Gold Explorer Shines on Drilling Announcement

Ashanti Gold Corp. (TSXV:AGZ), a gold explorer, moved higher after announcing that drilling will begin in May at its Kossanto East project in Mali

Sean Mason | April 25, 2018 | SmallCapPower

A drill program’s beginning sparked interest in shares of a gold explorer Wednesday. Here’s some small stocks making big moves on Wednesday, April 25, 2018 (as of 4 pm EST):

Ashanti Gold Corp. (TSXV:AGZ) shares climbed 12% to $0.19 on Wednesday after the gold explorer announced that it will begin drilling at its 100%-owned Kossanto East project in Mali starting in May 2018.

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As well, shares of UEX Corporation (TSX:UEX) slipped 9% to $0.29 as the junior explorer released the third tranche of assay results for 14 additional holes from the Phase 1 winter drilling program on its 100%-owned West Bear Cobalt-Nickel Prospect in the eastern Athabasca Basin of Saskatchewan, which included 4.54% cobalt and 1.38% nickel over one metre.

Electrovaya Inc. (TSX:EFL), meanwhile, reported that its second-quarter revenue from continuing operations increased 10-fold to US$3.3 million from US$0.3 million in Q2 2017. Electrovaya stock moved up 14% to $0.21 following the announcement.

Finally, Desert Lion Energy Inc. (TSXV:DLI) shares added 3% at $1.23 after the lithium junior announced that it has delivered the first shipment of lithium concentrate product to the port of Walvis Bay in Namibia in accordance with the terms of its offtake agreement with Chinese lepidolite converter and offtake partner Jiangxi Jinhui Lithium Co. Limited. The first shipment is expected to be approximately 30,000 tonnes of lithium concentrate material, which will generate gross revenues of about $3.8 million for Desert Lion Energy.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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