Precious Metals Explorer Climbs on Gold Drill Results

Erdene Resource Development Corp. (TSE:ERD), a precious metals explorer, got a lift from gold drill results at its Bayan Khundii Gold Project in Mongolia

Sean Mason | May 4, 2017 | SmallCapPower

More than a few speculators took a shine to shares of a precious metals explorer Thursday following gold drill results. Here’s some small stocks making big moves on Thursday, May 4, 2017 (as of 4 pm EST):

Erdene Resource Development Corp. (TSX: ERD) shares jumped 21% to $1.37 on Thursday after the precious metals explorer announced initial results from the 2017 drill program at its 100%-owned Bayan Khundii Gold Project in Mongolia, which included 80 metres of 6.0 g/t gold.

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As well, shares of Wi-LAN Inc. (TSX: WIN) slid 18% to $2.22 as the patent licensing company said it will acquire VIZIYA Corporation, a software and services provider that helps companies optimize their asset performance, for a purchase price of about $40.5 million. Wi-LAN also released first-quarter financial results that fell short of analyst consensus estimates.

Hudbay Minerals Inc. (TSX: HBM), meanwhile, reported a first-quarter net loss that narrowed to $2.3 million from $15.8 million during the same period last year. The results, though, missed analyst expectations. Hudbay Minerals stock eased 5% to $7.41 following the announcement.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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