Resource Junior Powers Higher on Gold Results

Erdene Resource Development Corporation (TSX:ERD), a resource junior, jumped after announcing drilling results from its Bayan Khundii Gold Project

Sean Mason | July 7, 2020 | SmallCapPower

Asian gold drill results sparked buying interest in shares of a resource junior Tuesday. Here’s some small stocks making big moves on Tuesday, July 7, 2020 (as of 4 pm EST):

Erdene Resource Development Corporation (TSX:ERD) shares surged 17% to $0.51 on Tuesday after the resource junior announced drilling results from the Midfield Southeast zone of its 100%-owned Bayan Khundii Gold Project in Mongolia, which included 15 metres of 25.6 grams per tonne (g/t) gold.

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As well, shares of Gatekeeper Systems Inc. (TSXV:GSI) rose 8% to $0.56 as the provider of video solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes revealed record Q3 2020 revenue and net income of $5.65 million and $1.3 million, respectively.

Pure Gold Mining Inc. (TSXV:PGM), meanwhile, reported results from underground exploration drilling, initiated in June, at its 100% owned PureGold Red Lake Mine in Red Lake, Ontario, which included 46.7 g/t gold over 7.0 metres. Pure Gold Mining stock moved up 12% to $1.94 following the announcement.

Finally, GT Gold Corp. (TSXV:GTT) shares sank 26% to $1.59 after the gold junior announced a maiden Mineral Resource Estimate for the Saddle North project in British Columbia, which showed an Indicated Resource of 298 Mt grading 0.28% copper, 0.36 g/t gold and 0.8 g/t silver for a total of 1.81 million pounds of copper, 3.47 million ounces of gold and 7.58 million ounces of silver.

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

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