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Junior miner powers higher on gold drill results

6/13/2012 3:15:25 PM | Sean Mason

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While a precious metals explorer plunged following a sampling disappointment Wednesday

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, June 13, 2012

TORONTO (SHfn) – Urastar Gold (TSX: V.URS, Stock Forum) shares surged 17% to 27 cents on Wednesday after the micro cap miner reported drilling results for its 805 metre reverse circulation drill program on the El Jabali property in Mexico, which included 24 metres of 3.324 grams per tonne (g/t) gold from 13.7 metres to 38.1 metres.

As well, shares of RJK Explorations (TSX: V.RJX.A, Stock Forum) plummeted 49% to nine cents on volume of more than 2.2 million shares as the junior explorer provided results from the phase one diamond drill program on its 9,200 hectare Blackwater East and Northeast Properties in British Columbia. Poor drilling conditions within the property resulted in three holes being lost in overburden and three holes not reaching their intended depth. Two other target areas were tested and no significant gold or silver values were recorded in the sampling of these holes.

Guyana Goldfields (TSX: T.GUY, Stock Forum), meanwhile, said it is on schedule to deliver a revised resource estimate for its Aurora Gold Project by the end of June 2012. The company added that it intends to issue a revised Bankable Feasibility Study for Aurora by the end of this year. Guyana Goldfields stock popped 11% to $2.40.

And, Red Eagle Mining (TSX: V.RD, Stock Forum) Wednesday reported the first and only assay results received to date on the in-progress, phase two drill program at the Santa Rosa gold project in Colombia, which included 6.0 metres of 31.85 g/t gold. Red Eagle Mining shares jumped 20% to 42 cents.

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Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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