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Exploration junior soars 24% on option agreement

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| May 22, 2013


 Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, May 22, 2013 VANCOUVER (SHfn) –

Yorbeau Resources Inc. (TSX: T.YRB.A, Stock Forum) soared 23.5% to 21 cents after the gold exploration and mining company announced that it had entered into an option and joint venture agreement withGold Fields Sudbury Exploration Corp., a 100% indirect subsidiary of Gold Fields Ltd. (GFIOF). Subject to certain conditions, Gold Fields has the option to earn a 51% interest in the company's 100% held Rouyn property in Quebec, Canada. In order to exercise the option and vest the 51% interest, Gold Fields is required to fund $19 million in exploration and development expenditures, which includes a cash pre-payment of $1 million to Yorbeau in respect of services and equipment to be provided to Gold Fields by the company. Gold Fields is also required to participate in three private placements for securities of Yorbeau with the cost ranging from at least $3 million and up to a maximum of $6 million. Upon vesting a 51% interest in the property, Gold Fields has a further option to increase its interest to 70% by spending an additional $15 million over three years after the initial term.

Donner Metals Ltd. (TSX: V.DON, Stock Forum) rose 9% to 12 cents after the exploration and development company reported that sulphide mineralization continues to be intersected at the McLeod Deep Zone, located in the Abitibi region of central Québec. The recent drilling results, as reported to the company by partner and project operator Glencore Xstrata (GLNCY), include an intercept grading 9.49% zinc, 1.75% copper, 52.96 grams per tonne silver and 1.03 grams per tonne gold over 34.80 metres. This program, to be completed in 2013, is designed to both expand and confirm mineral resources down-dip from planned development in the McLeod Zone with the goal of establishing an indicated mineral resource.

Allana Potash Corp. (TSX: T.AAA, Stock Forum) climbed 5.8% to 45.5 cents after the potash development company announced that it had received approval of its Environmental, Social, and Health Impact Assessment from the Ethiopian Environmental Protection Authority and Ministry of Mines and Energy. The approval of the Assessment, prepared by Environmental Resources Management, is an important milestone to the granting of the Mining License for Allana's Danakil Potash Project, located in Ethiopia's northeastern Danakil Depression.

Tinka Resources Ltd. (TSX: V.TK, Stock Forum) fell 3.5% to 82 cents after the junior resource acquisition and exploration company announced the results from holes A13-04 and A13-05, drilled at the company's 100% owned Ayawilca project, located in west-central Peru. Drilling highlights included 60.0 metres grading 7.75% zinc, including 24.0 metres of 13.85% zinc and 46.5 grams per tonne silver and 29.0 metres grading 7.05% zinc.

Metals Creek Resources Corp. (TSX: V.MEK, Stock Forum) lost 9% to five cents after the junior exploration company reported assay results from the remaining three holes of its recently completed diamond drill program on the Ogden gold project in Timmins, Ontario. Drilling highlights included 12.53 metres grading 210.19 grams per tonne gold, including 0.93 metres of 2,732.6 grams per tonne gold. The drill program consisted of eight holes targeting the Thomas Ogden Zone, which were designed to test the on-strike and down dip extent of previously defined gold mineralization. 

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Kirkland Lake Gold Inc. (T.KGI, Stock Forum) 13.67%
H2O Innovation Inc. (V.HEO, Stock Forum) 11.43%
Copper Mountain Mining Corporation (T.CUM, Stock Forum) 10.49%
Orbite Aluminae Inc. (T.ORT, Stock Forum) 8.70%
McEwen Mining Inc. (T.MUX, Stock Forum) 7.11%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Colossus Minerals Inc. (T.CSI, Stock Forum) -13.04%
Colorado Resources Ltd. (V.CXO, Stock Forum) -10.90%
Perseus Mining Limited (T.PRU, Stock Forum) -8.70%
Paladin Energy Ltd (T.PDN, Stock Forum) -6.00%
Madalena Ventures Inc. (V.MVN, Stock Forum) -5.75%

Tags: INDUSTRIAL METALS & MINERALS GOLD AGRICULTURAL INPUTS CANADA

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