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Junior explorer soars on gold resource boost

11/18/2008 5:31:42 PM | Sean Mason

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Speculators poured into a small gold play Tuesday, while a tiny diamond miner sparkled.

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, November 18, 2008

TORONTO (SHfn) - Speculators poured into a small gold play Tuesday, while a tiny diamond miner sparkled.

Rolling Rock Resources (TSX: V.RLL, Stock Forum) shares powered 75% higher to 3.5 cents on Tuesday after the micro cap miner said it has increased its Monument Bay Gold Deposit in Manitoba by 28.3% to 1,212,000 ounces of gold.

As well, shares of Peregrine Diamonds (TSX: T.PGD, Stock Forum) shot up 18% to 39.5 cents as the junior explorer reported the discovery of a 2.01 carat, gem quality, clear colourless octahedron diamond in a 2.28 tonne sample collected from the CH-1 kimberlite during the 2008 summer field season. The CH-1 kimberlite is located on the 9,800 square kilometre Chidliak property on Baffin Island in Nunavut.

Firestone Ventures (TSX: V.FV, Stock Forum), meanwhile, announced that it has completed a National Instrument 43-101 compliant Mineral Resource estimate for its Torlon zinc oxide deposit in Guatemala, which estimates a combined measured and indicated zinc-lead-silver resource, at a 3% zinc-equivalent cutoff, to be 1,891,636 tonnes grading 10.55% zinc-equivalent. Firestone stock popped 42% to 8.5 cents.

Shares of Pelangio Exploration (TSX: V.PX, Stock Forum) climbed 25% to five cents after the junior miner reported results of its 2008 drilling program on the Obuasi property in Ghana, West Africa, which included 1.57 grams per tonne (g/t) gold over 1.0 metre, within a wider intercept of 0.3 g/t gold over 17.0 metres. Pelangio has a 51% interest in three early-stage gold exploration concessions totaling 290 square kilometres on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.

And, ZEOX Corporation (TSX: V.ZOX, Stock Forum) Tuesday said it has completed the non-brokered private placement of 666,666 units at a price of 75 cents per unit for gross proceeds of $500,000 as previously announced on October 2, 2008, and November 12, 2008. The proceeds of this private placement are intended to be used for general working capital and the continuing development of the company's Butte, Montana zeolite production facilities. Its shares jumped 15% to 46 cents.

Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
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ABOUT THE AUTHOR

Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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