Junior Gold Miner Surges on Drill Results

Wesdome Gold Mines Ltd. (TSE:WDO), a junior gold miner, climbed after releasing drill results from its Kiena Mine Complex in Quebec

Sean Mason | August 25, 2016 | SmallCapPower

Speculators took a shine to drill results from a Quebec junior gold miner Thursday. Here’s some small stocks making big moves on Thursday, August 25, 2016 (as of 4 pm EST):

Wesdome Gold Mines Ltd. (TSE:WDO) shares shot up 49% to $2.24 on Thursday after the junior gold miner announced underground drill results from the exploration program at its 100% owned Kiena Mine Complex in Quebec, which included 94.35 grams per tonne (g/t) gold over 17.40 m uncut (18.03 g/t cut).

As well, shares of Electra Stone Ltd. (CVE:ELT) climbed 29% to $0.045 as the jade mining and marketing company said it has entered into an arrangement for the purchase of up to 540,000 kilograms of carving and industrial grade jade from Quartz Creek Developments Ltd.

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Canada Strategic Metals Inc. (CVE:CJC) and Matamec Explorations Inc., meanwhile, reported results of the first of nine holes completed on the Northwest extension of Zone 25 (main zone) on the Sakami project in Quebec, which included an intersection of 1.62 g/t gold over 64.50 metres. Canada Strategic Metals stock popped 17% to $0.245 following the announcement.

Finally, Serengeti Resources Inc. (CVE:SIR) shares gained 10% to $0.165 after the mineral exploration company announced that the summer drilling program at its Kwanika copper-gold project in British Columbia has recently been completed, and an independent resource estimate update study is underway.

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