Gold Junior Glisters on Licenses Option Agreement

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Novo Resources Corp. (CVE:NVO), a gold junior, climbed after announcing an option to acquire an interest in certain tenements in Western Australia

Sean Mason | August 11, 2017 | SmallCapPower

Shares of a popular gold junior continued to shine Friday following an option to acquire prospecting and exploration licenses. Here’s some small stocks making big moves on Friday, August 11, 2017 (as of 4 pm EST):

Novo Resources Corp. (TSXV: NVO) shares surged 15% to $3.61 on Friday after the gold junior announced that it has entered into an option agreement to acquire an interest in certain tenements in the Karratha region of Western Australia, consisting of seven prospecting licenses, five exploration licenses, six prospecting license applications, three exploration license applications and a miscellaneous license application.

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As well, shares of Rogue Resources Inc. (TSXV: RRS) plunged 34% to $0.355 as the resource junior said there will be a delay in advancing its 100% owned Silicon Ridge Project in Québec, which will result in a postponement of the Company making a development decision in 2017. The Ministère des Forêts, de la Faune et des Parcs informed Rogue Resources that the initial permit will take “additional analysis” and that such analysis is expected to be completed in Spring 2018.

Cornerstone Metals Inc. (TSXV: CCC), meanwhile, reported that it has entered into a non-binding Letter of Intent with Americas Gold Exploration Inc., a private Nevada corporation, to acquire 100% interest in its underlying option agreement on the Carlin Vanadium Project in Nevada. Cornerstone Metals stock popped 56% to $0.07 following the announcement.

Finally, Almonty Industries Inc. (TSXV: AII) shares jumped 42% to $0.32 after the tungsten miner announced that its CEO, Lewis Black, will subscribe for 21,175,000 common shares of the Company in a non-broker private placement at a price of $0.30 per share. Upon closing, Mr. Black will own approximately 23% of Almonty’s issued and outstanding common shares.

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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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