Junior Explorer Moves Higher on Visible Gold

Lion One Metals Limited (TSXV:LIO), a junior explorer, continued to shine after providing an update on exploration at its Navilawa alkaline gold project

Sean Mason | November 8, 2019 | SmallCapPower

An expanding gold system along with a bit of visible gold boosted shares of a junior explorer Friday. Here’s some small stocks making big moves on Friday, November 8, 2019 (as of 11:30 am EST):

Lion One Metals Limited (TSXV:LIO) shares continued to move higher Friday, up 10% to $1.05 following a 9% gain on Thursday, after the junior explorer provided an update on recent exploration at its 100% controlled Navilawa alkaline gold project in Fiji. The Company said specks of visible gold up to 2 mm across were observed in one of its drill core, which Lion One suggests could mean the mineralizing system is evolving with depth at Tuvatu, a possible indication of further high-grade mineralization below.

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As well, shares of Orvana Minerals Corp. (TSX:ORV) sank 22% to $0.14 as the junior miner said it will suspend mining operations at its Las Tojas project in Bolivia effective on or before December 31, 2019 because of a higher than expected ore-grade operational mining dilution with more narrow, erratic and discontinued mineralized structures, which is resulting in uneconomic unitary cost per ounce.

AutoCanada Inc. (TSX:ACQ), meanwhile, reported a 13% increase in its third-quarter revenue to $981.9 million, while same store new and used retail unit sales rose 12.7% during the period. AutoCanada stock popped 21% to $10.05 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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