Canadian small/micro-cap roundup

Stockhouse Editorial
1 Comment| October 18, 2013


Stock movers for the week of October 15, 2013:
 
On Tuesday, Lydian International Ltd. (TSX: T.LYD, Stock Forum) was up 24.6% to 71 cents. The stock is reacting to news that the gold-focused miner’s location for its heap leach processing facility at its Amulsar gold project in Armenia has been approved. The working group was formed by the Minister of Economy of the Republic of Armenia in order to discuss issues related to the proposed location of heap leach processing facility, and was comprised of senior representatives from the company and the Armenian Government.  The new proposed facility will be located four kilometres southwest of the previous proposed facility and seven kilometres from the pits.
 
Hyperion Exploration Corp. (TSX: V.HYX, Stock Forum) climbed 15.6% to 18.5 cents as investors assessed the news of the oil and gas company’s third quarter 2013 operational update. The 15-25 Cardium Hz well at Niton, located in west-central Alberta, was drilled in August 2013 and placed on production in late September. This was the third earning well drilled as part of the 8,000 acre farm-in in the Niton/McLeod area. Hyperion has now fully earned three of the four primary earning blocks under the farm-in agreement, with capital plans in place to earn the remaining prospective lands. The well has produced (on cleanup) an average of 100 barrels per day (90% oil) over the last seven days with frac water cuts dropping to 30%. With a continued focus on capital efficiency, Hyperion is currently preparing to drill an extended reach horizontal well.
 
On Wednesday, Contact Exploration Inc. (TSX: V.CEX, Stock Forum) rose 12.5% to 27 cents after the oil and gas company announced that the fourth Contact-operated horizontal Montney well, located in Alberta, at 5-23-63-6 W6 (Contact 25% working interest) has been successfully completed and tested. The well was flow-tested for approximately 170 hours. During the final 24 hours of flow-back the well averaged gross production rates of 1,433 barrels of oil per day consisting of 815 barrels per day condensate and 3,704 million square cubic feet per day natural gas.
 
Energy Fuels Inc. (TSX: T.EFR, Stock Forum) rose 8.3% to 13 cents after the uranium miner announced that it has closed the previously announced bought deal offering of 31.25 million common shares at a price of $0.16 per common share for aggregate gross proceeds of $5.0 million. The company intends to use the net proceeds of the offering for continued exploration and development, the identification and evaluation of future potential mineral property acquisitions and for working capital and general corporate purposes.
 
In Thursday trading, Energizer Resources Inc. (TSX: T.EGZ, Stock Forum) rose 12% to 14 cents after the mineral exploration and development company said that it has commissioned and started up the pilot plant for its flagship Molo graphite project in Madagascar. Mechanical commissioning of the Molo graphite project pilot plant has been completed and two continuous 80-hour campaigns to optimize metallurgical conditions will be completed in the next 30 days. The pilot plant was designed, built, and is being operated by SGS Canada Inc. (SGS) in Lakefield, Ontario. Two hundred tonnes of composite graphite ore was transported last month from the Molo deposit via existing, serviceable infrastructure to SGS in preparation for the pilot plant. Representatives from Caracle Creek International Consulting were on site to ensure the ore extracted from the Molo deposit was a true representative sample of the mill feed that will eventually be treated in the future processing plant and that it would satisfy the required standards for use in the upcoming Bankable Feasibility Study (BFS). The company expects the pilot plant to produce between seven to nine tonnes of finished, flaked graphite concentrate within the next 30 days.
 
Pangolin Diamonds Corp. (TSX: V.PAN, Stock Forum) gained 8.6% to 31.5 cents after the diamond explorer said that it has discovered a new kimberlite, Martin 01, in the company's 100% owned Tsabong North project in Botswana. Pangolin has identified more than 50 drill-ready aeromagnetic targets in the Tsabong North project area, located approximately 100 kilometres north of the town of Tsabong in south-western Botswana, several of which have surface areas exceeding 20 hectares. According to Pangolin, a single hole was drilled into the Martin 01 kimberlite, located approximately 12 kilometres north of the Magi kimberlite, reported earlier. Geophysical modeling indicates that the Martin 01 kimberlite may be up to 31 hectares in size.
 
And, on Friday, Alexandria Minerals Corp. (TSX: V.AZX, Stock Forum) was up 16.7% to 3.5 cents. The stock is reacting to news of the junior gold explorer’s increase to its previously announced private placement. Alexandria has increased the amount of the non-brokered private placement previously announced on Sept. 10, 2013, from gross proceeds of $800,000 to gross proceeds of $1.026 million consisting of an aggregate of 10.26 million shares at a price of 10 cents per share. The proceeds from the sale of the shares will be used for exploration on its Cadillac Break property group in Val d'Or, Québec. Focus will be on step-out drilling on its Akasaba gold-copper project on which it has had considerable success enlarging through drilling during the past 18 months.
 
Orbite Aluminae Inc. (TSX: T.ORT, Stock Forum) fell 7.3% to 51 cents after the alumina-focused company confirmed its Short Form Prospectus dated July 15, 2013 has since expired and was not renewed or extended by the corporation. Orbite management reconfirms that it is actively focused on completing an offering within the coming weeks. The financing initiative has progressed positively since the last update of Sept. 16, 2013.

Tags: ALUMINUM

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duediligencedone
In Friday's mid-morning report the volume and price action of Eloro Resources (v.ELO) was mentioned. What was missed is that along with recently filing an updated mineral resource estimate, drills are turning on their Simkar Gold Project. Their 50/50 joint venture partner Monarques Resources (v.MQR) is funding an 8,000 metre drill program.
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October 19, 2013
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