Sean Mason | January 25, 2016 | SmallCapPower
Some speculators took a shine to silver drill results Monday, while guidance tarnished a gold miner. Here’s some small stocks making big moves on Monday, January 25, 2016 (as of 4 pm EST):
Orex Minerals Inc. (TSXV: REX) shares jumped 60% to $0.335 on Monday after the resource projects developer announced assay results for the first hole of the 2015-2016 diamond drilling program on the Sandra Escobar Project in Mexico, which included a 61 metres core length intercept grading 359 g/t silver, starting from surface. Orex can earn up to a 65% interest in Sandra Escobar as a result of an option agreement with Canasil Resources Inc. (TSXV: CLZ). Canasil stock gained 173% to $0.15 on the news.
As well, shares of Eldorado Gold Corporation (TSX: ELD) slid 8% to $2.98 as the gold miner said it expects to write down the value of its assets in Greece by $1.2 billion-$1.6 billion, and forecasts lower-than-expected 2016 gold production of 565,000-630,000 ounces.
Detour Gold Corporation (TSX: DGC), meanwhile, reported that it expects to produce 540,000-590,000 ounces of gold in 2016 at All-In Sustaining Costs of US$840-$940 per ounce sold. Detour Gold stock moved up 8% to $16.30 following the announcement.
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