Gold Explorer Jumps on License Grant

Cardinal Resources Limited (TSE:CDV), a gold explorer, glistered after being awarded a Large-Scale Mining License in Ghana, West Africa

Sean Mason | July 12, 2017 | SmallCapPower

Granting of a mining license in Africa caught the attention of more than a few speculators in a gold explorer Wednesday. Here’s some small stocks making big moves on Wednesday, July 12, 2017 (as of 4 pm EST):

Cardinal Resources Limited (TSX: CDV) shares climbed 12% to $0.68 on Wednesday after the gold explorer announced that the application by Savannah Mining Ghana Limited for a Large-Scale Mining License over an area of approximately 19.54 Sq Km in the Upper East Region of Ghana covering Cardinal’s Namdini Project has been granted by the Minister of Lands and Natural Resources of Ghana.

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As well, shares of Aphria Inc. (TSX: APH) moved 14% higher to $5.94 as the Canadian cannabis producer said it has achieved its seventh consecutive quarter of positive EBITDA, with $2.8 million in EBITDA in the quarter, a 181% increase from the prior quarter, and $6.1 million for the year, a 962% increase year-over-year.

Immunovaccine Inc. (TSX: IMV), meanwhile, reported what it called a significant achievement in its personalized cancer medicines program, with its scientists having successfully formulated 14 neoepitope cancer peptides into one single DepoVax formulation. Immunovaccine stock moved up 7% to $1.29 following the announcement.

In addition, shares of Wallbridge Mining Company Limited (TSX: WM) gained 15% to $0.075 as the resource junior said the ongoing second phase of its exploration drilling program on the 100% owned Fenelon Gold property in Quebec has seen eight drill holes intersecting substantial intervals containing visible gold.

Finally, Novo Resources Corp. (TSXV: NVO) shares rose 55% to $1.49 after the gold projects developer announced that it has found in situ gold nuggets up to 4cm long in primary conglomerates from its first trench at its Purdy’s Reward prospect in Western Australia, and has collected a bulk sample of these gold-bearing conglomerates for analytical test work.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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