Junior Explorer Surges on Discovery Announcement

Crystal Lake Mining Corporation (TSXV:CLM), a junior explorer, jumped after announcing the discovery of a hydrothermal mineralized system

Sean Mason | October 10, 2019 | SmallCapPower

A hydrothermal mineralized system discovery powered shares of a junior explorer Thursday. Here’s some small stocks making big moves on Thursday, October 10, 2019 (as of 4 pm EST):

Crystal Lake Mining Corporation (TSXV:CLM) shares climbed 9% to $0.18 on Thursday after the junior explorer announced the discovery of what the Company calls an entirely new multi-element hydrothermal mineralized system in the Chachi Corridor at the Newmont Lake Project in B.C.’s Golden Triangle, with sample results ranging up to 21.03 grams per tonne (g/t) gold, 2,350 g/t silver, 5.4% copper, 7.7% nickel, 0.85% cobalt, 15.2% zinc, and 6.2% lead. Crystal Lake Mining has an option to earn a 100% interest in the Newmont Lake Project.

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As well, shares of HEXO Corp. (TSX:HEXO) sank 23% to $3.76 as the Canadian cannabis company said it is withdrawing its previously-issued financial outlook for fiscal 2020. HEXO added that it expects its fourth-quarter revenue to be below expectations, due primarily to “lower than expected product sell through.”

48North Cannabis Corp. (TSXV:NRTH), meanwhile, reported that it has acquired Sackville & Co. Merchandising Ltd, a U.S.-based cannabis brand focused on cannabis accessories, in a cash-and-stock transaction. 48North Cannabis stock eased 9% to $0.50 following the announcement.

Finally, Pacton Gold Inc. (TSXV:PAC) shares rose 4% to $0.15 after the gold explorer announced that drill crews and equipment have been mobilized to the Company’s Red Lake Gold project in northwest Ontario.

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

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