Junior Explorer Slides on Golden Triangle Drilling Update

Garibaldi Resources Corp. (TSXV:GGI), a junior explorer, slipped after announcing an update from its Nickel Mountain Project in BC’s Golden Triangle district

Sean Mason | December 7, 2018 | SmallCapPower

There was a bit of investor disappointment following an update from a junior explorer Friday. Here’s some small stocks making big moves on Friday, December 7, 2018 (as of 4 pm EST):

Garibaldi Resources Corp. (TSXV:GGI) shares fell 21% to $1.08 on Friday after the junior explorer announced the completion of the first full season of drilling at its 100%-owned Nickel Mountain Project in BC’s Golden Triangle district, in which the Company identified three relatively shallow zones including a newly-identified sulphide body 30 meters above the Discovery Zone at a depth of 80 meters.

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As well, shares of Cardinal Energy Ltd. (TSX:CJ) slipped 8% to $2.60 as the junior oil company said it will temporarily reduce its monthly dividend to $0.01 per month due to the volatility in Canadian oil price differentials, coupled with the recent decline in world oil prices.

Supremex Inc. (TSX:SXP), meanwhile, reported that it plans to trim operating expenses at its Canadian envelope operations by reducing its headcount by approximately 8%, which will result in annual cost savings of about $2.7 million. Supremex stock moved up 5% to $2.45 following the announcement.

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

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