Xmet (V.XME) up 50% on exploration results: Canadian market movers

Elizabeth Walters Elizabeth Walters, Stockhouse
1 Comment| December 13, 2013


Here are the most active stocks on Friday mid-morning on the TSX and TSX Venture Exchange.

On Friday, the top TSX mover was Mercator Minerals Ltd. (TSX: T.ML, Stock Forum). It gained 11.1% and was trading at $0.10 on volume of 5.1 million shares.
 
Today, CIBC World Markets raised is target price on Mercator to 10 cents from three cents, but reiterated a “sector underperformer” rating.
 
 
Southern Pacific Resource Corp. (TSX: T.STP, Stock Forum) was the second most active stock on the TSX. The stock was up 17.9% and trading at $0.165 on volume of 3.3 million.

On December 11, the oil and gas company announced that its Board of Directors had initiated a process to identify, examine and consider strategic and financial alternatives available to the company with the ultimate view of enhancing shareholder value. Strategic and financial alternatives may include, but are not limited to, the sale of the company, merger or other business combination, recapitalization, sale of all or a portion of the company's assets, or any combination thereof, and continued execution of its business plan, among all other alternatives.
 
Corsa Coal Corp. (TSX: V.CSO, Stock Forum) was the volume leader on the TSX Venture Exchange. It rose 6.3% and was trading at $0.17 on volume of 2.2 million.
 
On December 9, the coal miner reported that Lorito Holdings S.á.r.l. and Zebra Holdings & Investments S.á.r.l., two companies controlled by a trust settled by the late Adolf H. Lundin, announced that Zebra had acquired ownership of 7.9 million common shares of Corsa through the facilities of the TSX Venture Exchange on Dec. 4, 2013. As a result of this acquisition, Lorito and Zebra together hold a total of 71.7 million common shares of Corsa representing 10.74% of the issued capital of Corsa.
 
The second most active stock on the TSX Venture was Xmet Inc. (TSX: V.XME, Stock Forum) It soared 50% and was trading at $0.12 after two million shares changed hands.

On December 12, the exploration and development company reported that it had flown a second EM survey over its newly staked land position in Northern Ontario and it has evaluated the preliminary results from the new 116-line kilometre MAG-TDEM survey.
 
The newly staked land position expands Xmet’s Blackflake project, which is adjacent to Zenyatta Ventures Inc. (TSX: V.ZEN, Stock Forum) Albany graphite project.
 
"As a result of this second EM survey, Xmet has discovered a new strong conductive anomaly measuring approximately 300 metres by 800 metres and has since completed additional staking to cover the entire anomaly and abutting lands to bring its project total to 237 claim units,” said Alexander Stewart, CEO.  “This anomaly is of particular interest as its size and strength of response supersedes the previously discovered anomalies and will be our immediate focus. Xmet now has three conductive anomalies of significant size and considers these results to be very encouraging towards its objective of discovering and defining a hydrothermal graphite deposit on its Blackflake project. Our next step is to drill these targets and prove up what we have."

"The preliminary data from our new MAG-TDEM survey indicates a large north northeast trending anomaly with a strong electromagnetic response measuring approximately 300 metres by 800 metres situated within a magnetic low flanking northwest trending magnetic diabase dikes,” said Bill Yeomans, P.Geo. “The anomaly was crossed by a tie line which shows a well-developed conductor about 300 metres wide that is responding on most channels. This favorable environment bears similarities to the setting in which the Zenyatta hydrothermal graphite pipes were emplaced. The strong Zenyatta conductors are circular in nature and are situated within a magnetic low flanking the margin a northwest trending diabase dike."


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