Lithium Junior Powers High on Drill Program

Iconic Minerals Ltd. (CVE:ICM), a lithium junior, climbed after announcing that it intends to begin drilling at the Bonnie Claire lithium property in Nevada

Sean Mason | July 7, 2016 | SmallCapPower

The start of drilling lifted shares of a lithium junior Thursday, while financing tarnished a silver play. Here’s some small stocks making big moves on Thursday, July 7, 2016 (as of 11:15 am EST):

Lithium junior Iconic Minerals Ltd. (CVE:ICM) shares jumped 20% to $0.335 on Thursday after announcing that it has been granted a Notice of Intent by the Bureau of Land Management to begin its lithium brine drilling program at the Bonnie Claire Property in Nevada.

As well, shares of Great Panther Silver Limited (TSE:GPR) slid 18% to $1.98 as the silver miner said it has increased the size of its previously-announced bought deal financing to US$26 million at a price of US$1.60 per unit.

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Peregrine Diamonds Ltd. (TSE:PGD), meanwhile, reported results of a Preliminary Economic Assessment (PEA) for the Chidliak Phase One Diamond Development of the CH-6 and CH-7 kimberlite pipes on its 100%-owned Chidliak Diamond Project in Nunavut. Highlights included a Pre-tax Net Present Value (NPV) of C$743.7 million, at a 7.5% discount rate, and a pre-tax Internal Rate of Return (IRR) of 38.1%. Peregrine Diamonds stock moved up 19% to $0.28 following the announcement.

Finally, Sandvine Corporation (TSE:SVC) shares rose 9% to $2.84 after the provider of network policy control solutions for fixed and mobile operators announced that its second-quarter revenue rose 17% to $33.5 million, while its net income for the period increased 34% to $4.0 million, or $0.03 per diluted share.

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