Micro-cap Cache Exploration Inc (CVE:CAY) tripled on Tuesday after samples from its BC gold-silver-copper project persuaded investors to make the share one of the most active stocks on the Toronto Venture Exchange.
By early afternoon the Toronto-based junior was trading up 200% at $0.045 on the Toronto big board, off its morning highs when shareholders enjoyed a more than four-fold return.
Around 3.3 million shares in the company which only has 24 million shares outstanding, had changed hands by 1:30 pm EST compared to the daily average of just 55,000. The counter – better known for its rare earth exploration activity – has made huge gains in 2013 – it is up 80% year to date.
Yesterday Cache released grab sampling results on its 100% owned Quinn Eskay gold-silver-copper property north of Stewart in the Stewart-Skeena mining district in British Columbia where it owns 8,400 acres.
Highlights from the vein grab sampling included 8.18 grams per tonne gold, 87.5 grams per tonne silver and 0.28% copper with quantities of lead and zinc also present, and chips from another outcrop boasting 1.26 grams per tonne gold, 151.0 grams per tonne silver and 6.78% lead.
Read more:Sunshine signs oil sands JV, slows West Ells work
Sunshine Oilsands Ltd., Calgary, signed a framework agreement with an undisclosed international third party to pursue a joint venture involving its Muskwa and Godin area oilsands leases in the Athabasca area of Alberta.
The agreement provides for a 50-50 joint venture pursuant to which the third party will be responsible for investing as much as $250 million and contribute a thermal enhanced recovery technology to achieve production of 5,000 b/d from the oilsands leases. After this production threshold is achieved, the joint venture parties will contribute in proportion to their ownership positions.
The joint venture is subject to certain conditions and the entering into of binding agreements.
Meanwhile, Sunshine said that some work on the West Ells project site near Fort McMurray has been temporarily slowed. Work is expected to ramp up again once confirmation is received that additional funding has been committed. Sunshine is maintaining staff at site to continue with reduced work activities and to ensure safety of the worksite.
Sunshine, since incorporating in early 2007 has secured more than 1 million acres of oil sands leases or about 7% of all granted leases in the Athabasca area. The company’s principal operating regions are West Ells, Thickwood, Legend Lake, Harper, Muskwa, Goffer, Pelican, and Portage.
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