Gold Explorer Soars on Project Acquisition

Fokus Mining Corporation (TSXV:FKM), a gold explorer, shot up after agreeing to acquire the Galloway gold project

Sean Mason | August 12, 2020 | SmallCapPower

A Quebec gold property acquisition attracted a few speculators to shares of a gold explorer Wednesday. Here’s some small stocks making big moves on Wednesday, August 12, 2020 (as of 4 pm EST):

Fokus Mining Corporation (TSXV:FKM), formerly Fieldex Exploration, shares surged 80% to $0.27 on Wednesday after the gold explorer agreed to acquire the Galloway gold project in Québec, in consideration for $1 million in cash and 3 million Fokus common shares.

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As well, shares of Acasta Enterprises Inc. (TSX:AEF) jumped 170% to $1.89 as the consumer products company said its second-quarter revenue rose to $97.8 million from $40.4 million a year earlier, while its Adjusted EBITDA increased to $28.4 million from $2.9 million. The Company added that it will change its name to Apollo Healthcare Corp.”

DATA Communications Management Corp. (TSX:DCM), meanwhile, reported that it swung to a profit of $4.2 million in its second quarter from a loss of $3.8 million during the same period last year. DATA Communications Management stock popped 27% to $0.26 following the announcement.

Finally, Sable Resources Ltd. (TSXV:SAE) shares gained 10% to $0.165 after the junior explorer announced that sampling results from the El Fierro project in Argentina has returned assays of more than 1kg silver equivalent, in which the Company has identified four discrete outcropping structures over a 2km by 500m footprint.

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

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