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Gold junior jumps on resource surge

Stockhouse Editorial
0 Comments| January 30, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 30, 2013 

TORONTO (SHfn) – Meadow Bay Gold (TSX: T.MAYStock Forum) shares surged 27% to 54 cents on volume of more than 1.6 million shares Wednesday after the micro cap resource company reported that it has doubled its National Instrument 43-101 resource estimate for the Atlanta Gold Mine Project in Nevada to a Measured and Indicated resource of 15.5 million tons grading 0.037 ounces per ton gold for 572,100 ounces of gold and Inferred resources of 18.5 million tons grading 0.029 ounces per ton gold for 544,300 ounces of gold, this using a 0.015 ounces per ton gold cut off grade.

As well, shares of Great Western Minerals Group (TSX: V.GWG, Stock Forum) fell 8% to 34 cents as the rare earth project developer said the January 2013 targeted release date for the Preliminary Economic Assessment (PEA) on its Steenkampskraal rare earth property in South Africa has been pushed forward until sometime before the end of the first quarter of 2013.  

Marathon Gold (TSX: T.MOZ, Stock Forum) shares, meanwhile, continued to move higher Wednesday, up 17% to 70 cents. On Tuesday its stock price rose 9% after the company announced further drill results from deep drilling of the Main Zone at the Leprechaun gold deposit in Newfoundland, which included 9.57 g/t (cut) gold over 6.30 metres.

And, Canamex Resources (TSX: V.CSQ, Stock Forum) reported 2012 drill results for the Bruner gold project in Nevada. The company said 20 holes were drilled into the new Penelas East discovery area, wherein 19 of the holes hit mineralization with an average overall thickness of 48.2 meters averaging 1.4 g/t gold. Canamex shares slid 28% to 13 cents.    

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
IBC Advanced Alloys Corp. (V.IB, Stock Forum) 32.00%
Northland Resources S.A. (T.NAU, Stock Forum) 27.59%
Meadow Bay Gold Corporation (T.MAY, Stock Forum) 27.06%
Marathon Gold Corporation (T.MOZ, Stock Forum) 16.67%
Resverlogix Corp. (T.RVX, Stock Forum) 15.08%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Canamex Resources Corp. (V.CSQ, Stock Forum) -27.78%
Zenn Motor Company Inc. (V.ZNN, Stock Forum) -25.40%
Cline Mining Corporation (T.CMK, Stock Forum) -16.00%
Eastern Platinum Limited (T.ELR, Stock Forum) -11.63%
Mawson Resources Limited (T.MAW, Stock Forum) -11.39%

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