TORONTO (SHfn) – Kodiak Exploration (TSX: V.KXL, Stock Forum) shares climbed 23% to 29 cents on Tuesday after the micro cap miner reported that exploration drilling on the GK target area at the West Geraldton project in northern Ontario has intercepted 24.9 metres grading 9.31 grams per tonne (g/t) gold.
As well, shares of Marathon PGM (TSX: T.MAR, Stock Forum) soared 92% to $3.61 as the miner said it has entered into a definitive agreement pursuant to which Stillwater Mining Company (NYSE: SWC, Stock Forum), by way of a plan of arrangement, will acquire all of the outstanding shares of Marathon PGM. According to the terms of the transaction, Stillwater will exchange 0.112 common shares of its stock and $1.775 in cash for each outstanding share of Marathon PGM, for a total consideration of about US$118 million, or $3.55 per Marathon PGM share.
Golden Predator (TSX: T.GPD, Stock Forum) shares surged 21% to 82 cents after the junior explorer reported initial results from its diamond and reverse circulation drilling programs on its Clear Creek Project in the Yukon, which included 2.59 g/t gold over 25.91 metres.
Yukon-Nevada Gold (TSX: T.YNG, Stock Forum), meanwhile, announced the first assay results from its 2010 Smith Mine underground exploration drilling at its wholly-owned gold production Jerritt Canyon property in Nevada, which included 15.0 feet averaging 0.214 ounces per ton gold. Drilling from underground at the Smith Mine, by the new exploration team of William Hofer, Chief Geologist, and Laura Symmes, Geologist, at the Jerritt Canyon Mine has identified new gold mineralization beyond the previously modeled resource boundaries. Yukon-Nevada stock popped 20% to 54 cents.
Goldrush Resources (TSX: V.GOD, Stock Forum) shares jumped 35% to 13.5 cents after the micro cap explorer reported that Phase 1 of the drilling and trenching program on its Ronguen Gold Deposit in Burkina Faso, West Africa, has been completed and assay results have now been received from all 12 core holes. Highlights included 4.47 g/t gold over 7.6 metres.
And, Bayfield Ventures (TSX: V.BYV, Stock Forum) Tuesday announced an additional gold discovery on its 100% owned Burns Block property in the Rainy River District of northwestern Ontario, which included 35.93 g/t gold over 10 metres within 13.28 g/t gold over 28.0 metres. Bayfield shares shot up 37% to $1.08.
