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Junior explorer surges on gold assays

6/21/2012 6:45:20 PM | Sean Mason

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While some speculators gushed over a new oil discovery Thursday

TORONTO (SHfn) – Eagle Hill Exploration (TSX: V.EAG, Stock Forum) shares powered 23% higher to 16 cents on volume of more than 2.4 million shares Thursday after the micro cap explorer reported the first assay results of the new 25,000 meter drill program at the Windfall Lake Gold Deposit in Quebec, which included a wide mineralized interval assaying 11.8 grams per tonne (g/t) gold over 47.2 meters.

As well, shares of Santa Maria Petroleum (TSX: V.SMQ, Stock Forum) gained 34% to 34 cents as the oil and gas junior announced a new oil discovery in the Une Formation at the Flami-1 well at the Llanos 27 Block in Colombia. Over a 60-hour test period the well produced 1,514 BOPD of 15.5 degree API oil with an average watercut of 13%. Cumulative oil production over those 60 hours was 3,786 barrels of oil.

INV Metals (TSX: T.INV, Stock Forum), meanwhile, said it has entered into a definitive agreement to acquire the Quimsacocha Project in Ecuador from IAMGOLD in return for the issuance of 150 million common shares of INV Metals. Quimsacocha has an Indicated mineral resource estimate of 3.3 million ounces of gold. INV Metals stock popped 46% to 16 cents.

And, Malbex Resources (TSX: V.MBG, Stock Forum) Thursday reported results for 11 diamond drill holes from the Rojo Grande deposit at its Del Carmen gold-silver project in Argentina, which included 67 metres grading 2.76 g/t gold and 14.8 g/t silver. Malbex shares added 13% at nine cents.

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Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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