Junior miner powers higher on gold drill results

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, February 8, 2012

TORONTO (SHfn) – Golden Hope Mines (TSX: V.GNH, Stock Forum) shares surged as much as 28% to 29.5 cents on volume of more than 1.9 million shares Wednesday after the micro cap miner reported further results from its Fall 2011 Drill Campaign in Quebec, which included 4.39 grams per tonne (g/t) gold over 33 metres.

As well, shares of Tamerlane Ventures (TSX: V.TAM, Stock Forum) gained 13% to 17 cents as the junior explorer announced the results of the NI 43-101 technical report for the N-204 surface deposit at its Pine Point Project in the Northwest Territories. The report shows the N-204 deposit at the Pine Point Project is feasible with an internal rate of return (IRR) of 90%, and the company has already begun the permitting process for this deposit. The cash cost (average over mine life) of zinc production from the N-204 deposit is projected to be 47 cents per pound. The mineral inventory includes diluted probable reserves of 12.8 million tonnes at a grade of 0.70% lead and 2.60% zinc, and diluted in-pit inferred resources of 1.5 million tonnes at a grade of 0.6% lead and 2.3% zinc, at a cutoff grade of 1.1% combined zinc+lead.

Tranzeo Wireless Technologies (TSX: V.TZT, Stock Forum), meanwhile, reported that it has secured a $500,000 credit facility to fund inventory purchases to enable it to meet its current back log of committed purchase orders. The loan is secured by a general security agreement. Tranzeo Wireless stock popped 50% to 18 cents.

And, Ballard Power Systems (TSX: T.BLD, Stock Forum) late Tuesday said it has signed a non-binding Memorandum of Understanding with WEG Industries (Brazil), a multi-national corporation headquartered in Brazil, to collaborate on product and market development of clean energy fuel cell products. Ballard Power shares rose as much as 12% to $1.42 on Wednesday.  

To read more articles by Sean Mason please click here