Gold Explorer Shines on Quebec Drill Results

QMX Gold Corporation (TSXV:QMX), a gold explorer, rose after announcing drill results on its Bonnefond deposit

Sean Mason | January 20, 2020 | SmallCapPower

High-grade drill results sparked interest in shares of a gold explorer Monday. Here’s some small stocks making big moves on Monday, January 20, 2020 (as of 4 pm EST):

QMX Gold Corporation (TSXV:QMX) shares jumped 14% to $0.12 on Monday after the gold explorer announced the latest results on its Bonnefond deposit in Quebec, which included 41.82 g/t gold over 3.4 metres.

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As well, shares of Marathon Gold Corporation (TSX:MOZ) eased 3% to $1.51 as the gold junior revealed an updated Mineral Resource Estimate for the Valentine Gold Project in Newfoundland, which showed a 15% increase in its Measured & Indicated resource to 3.09 million ounces (at 1.75 g/t gold), while its Inferred resource decreased 37% to 0.96 million ounces (at 1.78 g/t gold).

Granite Oil Corp. (TSX:GXO), meanwhile, reported that it has agreed to be acquired by International Petroleum Corporation (TSX:IPCO) for $0.95 per share in cash, or a total consideration of approximately $79.7 million including the assumption Granite’s net debt and transaction costs. Granite Oil stock popped 58% to $0.93 following the announcement.

Finally, InMed Pharmaceuticals Inc. (TSX:IN) shares surged 25% to $0.375 after the biopharmaceutical company announced the rare cannabinoid cannabinol (CBN) as the active pharmaceutical ingredient in its two product candidates under development: INM-755 for epidermolysis bullosa and INM-088 for glaucoma.

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

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