Resource Explorer Climbs on Cobalt/Copper Property LOI

Kapuskasing Gold Corp. (CVE:KAP), a resource explorer, moved higher after announcing a non-binding letter of intent to acquire a copper, cobalt property in Newfoundland & Labrador

Sean Mason | March 31, 2017 | SmallCapPower

A down-east copper, cobalt property deal delivered a bit of hope for shareholders of a resource explorer Friday. Here’s some small stocks making big moves on Friday, March 31, 2017 (as of 4 pm EST):

Kapuskasing Gold Corp. (TSXV: KAP) shares jumped 33% to $0.06 on Friday after the resource explorer announced that it has signed a non-binding letter of intent to acquire the Jumbo Copper/Cobalt Property in Newfoundland & Labrador.

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As well, shares of Callinex Mines Inc. (TSXV: CNX) slid 13% to $0.315 as the zinc junior said it has completed a total of seven drill holes in three target areas at its Pine Bay Project in Manitoba along with one hole to test a geophysical target on an adjacent optioned claim group. The Company added that although the drill holes intersected significant alteration within favorable felsic volcanic rocks, no material concentrations of base metal mineralization were identified.

Kenadyr Mining Holdings Corp. (TSXV: KEN) stock, meanwhile, popped 153% to $0.76 on its first day of trading on the TSX Venture Exchange. Kenadyr’s Bourbai project comprises a 100-per-cent owned exploration license covering a contiguous 164 square kilometre land package that encircles the Taldy-Bulak Levoberejnv mine in the Kyrgyz Republic. Zijin, one of China’s largest gold producers, is the majority owner of the mine.

Finally, MacDonald Mines Exploration Ltd. (TSXV: BMK) shares continued to move higher Friday, up 7% to $0.23 after the junior explorer announced that it has signed a Binding Letter of Intent with Noble Mineral Exploration to acquire the Holdsworth gold property northeast of Wawa, Ontario.

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