Daily Drill Bits for October 24, 2016 $AMZ $PUC $ADG

Almadex Minerals (AMZ, $1.25 +16.8%)
Shares Outstanding: 44.1 million
Shares in AMZ have defied the gravity affecting a majority of TSX Venture listed stocks over the past month. While most junior explorers have shed 30%-50% of their market caps over the past month, AMZ has soard 67% – including today’s jump of 17% on volume of 325,000. As at June 30, AMZ had cash+gold holdings of approx $6.6 million, and zero debt. Shares have been climbing on continued positive drill results from the company’s 7500 Ha/ El Cobre gold and copper porphyry project in Mexico.

Pancontinental Gold (PUC, $0.15 +100%)
Shares Outstanding: 99,510,000

In May 2016 PUC acquired from Firebird Resources (FIX) the Jefferson gold project located in Carolina. Carolina is known for Oceanagold’s 4 million ounce Haile project, with initial production to start in 2017. Jefferson is located less than 7 miles from Haile. Jefferson is along a nearly continuous northeast-striking structural trend of hydrothermal alteration and gold mineralization. The mineralized footprint of Jefferson is similar in magnitude to the footprints of the Haile and Ridgeway mines. The Jefferson properties contain multiple drill targets within a mineralized trend over two kilometres wide.

Arcus Development (ADG, $0.11 +57%)
Shares Outstanding: 57,778,065 (Post financing: 72,178,000)

Arcus jumped today on news that Goldgroup is taking 19.9% interest in a $1.26 million financing to maintain their 19.9% interest in the company.  Proceeds will be used toward developing ADG’s Dan Man gold project, adjacent to Goldgroup’s Coffee project (formerly held by Kaminak, bought by Goldgroup for $520 million).