Stocks of the Hour: Atlas Pearls, Adavale Resources, Horizon Minerals

Kobe auction result

Atlas Pearls (ASX:ATP) has sold 130,000 loose pearls for total revenue of $14.81 million in an auction in Kobe, Japan. In response, Atlas Pearls’ CEO Michael Ricci commented: "The sales outcome underlined the continuing strength in the global market for south sea pearls with strong demand for the Company’s offering from both Chinese and Japanese buyers.” Shares are trading 47 per cent higher at 13 cents.

Key uranium licence in SA granted

Adavale Resources (ASX:ADD) has been granted an exploration licence for its uranium tenure in South Australia. The high-priority uranium targets can be progressed over the company’s large-scale licence holdings, which total over 1600km2. Shares are trading 25 per cent higher at 1 cent.

Gold exploration update

Horizon Minerals (ASX:HRZ) has announced that several reverse circulation and air core drill programs have been conducted at a number of prospects near Kalgoorlie at the company’s 100%-owned tenure in the Goldfields region. Commenting on the exploration results, Chief Executive Officer Mr Grant Haywood said, "Although early days, our Kanowna South gold prospect is starting to take shape, and discovering a strong sulphide link in some of the mineralisation could be a major turning point in our understanding of this prospect." Shares are trading 10 per cent higher at 4 cents.