Samaranta Mining (V.SAX) up 300% after signing lease agreement

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| July 25, 2013


Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, July 25, 2013 VANCOUVER (SHfn) –  

Samaranta Mining Corp. (TSX: V.SAX, Stock Forum) soared 300% to two cents after the mining junior announced that it has signed a lease agreement for the Spanish Canyon project, located in north-central Nevada. Based on extensive exploration work already completed, Spanish Canyon has the potential to host sediment-hosted gold, similar to that found on the Carlin and Cortez Trends in northern Nevada. Furthermore, based on results from the geophysics, the extensive soil survey and earlier geologic mapping and sampling programs, a first phase reverse-circulation drill program is ready for permitting. Under the terms the agreement the company acquired from Mountain Gold Claims, LLC the rights to 94 unpatented lode mining claims located near Gabbs, Nevada. The agreement requires the company to make advance royalty payments of $5,000 cash and 200,000 shares of its common stock upon signing, with further cash and common share payments on each anniversary date of the agreement.

TAD Mineral Exploration Inc. (TSX: V.TJ, Stock Forum) climbed 12.5% to four cents as investors assessed the news that the junior mining company has acquired additional acreage prospective for hydrothermal graphite in Ontario. This new prospect, the 'Constance Lake West' hydrothermal graphite prospect borders Zenyatta Ventures Ltd. (TSX: V.ZEN, Stock Forum).  Management plans to mobilize crews onto this prospect shortly. Based on Government of Ontario map 3890G for the district of Cochrane, a magnetic low anomaly is present within this new property. 

Contact Exploration. (TSX: V.CEX, Stock Forum) rose 4.0% to 27 cents on Thursday after the oil and gas company said that it intends to complete a brokered private placement of up to 12.5 million common shares of the company, at a price of $0.26 per share, and up to 5.83 million shares to be issued on a flow-through basis pursuant to the Income Tax Act (Canada), at a price of $0.30 per flow-through share, for aggregate gross proceeds of up to $5.0 million. Proceeds from the private placement will be used to fund the company's drilling and operational activity in the East Kakwa Montney project area in the Deep Basin in Alberta and for general corporate purposes. 

Midland Exploration Inc. (TSX: V.MD, Stock Forum) was down 2.2% to 88 cents. The stock is reacting to reports of the mining company’s recent drilling campaign on the Maritime-Cadillac property, located on the Cadillac mining camp in Quebec. The drilling campaign completed by Agnico Eagle Mines Ltd. (TSX: T.AEM, Stock Forum) extended the Dyke West zone over more than 300 metres deep, thus opening a vast unexplored area. Drilling highlights from the gold potential extension included 18.9 metres grading 1.5 grams per tonne gold, including 12.9 metres of 1.85 grams per tonne gold.

Canada Carbon Ltd. (TSX: V.CCB, Stock Forum) fell 3.0% to 16 cents after the exploration company announced the discovery of a new graphite occurrence resulting from trenching on one of the geophysical EM anomalies on Miller graphite property, located 80 kilometres west of Montreal. This new occurrence is described as an irregular vein of semi massive coarse graphite. The graphite vein is exposed along a 12.8 metre strike length, having a NW-SE orientation and sub vertical dip. From SE to NW the vein varies in width between 1.0 metre and 1.7 metres for up to 7.9 metres. Within that length, the vein maintains a 1.6 metre thickness over 2.5 metres.


Top Canadian Small/Micro-cap Advancers
(as of 7:00 PM Eastern)
Samaranta Mining Corporation
+300%

Orsu Metals Corporation
+75%

Veris Gold Corp
+29.69%

Connacher Oil and Gas Limited
+24.44%

Raise Production Inc
0%
Top Canadian Small/Micro-cap Decliners
(as of 7:00 PM Eastern)
Ridgeline Energy Services Inc
-34.25%

AEterna Zentaris Inc
-21.86%

Continental Gold Limited
-7.89%

Alliance Grain Traders Inc
-5.16%

Niko Resources Ltd
-4.47%

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