Resource News

Last week, the top five junior resource companies on the CSE by trading volume were Shoal Point Energy, Super Nova Petroleum, Mahdia Gold, Novo Resources and Hi Ho Silver Resources.

Last week on the Canadian Securities Exchange, several companies had an eventful week.

The top five junior resource companies on the exchange by trading volume were Shoal Point Energy (CSE:SHP), Super Nova Petroleum (CSE:SNP), Mahdia Gold (CSE:MGD), Novo Resources (CSE:NVO) and Hi Ho Silver Resources (CSE:HHS).

Shoal Point Energy

Shoal Point Energy, which has a shale oil project in Newfoundland, Canada, traded 3,786,000 shares last week, ending at a price of $0.02 per share.

The company announced on August 19 that it will grant 43 million stock options to certain employees and executives. They are exercisable at $0.05 per share, will vest over two years and will expire in 2021.

Super Nova Petroleum

Super Nova Petroleum traded 1,764,000 shares last week, ending at a price per share of $0.04.

Most recently, on July 24, the company agreed to participate in an oil and gas test well in the Alberta Bakken Play with Augusta Exploration. The well will be drilled and operated by Augusta, but Super Nova will own a 20-percent working interest in the project. The interest will be earned “by issuing 7,000,000 common shares and 5,000,000 warrants exercisable at $0.10/share for the first year and $0.15/share for the second year.”

The company owns additional projects in the US and Canada, including sites in Texas and Montana.

Mahdia Gold

Mahdia traded 1,324,000 shares last week, ending at a price of $0.04 per share.

The company aggregates gold properties in Guyana and currently owns three gold projects in that country, namely the Omai, Tiger River and White Creek projects. The west deposit at Omai is now in production, while other areas remain under exploration and development.

Novo Resources

Novo Resources, which mines for gold and other minerals in Australia, traded 1,054,800 shares last week, closing at $1.11 per share.

As of July 24, Novo was working on moving its Beatons Creek property towards bankable feasibility. Recent results from the property show that 98 percent of gold by weight “in each of two samples of unoxidized gold-bearing conglomerates is of course grain size.” That suggests “significant metallurgical recovery of gold may be possible using simple, cost-effective gravity techniques.”

Hi Ho Silver Resources

Last week, Hi Ho Silver traded 997,400 shares for a closing price of $0.03. The company’s projects are all located in North America and are 100-percent owned.

The company announced on August 20 that it will begin an exploration program for its Grasset Dome property in Quebec, Canada. The property is next to Balmoral Resources’ (TSX:BAR) Grasset property, where Balmoral recently found a large nickelcopperplatinum discovery.


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