-- Makenita Resources (KENY.CN) acquired the "Serpentinization Iron-Magnetite Project" in Saskatchewan, the company said on Friday.
This project consists of 23,517 contiguous acres that directly borders Max Power Corp in Saskatchewan, said the company and added that it is prospective for iron and magnetite.
"This project has a massive footprint in a known area prospective for iron and magnetite," said Jason Gigliotti, President of Makenita Resources. "In certain situations when you have large iron formations that are rich in specific minerals, like magnetite, you can stimulate that iron formation to produce naturally occurring hydrogen. This project directly borders Max Power Corp (Maxx). With just over 30 million shares outstanding, any success in the ground would have a meaningful impact on the Company given such a small float. Management anticipates a very active remainder of the year on multiple projects and is very optimistic about the near- and mid-term outlook for Makenita."
Shares of the company were last seen up $0.005 at $0.11 on the Canadian Securities Exchange.
Price: $0.11, Change: $+0.01, Percent Change: +4.76%