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Resource junior up 36% on JV agreement

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| July 16, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 16, 2013 VANCOUVER (SHfn) –  

Copper Fox Metals Inc. (TSX: V.CUU) soared 36% to 80 cents a share after the resource development company announced it had entered into a joint venture agreement with Teck Resources Ltd. (TSX: T.TCK.B) regarding the Schaft Creek property in northern British Columbia, under which Teck will hold a 75% interest and Copper Fox will hold 25% interest. Under the agreement, Teck will make an initial $20 million payment to Copper Fox and has committed to make two additional $20 million payments, the first following a decision to bring the property into production and the second following the completion of mine construction. Teck has also agreed to fund the first $60 million of costs of the joint venture prior to a production decision. Currently, Teck is planning a 10,000 meter drilling program during the 2013 field season focused on exploration, potential resource expansion and geotechnical controls.

Fission Uranium Corp. (TSX: V.FCU) rose 10% to 88 cents on Tuesday after the resource company and Special Projects Inc (SPI) announced the filing of a patent application for an invention of an airborne system and method for surveying a geographic area to detect and map the locations of radioactive geological deposits, such as boulders and clusters of rock. The invention results in a particularly high-resolution survey and is an improvement over known airborne surveying methods for radioactive deposits. The invention led Fission to discover the high-grade uranium boulder field at its Patterson Lake South (PLS) property in Canada's Athabasca Basin.

Pilot Gold (TSX: T.PLG) was up 8.0% to 94 cents after the exploration and development company announced the beginning of a 20,000-metre drill campaign at Kinsley Mountain, Nevada, following on an effective 2012 drilling and exploration campaign that defined and expanded gold mineralization over a 2.2 kilometre-long trend. The exploration program is designed to extend and further define Kinsley's high-grade and bulk-tonnage mineralization with core and RC drilling as well as additional geophysical, engineering, metallurgical surveys, and district wide exploration. Drilling highlights from the 2012 program included over 13.7 metres of 6.03 grams per tonne gold and over 4.6 metres grading 15.18 grams per tonne gold.

Paladin Energy Ltd. (TSX: T.PDN) climbed 6.6% to 97 cents as investors assessed the uranium developer’s quarterly activities report for the three month period ended 30 June 2013. Highlights included strong sales revenue of US$107.4 million for the quarter and selling 2.325 million pounds of U3O8 at average price of US$46.22 per pound.

Top Canadian Small/Micro-cap Advancers
(as of 7:00 PM Eastern)
Border Petroleum Corp

Copper Fox Metals Inc

Continental Gold Limited

Belo Sun Mining Corp

Wi-LAN Inc
Top Canadian Small/Micro-cap Decliners
(as of 7:00 PM Eastern)
Perseus Mining Limited

Pulse Seismic Inc

Twin Butte Energy Ltd

Trinidad Drilling Ltd

Bellatrix Exploration Ltd

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