Shares of Geomega Resources Inc.
, Stock Forum
) jumped 42% Wednesday, a move that sparked plenty of chatter on Stockhouse bullboards.
In the absence of news, the consensus was that the stock was driven higher after CIBC World Markets traded a block of 60,000 shares at between 32.5 cents and 34 cents late in the session.
Geomega is a name that has frequently been featured by Stockhouse TickerTrax columnist Danny Deadlock. As noted by Danny, GeoMega
is working to prove up the commercial viability of new technology for the separation of rare earths, a process that is currently dominated by China.
In addition to the technology, GeoMega is developing its 100%-owned Montviel Rare Earths elements/Niobium project in northern Quebec. The project covers 12,000 hectares and is accessible via a network of logging roads.
Trading at 34 cents, GeoMega has a market cap of $17.1 million, based on 50.4 million shares outstanding. The 52-week range is $1.06 and 7.5 cents.