Junior Explorer Powers Higher on Drilling Update

Abacus Mining & Exploration Corporation (TSXV:AME), a junior explorer, climbed after announcing results from its Willow copper-gold property in Nevada

Sean Mason | August 10, 2018 | SmallCapPower

Momentum seemed to be building for shares of a junior explorer Friday following a drilling announcement. Here’s some small stocks making big moves on Friday, August 10, 2018 (as of 4 pm EST):

Abacus Mining & Exploration Corporation (TSXV:AME) shares jumped 16% to $0.26 on Friday after the junior explorer announced results from the initial three hole diamond drilling program on its Willow copper-gold property and adjacent Nev-Lorraine properties in Nevada. The Company added that several granite porphyry dykes thought to be related to the Luhr Hill Granite were also identified in two of the drill holes, along with a type of veining known as “early halo veins,” which are associated with economic porphyry deposits worldwide.

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As well, shares of AutoCanada Inc. (TSX:ACQ) sank 27% to $10.75 as the North American automobile dealership group said its second-quarter revenue slipped 1.6% to $880.6 million, while its same-store revenue for the period declined by 5.1%.

Pretium Resources Inc. (TSX:PVG), meanwhile, reported Q2 production of 111,340 gold ounces at all-in-sustaining costs of US$648 per ounce of gold sold. Its revenue for the quarter of US$146.5 million and adjusted earnings of $0.26 per share surpassed analyst expectations. Pretium Resources stock moved up 19% to $12.13 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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