling holds a 39.9% interest and is the operator of the License P1064. The sidetrack was drilled to a total depth of 11,215 feet, encountering a gross hydrocarbon column of 159 feet with 102 feet of net hydrocarbon bearing sandstones compared to the discovery well, which had 31 feet of net pay with 36 degrees API oil.
"These results so far exceed our expectations of the quality and extent of the channel sand in this area of the Cladhan reservoir," stated Sterling's President and CEO Mike Azancot. "We are confident that results from the imminent DST operations will confirm commerciality of the Cladhan field. The next phase of the appraisal program will be to confirm the additional extent of the reservoir by drilling down dip looking for the oil water contact."
As well, shares of AuEx Ventures (TSX: T.XAU, Stock Forum) shot up 26% to $5.69 as the junior miner said it has entered into an arrangement agreement under which Fronteer Gold (TSX: T.FRG, Stock Forum) will acquire 100% of the outstanding common shares of AuEx by way of a plan of arrangement. Under the plan of arrangement, AuEx shareholders will receive 0.645 of a Fronteer Gold share, 66 cents in cash and 0.5 of a share in a new exploration company (SpinCo) for each AuEx share. The total consideration of this transaction is about $280.8 million.
In Tuesday trading, Lydian International (TSX: T.LYD, Stock Forum) shares jumped 11% to $1.98 after the miner reported further results from resource upgrade and extension drilling at its Amulsar gold discovery in Armenia, which included 95 meters at 1.7 grams per tonne (g/t) gold. Amulsar is a high-sulfidation style gold project that currently hosts a CIM compliant Inferred Category Resource of 1.4 million ounces at 0.9 g/t gold.
Also, shares of ICN Resources (TSX: V.ICN, Stock Forum) moved up 15% to 27 cents as the junior explorer announced the 100% acquisition of 358 unpatented lode mining claims. The claims cover approximately 3000 hectares and lie along the west flank of the Slumbering Hills in Humboldt County, Nevada. These claims are located between the well-known Sleeper Mine (Paramount Gold & Silver Corp.) and the newly-discovered mineralization at the Sandman Project (Fronteer Gold - Newmont Mining JV).
Wednesday’s market action saw shares of ATAC Resources (TSX: V.ATC, Stock Forum) surge 53% to $4.07 after the miner reported that the first diamond drill hole at the Osiris Target on its Sten claim block has intersected 9.26 grams per tonne (g/t) gold over 31.13 metres within a larger interval that averaged 4.65 g/t gold over 65.20 metres. The Sten claims are situated at the eastern end of ATAC's wholly-owned 1400 sq/km Rau Gold Project in Yukon.
In addition, shares of SemBioSys Genetics (TSX: T.SBS, Stock Forum) added 13% at 18 cents as the biotechnology company announced that the United States Patent and Trade Mark Office has granted the company U.S. patent 7,786,352 entitled "Methods for the Production of Apolipoproteins in Transgenic Plants." The granted patent claims include the methods for the expression of apolipoprotein (Apo) in plants, including Apo AI(Milano), the introduction of related chimeric nucleic acid into plant cells and producing plant cells capable of growing into mature plants which produce seeds that express apolipoprotein.
On Thursday, Valeura Energy (TSX: V.VLE, Stock Forum) shares powered 27% higher to 35 cents after the oil and gas explorer/producer announced that it has executed a farmout agreement with Aladdin Middle East (AME) and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret A.S. (GYP), two affiliated oil and gas exploration and production companies operating in Turkey and controlled by the Turkey-based Sayer Group. Under terms of the agreement, Valeura will farm-in to one production lease containing the Kahta heavy oil field and eight exploration licences operated by AME-GYP and located in southeastern Turkey within the Zagros fold belt.
As well, shares of Pyng Medical (TSX: V.PYT, Stock Forum) gained 20% to 18 cents as the medical devices provider said it has received 510(k) clearance from the U.S. FDA to market the FASTx Sternal Intraosseous Device. The company added it will now begin ramping up production to meet the anticipated demand for this next generation IO product.
And, in Friday trading, Atlanta Gold (TSX: V.ATG, Stock Forum) shares climbed 25% to 17.5 cents after the micro cap explorer reported that drill core for the second completed intermediate depth hole (hole D10026E21) at its Atlanta gold property in Idaho indicates that there are two significant intercepts (core widths of 219 feet and 743 feet (67 and 226 metres, respectively) of visible sulfide and alteration mineralization. Assay results for hole D10026E21 are expected in September and pending receipt of these results, no assumptions should be made as to the potential grade of the assays.
Finally, shares of New Millennium Capital (TSX: V.NML, Stock Forum) added 11% at $1.05 as the junior miner said it has reached an agreement with the Innu Matimekush-Lake-John First Nation for the immediate removal of the barricades that were blocking access to New Millennium's property and for the formal recommencement of negotiations of a detailed Impact and Benefit Agreement for the Direct Shipping Ore Project in the Schefferville area.
