Gold Explorer Climbs on Down East Drill Results

Osprey Gold Development Ltd. (TSXV:OS), a gold explorer, jumped after announcing assay results from its Goldenville Property

Sean Mason | January 30, 2020 | SmallCapPower

Assay results from Nova Scotia propelled shares of a gold explorer sharply higher Thursday. Here’s some small stocks making big moves on Thursday, January 30, 2020 (as of 4 pm EST):

Osprey Gold Development Ltd. (TSXV:OS) shares surged 50% to $0.075 on Thursday after the gold explorer announced assay results from the first three holes of the 13 hole, 2,003 metre drill program at its Goldenville Property in Nova Scotia, which included 2.0 metres of 269.15 grams per tonne (g/t) gold. The Company added that Hole G19-16 and G19-17 both encountered multiple zones of gold mineralization.

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As well, shares of 1911 Gold Corporation (TSXV:AUMB) eased 13% to $0.35 as the gold junior revealed results from the initial drill holes of the Phase 1 exploration drill program at its 100% owned Rice Lake gold properties in Manitoba, which included 9.40 g/t gold over 0.7 metres within a broader interval of 3.24 g/t gold over 2.0 metres.

Caledonia Mining Corporation Plc (TSX:CAL), meanwhile, reported that its earnings for 2019 will be substantially higher than market expectations due to the continued strength of the gold price, higher-than-expected production for 2019, as well as lower-than-expected operating costs. Caledonia Mining stock moved up 15% to $12.67 following the announcement.

Finally, GoldSpot Discoveries Corp. (TSXV:SPOT) shares continued to move higher Thursday, up 11% to $0.20 following a 44% gain on Wednesday, after the gold exploration technology company announced a new gold discovery at its Linear project in Newfoundland, which included 19 metres of 92.86 g/t gold.

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

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