Stock movers for the week of October 8, 2012
On Monday, Canadian stock markets were closed for the Thanksgiving holiday.
In Tuesday trading, Kilo Goldmines (TSX: V.KGL, Stock Forum) shares climbed as much as 19% to 16 cents after the micro cap explorer reported results from two of 18 diamond drill holes on its Manzako Prospect in the Democratic Republic of Congo, which included 43.04 grams per tonne (g/t) gold over 4.3 metres.
As well, shares of Porto Energy (TSX: V.PEC, Stock Forum) shot up 59% to 23 cents on volume of more than 10.6 million as the oil and gas explorer/developer provided an operational update on the ongoing drilling of its Alcobaça #1 Presalt well onshore Portugal. "We encountered elevated gas readings when we drilled out of the salt and are now targeting a seismic anomaly we see on our 3D that we interpret as a potential reservoir interval. We are working closely with Galp to evaluate this section, which has the potential to make this a commercial discovery," said Joseph Ash, President and CEO of Porto.
Wednesday’s market action saw shares of Goldstrike Resources (TSX: V.GSR, Stock Forum) plummet 50% to 38 cents on volume of more than 2.8 million shares after the micro cap explorer reported additional exploration results, including a metallics assay of 529.86 grams per tonne (g/t) gold from a rock grab sample taken at the VG Zone on its Plateau South property in the Yukon.
Also, shares of Keegan Resources (TSX: T.KGN, Stock Forum) moved up 18% to $3.58 as the gold junior announced results of a revised mineral resource estimate for its Esaase gold project in Ghana, West Africa, which showed a Measured and Indicated resource of 68.92 million tonnes averaging 1.73 g/t gold for 3.83 million ounces, and an Inferred resource of 22.23 million tonnes averaging 1.75 g/t gold for 1.25 million ounces. The revised resource estimate was based on a cut-off grade of 0.8 g/t gold. The company added that a revised Pre Feasibility Study (PFS) will incorporate a change in open-pit mining methods to selectively mine at lower rates and higher grades than the September 2011 PFS, which used a cut-off of 0.4 g/t gold.
On Thursday, St. Augustine Gold and Copper (TSX: T.SAU, Stock Forum) shares surged 24% to 36.5 cents after the copper/gold project developer announced that it will form a strategic partnership with Queensberry Mining and Development of the Philippines, wherein Queensberry may ultimately acquire a total stake in St. Augustine of up to approximately 23.7% through both the potential acquisition of secondary shares through option agreements and a private placement with the company.
In addition, shares of Ram Power (TSX: T.RPG, Stock Forum) gained 34% to 25.5 cents on volume of more than 5.2 million shares as the renewable energy company said the Nicaraguan Government has approved a power sales tariff increase for the company’s San Jacinto-Tizate geothermal power project of approximately 17% effective October 1, 2012, with annual escalation of 3% through and including 2022 and 1.5% thereafter through 2028.
And, in Friday trading, PetroFrontier (TSX: V.PFC, Stock Forum) shares plunged 43% to 38.5 cents on volume of more than 3.4 million shares after the oil and gas explorer/developer said as a result of unforeseen operational delays at MacIntyre-2H and Baldwin-2Hst1 in Australia’s Northern Territory, test results on these wells are not likely until 2013, depending on regulatory approvals, weather and the availability of required equipment and services.
Finally, shares of Tethys Petroleum (TSX: T.TPL, Stock Forum) fell 17% to 50 cents as the energy producer/explorer announced the preliminary results of exploration/appraisal well AKD07 drilled in the Akkulka Block in Kazakhstan, in which the "Dyna" sheet sand and the "Doris" channel sand were both present and of good quality but both have been interpreted as being water bearing.