By: Tomas Ronolski - AllPennyStocks.com News

Friday, January 22, 2016

Equity markets have rebounded sharply after the sell-off seen in the last few days. The rally in equities has been sparked by comments from the European Central Bank (ECB) President Mario Draghi. The ECB President on Thursday hinted that the central bank was prepared for further stimulus measures if needed. The comments from Draghi helped stabilize oil prices, as well as equities. Overnight, stocks in China and Japan posted strong gains. European stocks also edged higher, while in the U.S., all three benchmark indexes were up sharply in early trading.

The Basic Materials sector was among the top gainers in the S&P 500. The sector was up almost 2.80% after seeing significant selling pressure since the start of this year.

One major mover in the Basic Materials sector today is Cantex Mine Development (TSX-Venture:CD). Based in Kelowna, British Columbia, Cantex Mine Development is engaged in exploration of mineral properties for commercial mineral deposits. The company has several mining projects, including Yemen and Nevada. In Yemen though, the company’s operations at the advanced Al Hariqah gold project are currently suspended and held by Cantex in Force Majeure. In Nevada, the company has five drill ready properties along known trends of gold mines.

This morning, Cantex announced the results of the 2015 Yukon summer soil-talus sampling program. The program focused on the 100% owned North Rackla and Mount Good claim blocks in central Yukon.

CD said that during the summer of 2015, 1,187 soil/talus samples were collected with the objective of closing off and filing in areas of anomalous gold-silver and base metals identified by previous soil/talus sampling. The samples were crushed, split and pulverized at C.F. Mineral Research Ltd. prior to being submitted for gold and base metal analysis at ALS Chemex Laboratories in Vancouver. The results from this analysis, along with the analytical results of 26,474 soil-talus samples collected during previous programs conducted by Cantex, have determined twelve and ten significant anomalous areas in the North Rackla and Mt. Good claim blocks respectively.

Cantex noted that its geologists have been most encouraged by the extensive gold, silver and base-metal results of both the soil-talus samples and rock samples collected on its North Rackla and Mount Good claims. The company also said that new discoveries have been made in which high grade mineralized rock has been identified and these defined areas, as well as areas of anomalous soil-talus samples, will be the focus for 2016.

Even with today’s announcement, shares of CD are flat on the day so far, as investors seem to be looking for more solid news before taking shares higher from these levels.

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