Canadian small/micro-cap weekend roundup

On Monday, Horn Petroleum (TSX: V.HRN, Stock Forum) shares plummeted 46% to 30 cents on volume of 3.1 million shares after the oil and gas explorer reported that the Shabeel North-1 well in Puntland (Somalia) has reached a total depth of 3945 meters with no oil or gas shows and only minor porosity exhibited on electric logs and, thus, the company has decided to plug the well.

As well, shares of Petromin Resources (TSX: V.PTR, Stock Forum) shot up 62% to 10.5 cents as the oil and gas producer/explorer said it has successfully drilled and cased its 15-23-42-28W4M Morningside oil prospect and the company has exercised its option to purchase a 50% working interest in an additional 160 acres of offsetting lands.

In Tuesday trading, Aurcana (TSX: V.AUN, Stock Forum) shares climbed 12% to $1.05 on volume of more than 5.6 million shares after the silver miner announced an updated resource estimate for its La Negra Mine in Mexico, which “shows a 50-fold increase from the prior Measured and Indicated resource estimate of 2.3 million ounces of silver to the current estimate of over 115 million ounces of silver.”

Also, shares of Baja Mining (TSX: T.BAJ, Stock Forum) moved up 77% to 11.5 cents as the mine developer reported that the Korean consortium has contributed US$90 million to its subsidiary Minera y Metalurgica del Boleo S.A. de C.V. (MMB), completing Stage I of the financing announced by Baja on July 26, 2012. The Korean Consortium now owns a majority interest (51%) in MMB.

Wednesday’s market action saw shares of Mart Resources (TSX: V.MMT, Stock Forum) slip 12% to $1.48 on volume of more than 5.1 million shares after the Canadian oil producer with operations in Nigeria said its second-quarter net income fell 89% to $2.3 million from $20.8 million a year earlier. The company’s share of production from the Umusadege project in Nigeria fell 23% to 4,491 barrels a day. The field was shut for nine days during the quarter because of pipeline disruptions, well testing and maintenance.

In addition, shares of Tower Resources (TSX: V.TWR, Stock Forum) gained 8% to 34.5 cents as the micro cap explorer reported initial results from Phase One drilling at its 100% controlled JD Property in British Columbia, which included 12.6 meters grading 10.82 grams per tonne (g/t) gold.  

On Thursday, Vantex Resources (TSX: V.VAX, Stock Forum) shares fell 25% to 10.5 cents after the micro cap explorer reported an intersection of 6.20 metres of 59.51 grams per tonne (g/t) gold in drill hole VPE12-50 at its Galloway Project in Quebec.

As well, shares of Excellon Resources (TSX: T.EXN, Stock Forum) added as much as 9% at 37.5 cents on volume of more than 1.1 million shares as the junior miner said it has regained access to its La Platosa silver mine in Mexico. The company claims La Platosa has been under an illegal blockade initiated by the Ejido La Sierrita with the assistance of an affiliate of the United Steelworkers Union.

And, in Friday trading, SLAM Exploration (TSX: V.SXL, Stock Forum) shares jumped 20% to 18 cents after the micro cap explorer reported that trenching intersected a gold-bearing quartz vein that strikes for at least 155 metresn at the new Maisie Zone gold discovery on its wholly-owned Menneval claims in New Brunswick. The company added that specks of visible gold occur in Trench MN12-03 and over a 35 metre length of the vein in trench MN12-04.

Finally, shares of Bison Gold Resources (TSX: V.BGE, Stock Forum) rose as much as 11% to 10.5 cents as the gold junior provided an update on results from the completed drilling program on the Ogama Structural Corridor from its Central Manitoba property, which included 29.38 metres of 3.05 grams per tonne (g/t) gold.