Gold Junior Surges on Strategic Investment

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Novo Resources Corp. (CVE:NVO), a gold junior, jumped after announcing a $56 million investment from Kirkland Lake Gold

Sean Mason | September 5, 2017 | SmallCapPower

A significant investment from a well-known gold miner boosted the prospects for a popular gold junior Tuesday. Here’s some small stocks making big moves on Tuesday, September 5, 2017 (as of 4 pm EST):

Novo Resources Corp. (TSXV: NVO) shares powered 15% higher to $4.50 on Tuesday after the gold junior announced that Kirkland Lake Gold Ltd. will invest $56 million in Novo in a non-brokered equity private placement at a price of $4 per unit.

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As well, shares of Callinex Mines Inc. (TSXV: CNX) jumped 18% to $0.40 as the zinc explorer revealed results from 14 drill holes, including 10 that confirm the extension of the Nash Creek Deposit approximately 500 metres to the north at its 100% owned Nash Creek Project in New Brunswick. Callinex added that it plans to complete a Preliminary Economic Assessment (PEA) by the first quarter of 2018 that is envisioned to include open pit mining and a standalone processing facility at the Nash Creek project.

GoGold Resources Inc. (TSX: GGD), meanwhile, reported that it has entered into definitive agreements with Agnico Eagle Mines Limited to sell its interest in the Santa Gertrudis gold project in Mexico for US$80 million in cash. GoGold Resources stock popped 15% to $0.60 following the announcement.

Finally, Cornerstone Metals Inc. (TSXV: CCC) shares rose 14% to $0.08 after the junior explorer announced that it has completed its due diligence on the Carlin Vanadium Project in Nevada and is proceeding to Definitive Agreement stage.

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

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