Peregrine Diamonds (T.PGD) up 52% on bulk sample results

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| December 3, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 3, 2013 VANCOUVER (SHfn) –  
Peregrine Diamonds Ltd. (TSX: T.PGD, Stock Forum) climbed 52.4% to 64 cents as investors assessed the news the diamond miner’s 222.1 dry tonne bulk sample from the CH-6 kimberlite pipe on Peregrine's Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, returned a diamond grade of 2.70 carats per tonne. The resulting diamond parcel consisted of 600.5 carats of commercial-size (+0.85 mm) stones, including 48 diamonds over one carat in size and 137 diamonds over 0.50 carat in size, with the largest diamond weighing 3.54 carats. A very significant portion of the parcel is gem diamonds.  According to the press release, the CH-6 pipe is one of at least seven kimberlite pipes at Chidliak that are potentially economic. "This first batch of diamond results from our 2013 bulk sample establishes CH-6 as one of the highest grade kimberlites in the world,” said Eric Friedland, CEO. “The quality of the diamonds is excellent and we are looking forward to obtaining the first independent diamond value for CH-6 in early 2014, and to establish a resource later that year.”

Canada Carbon Inc. (TSX: V.CCB, Stock Forum) rose 28.6% to 13.5 cents after the graphite-focused company announced it has begun a second drilling program at its Miller graphite project, located in GrenvilleTownship, Quebec. The company has engaged George Downing Estate Drilling Ltd. to complete a minimum of 1,000 meters of NQ-sized diamond drill holes. The drilling is designed to further extend graphite mineralization at depth and along strike, and to drill test three VTEM anomalies that were recently identified. The drilling is expected to be completed within two weeks.

Azincourt Uranium Inc. (TSX: V.AAZ, Stock Forum) lost 6.9% to 27 cents. The stock is reacting to news that the uranium explorer intends to undertake a non-brokered private placement to raise aggregate gross proceeds of up to $1.5 million. The financing will be affected through the sale of up to 5.6 million units at a price of $0.27 per unit. The net proceeds of the private placement will be used to advance the company's projects in Canada and Peru, subject to the closing of the acquisition of Minergia SAC, a private mining company, and for general working capital purposes.

St. Augustine Gold and Copper Ltd. (TSX: T.SAU, Stock Forum) slipped 4.7% to 20.5 cents before closing unchanged at 21.5 cents after the development-stage company received approval by its board and majority shareholders for the joint venture restructuring that the company had previously announced on Oct. 15, 2013. Its partner, Nationwide Development Corp. (Nadecor), a Philippine mining company, has also received approval from its board and shareholders to proceed with the transaction. The restructuring will transfer the amount allowable under Philippine mining law of Nadecor's King-king gold-copper project interest to a 39.96% equity interest in St. Augustine upon a successful transaction close The King-king project is located in Compostela Valley in the Philippines, and is expected to recover 3.16 billion pounds of copper and 5.43 million ounces of gold over its 22 year mine life. 

Exeter Resource Corp. (TSX: T.XRC, Stock Forum) slipped 9.1% to 60 cents after the exploration and development company announced an update of exploration activities at the La Buena property in northern Zacatecas state, Mexico. Since mid-September, initial diamond drilling and a recently completed gravity survey have built on previous work that outlined geological, geochemical and geophysical similarities to other mineral deposits in the area. Results from this recent phase of exploration have identified additional prospective drill targets. The initial drilling results include 77.5 metres grading 0.14 grams per tonne gold and 698 parts per million zinc, as well as 24.10 metres of 0.17 grams per tonne gold and 923 parts per million zinc.

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
IBC Advanced Alloys Corp. (V.IB, Stock Forum) 145.45%
Calico Resources Corp. (V.CKB, Stock Forum) 70.83%
Peregrine Diamonds Ltd. (T.PGD, Stock Forum) 47.62%
South American Silver Corp. (T.SAC, Stock Forum) 36.36%
PhosCan Chemical Corp. (T.FOS, Stock Forum) 20.00%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Baja Mining Corp. (T.BAJ, Stock Forum) -66.67%
Barisan Gold Corporation (V.BG, Stock Forum) -18.46%
Maxim Power Corp. (T.MXG, Stock Forum) -15.09%
SouthGobi Resources Ltd. (T.SGQ, Stock Forum) -10.05%
Canadian Life Companies Split Corp. (T.LFE, Stock Forum) -9.79%

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