Junior Explorer Climbs on Gold Results

Melkior Resources Inc. (TSXV:MKR), a junior explorer, powered up after announcing drill results from the Carscallen Gold project

Sean Mason | May 7, 2020 | SmallCapPower

Gold drill results attracted more than a few speculators to shares of a junior explorer Thursday. Here’s some small stocks making big moves on Thursday, May 7, 2020 (as of 4 pm EST):

Melkior Resources Inc. (TSXV:MKR) shares jumped 24% to $0.39 on Thursday after the junior explorer announced results from the first two drill holes on the Carscallen Gold project located approximately 25 kilometers west of Timmins, Ontario, which included 23.5 grams per tonne (g/t) gold over 8.0 meters.

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As well, shares of goeasy Ltd. (TSX:GSY) surged 26% to $49 as the alternative financial services provider said its first-quarter revenue rose 20% year over year to $167 million, while diluted earnings per share for the period also increased 20% to $1.41.

Photon Control Inc. (TSX:PHO), meanwhile, reported record revenue of $17.3 million for Q1 2020 versus $8.9 million for Q4 2019, with net income of $6.6 million for Q1 2020 versus $0.7 million for Q4 2019. Photon Control stock popped 32% to $1.48 following the announcement.

Finally, PetroTal Corp. (TSXV:TAL) shares sank 32% to $0.14 after the oil and gas junior announced that the Northern Oil Pipeline operated by PETROPERU S.A. has been shut down by a public health directive from the Peruvian government, thereby resulting in PetroTal having to shut in the Bretana oil field as a result of storage capacity limitations.

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

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