Junior Explorer Jumps on Gold Sample Results

MacDonald Mines Exploration Ltd. (CVE:BMK), a junior explorer, climbed after announcing gold sample results from the Wawa-Holdsworth Project

Sean Mason | May 16, 2017 | SmallCapPower

Potential underestimation of historic gold sample results was good news for shareholders of a junior explorer Tuesday. Here’s some small stocks making big moves on Tuesday, May 16, 2017 (as of 4 pm EST):

MacDonald Mines Exploration Ltd. (TSXV: BMK) shares surged 31% to $0.19 on Tuesday after the junior explorer announced results for its initial sampling program of the Oxide Sands at the Wawa-Holdsworth Project northeast of Wawa, Ontario, which showed an average grade of 2.95 g/t gold for Sample A and 5.45 g/t gold for Sample BE. The Company added that the results indicate that the gold content of the Oxide Sands may have been underestimated by the previous operators as MacDonald’s sampling indicates significant increases of the gold content compared to the historic results and grade estimations from the same locations reported by Noble Minerals in 2009 and Hawk Junction Capital Corp. in 2002.

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As well, shares of Paladin Energy Ltd. (TSX: PDN) plunged 36% to $0.07 as the uranium miner said it recorded a gross loss for the nine months ending March 31, 2017 of US$22.2 million, compared to a gross profit of US$25.7 million during the same period last year.

BIOX Corporation (TSX: BX), meanwhile, reported that it has received a non-binding offer from its principal shareholder group, FP Resources Limited, CFFI Ventures and certain of their affiliates, to acquire all the outstanding common shares of BIOX at a price of C$1.23 per share. BIOX Corporation stock popped 83% to $1.10 following the announcement.

Finally, Vogogo Inc. (TSXV: VGO) shares climbed 12% to $0.145 after the payment processing provider announced that it has entered into a settlement agreement with Ghost Pine Creek Ltd. in respect of the previously-announced claim by Ghost Pine against the Company.

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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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