Two copper juniors moved higher following assays releases
Sean Mason | April 26, 2016 | SmallCapPower
Speculators were attracted to some “surprising” copper assays Tuesday, while a lithium play stayed hot. Here’s some small stocks making big moves on Tuesday, April 26, 2016 (as of 4 pm EST):
Callinex Mines Inc. (CVE:CNX) shares jumped 16% to $0.44 on Tuesday after the minerals explorer announced results from an additional five drill holes completed during the winter drilling campaign at its 100%-owned Pine Bay Project in Manitoba, which included 10.6 metres of 1.4% copper at 50.8 metres down hole.
As well, shares of Sirius XM Canada Holdings Inc. (TSE:XSR) slipped 9% to $4.20 as the audio entertainment company said it has received a demand for payment from Sirius XM Radio Inc. for an additional US$33.9 million as “activation fees” under the XM Licence Agreement owed from 2005 to the end of January, 2016.
Spruce Ridge Resources Limited (CVE:SHL), meanwhile, reported what it called “surprising” results from the Great Burnt property in Newfoundland, which included 7.50 metres of 9.45% copper. Spruce Ridge Resources stock moved up as much as 43% to $0.05 following the announcement.
Finally, Macarthur Minerals Limited (CVE:MMS) shares rose as much as 13% before ending the day down 6% to $0.075 after the junior explorer/developer announced that it has applied for five additional hard-rock lithium exploration licences in the Pilbara region of Western Australia to expand its total tenement area to 1,379 square kilometres.
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