Precious Metals Explorer Shines on Property LOI

CANEX Metals Inc. (TSXV:CANX), a precious metals explorer, jumped after announcing a letter of intent to acquire a gold property in Arizona

Sean Mason | May 23, 2019 | SmallCapPower

A gold property acquisition letter of intent sparked speculation in shares of a precious metals explorer Thursday. Here’s some small stocks making big moves on Thursday, May 23, 2019 (as of 4 pm EST):

CANEX Metals Inc. (TSXV:CANX) shares climbed 38% to $0.055 on Thursday after the precious metals explorer announced that it has signed a letter of intent with a U.S. based prospector to acquire a 100% interest in the Gold Range Property in Arizona in exchange for staged cash payments over four years totaling US$90,000 and completing exploration expenditures of US$80,000.

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As well, shares of Jiulian Resources Inc. (TSXV:JLR) slid 39% to $0.04 as the junior explorer released results for the remaining seven diamond drill holes at its wholly-owned Big Kidd Property in British Columbia, which included 0.46 g/t gold equivalent over 204 metres. The Company, however, added that insufficient data is available at this time to state the true thickness of the mineralized intervals.

Neovasc Inc. (TSX:NVCN), meanwhile, reported that the International Journal of Cardiology has published a peer reviewed article regarding long term sustained efficacy and safety of the Company’s Reducer therapy in 50 patients suffering from refractory disabling angina, which showed that the Reducer has a sustained therapeutic effect at two years across a large patient population. Neovasc stock popped 14% to $0.72 following the announcement.

Finally, Progressive Planet Solutions Inc. (TSXV:PLAN) shares rose as much as 10% after the zeolite producer announced that it has successfully launched a service of providing zeolite to Cannabis LPs in British Columbia so that they can denature residual cannabis as required before disposal per provincial regulations.

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

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