Junior Gold Stock Soars on Properties Acquisition

Gonzaga Resources Ltd. (TSXV: GN), a junior gold stock, shot up after announcing that it has agreed to acquire the Goldenville Gold Project in Nova Scotia

Sean Mason | January 10, 2017 | SmallCapPower

More than a few speculators took a shine to a junior gold stock Tuesday. Here’s some small stocks making big moves on Tuesday, January 10, 2017 (as of 4 pm EST):

Junior gold stock Gonzaga Resources Ltd. (TSXV: GN) surged 135% to $0.235 on Tuesday after announcing that it has agreed to acquire 100% interest in the Goldenville Gold Project in Nova Scotia, along with three other gold properties in Nova Scotia. The Company claims the Goldenville Property hosts a historical Inferred mineral resource of 244,730 gold ounces grading 14.26 g/t and a historical Indicated mineral resource of 37,000 ounces grading 10.76 g/t, using a cutoff of 2.0 g/t gold.

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As well, shares of Hudson’s Bay Company (TSX: HBC) slipped 13% to $10.16 as the retailer said it is reducing its sales, Adjusted EBITDAR and Adjusted EBITDA outlooks for fiscal 2016, due to lower-than-expected gross margins realized to date during the fourth quarter.

Macarthur Minerals Limited (TSXV: MMS), meanwhile, reported that Tulshyan Group, one of the largest recyclers of scrap steel in the world, has made a strategic investment in the Company in the amount of C$243,750 at a price of $0.065 per share. Macarthur Minerals stock moved up 7% to $0.08 following the announcement.

In addition, shares of GoldQuest Mining Corp. (TSXV: GQC) powered 18% higher to $0.365 as the gold explorer said it has made a polymetallic discovery from its latest batch of drill results on its 100% owned Tireo concessions in the Dominican Republic, which included 14 g/t gold, 74 g/t silver, 12% zinc, and 1% copper over five metres.

Finally, Energy Fuels Inc. (TSX: EFR) shares jumped 15% to $2.89 after the uranium miner announced that the U.S. Bureau of Land Management has issued a Final Environmental Impact Statement and Record of Decision for the Company’s 100%-owned Sheep Mountain Project in Wyoming. Energy Fuels added that these are the final major government approvals required to begin mining at this project.

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