Junior Explorer Jumps on Discovery Announcement

Golden Ridge Resources Ltd. (TSXV:GLDN), a junior explorer, jumped after announcing that it has made a copper-gold porphyry discovery at its Hank project

Sean Mason | August 14, 2018 | SmallCapPower

More Golden Triangle drill results sparked much speculation in shares of a junior explorer Tuesday. Here’s some small stocks making big moves on Tuesday, August 14, 2018 (as of 4 pm EST):

Golden Ridge Resources Ltd. (TSXV:GLDN) shares powered 44% higher to $0.325 on Tuesday after the junior explorer announced that it has made a new alkalic copper-gold porphyry discovery at the Williams Zone prospect on its Hank project in British Columbia’s Golden Triangle region. Drill results included 0.31% copper, 0.35 g/t gold, and 1.94 g/t silver over 327.00 metres.

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As well, shares of High Liner Foods Incorporated (TSX:HLF) slipped 19% to $7.09 as the frozen seafood company said financial results for its second quarter of 2018 reflect continued challenges in the business related to soft sales volume, a shift in product mix from higher margin value-added products to lower margin commodity products, raw material cost increases not fully passed along to customers and inefficiencies in its supply chain.

Eguana Technologies Inc. (TSXV:EGT), meanwhile, reported that July orders have exceeded $3 million, eclipsing its first two fiscal quarter results of $2.4 million, with an additional $3 million expected for the balance of the fiscal year. Eguana Technologies stock moved up 8% to $0.205 following the announcement.

Finally, Patriot One Technologies Inc. (TSXV:PAT) shares rose 4% to $1.65 after the concealed weapons detection system provider announced that it has reached an agreement in principle with a major international defense contractor pursuant to which Patriot One will receive funding for the further development and integration of its PATSCAN CMR covert weapon detection system technology.

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

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