JMP Daily Drill Bits for November 14: $NWA $PTX

Northwest Arm (NWA, $0.59 +136% Vol: 313,600)
Shares Outstanding: 22,555,000
Wade Dawe and Daniel Whittaker’s newly formed NWA is the latest entrant into Central Newfoundland’s developing area play.  In September, NWA listed on the TSX-V with a $300,000 IPO at 0.10/share.  It didn’t take long for management to announce an acquisition.  A week following the IPO, Northwest struck a deal with Altius Minerals (ALS, $11.65) to acquire a 172 square km claim package from Altius.  As a result of the transaction, Altius has become a 19.95% owner of NWA.  The project is located immediately northeast and adjacent to the much touted Valentine Lake project of Marathon Gold Corp.  NWA is well financed, having closed a $1.65 million financing at 0.25/share, and Altius will act as the operator of the project.

Platinex Inc (PTX, $0.08 +33% Vol: 1,261,300)
Shares Outstanding: 65,529,326
Platinex’ has spent the year talking up it’s flagship Shining Tree gold prospect, located near Timmins, Ontario, in the Abitibi gold belt.  Management believes that since the claims are situated on the intersection of an east-west trending structure and a north-south fault, that the potential for a significant gold find is high.  Since 2008 there have been significant discoveries along strike, including those by Tahoe, Alamos, Iamgold and Goldcorp.  59 out of 62 shallow holes (300m) have intersected gold on the project; due to the vertical plunge of the veins, management believes there is a good chance that the ore body is eminating from depth, where it can be expected to thicken and increase in grade.