Search Results for "Africa"

East Africa Metals Intersects 20 Meters Grading 4.7 g/t Gold and 4.7 g/t Silver at Da Tambuk

East Africa Metals Inc. (TSX VENTURE: EAM) (“East Africa” or the “Company”) is pleased to announce newly received results from on-going diamond drilling at the Adyabo Project in Ethiopia. Four holes have been completed at Da Tambuk, as part of a detailed infill program in the central area of the resource, and results for a total of eleven holes have been received from the Mato Bula south 40m x40m infill drill program.

  • At Da Tambuk – 20.00 metres grading 4.70 grams per tonne gold, and 4.7 grams per tonne silver, from 105.00 metres drill depth (ADD025);
  • At Da Tambuk – 8.61 metres grading 7.38 grams per tonne gold, and 23.1 grams per tonne silver, from 101.39 metres drill depth (ADD026);
  • At Mato Bula – 5.72 metres grading 6.06 grams per tonne gold, from 50.78 metres drill depth (WMD066), and;
  • At Mato Bula – 23.00 metres grading 1.27 grams per tonne gold, 0.51% copper, 6.1 grams per tonne silver, and 0.60% zinc, including 4.00 metres grading 4.54 grams per tonne gold, 0.70% copper, 6.5 grams per tonne silver, and 0.09% zinc, from 185.30 metres drill depth (WMD069).

Click here to read the full news release.


East Africa Metals Provides Results from Drill Program at the Harvest and Adyabo Projects

East Africa Metals Inc. (TSXV: EAM) (or the “Company”) is pleased to announce results from a multi targeted drill program at the Harvest and Adyabo Projects in the Arabian Nubian Shield of Ethiopia. The Company has conducted additional drill testing of the Harvest Project Mayshehagne and VTEM09 VMS prospects to potentially upgrade targets, confirm interpretation of mineralization, and assess targets for inclusion as potential satellite resource zones. Both prospects are located near the EAM’s Terakimti resource deposit. Drill intercepts continue to reflect very strong metal grades seen in previous drilling, and identifies the need for further delineation work on the VMS prospects.

As quoted in the press release:

Highlight intersections include:

At Silica Hill – 31.55 metres grading 9.40 grams per tonne gold, and 0.10 % copper, from 111.32 metres drill depth, and;
At VTEM09 – 24.06 metres grading 1.88 % copper, 3.08 grams per tonne gold, 66.4 grams per tonne silver, and 2.54 % zinc, from 35.84 metres drill depth, and;
At Mayshehagne – 21.19 metres grading 4.32 % copper, 1.04 grams per tonne gold, 35.9 grams per tonne silver, and 6.98 % zinc, from 36.58 metres drill depth.

Click here for the full text release


East Africa Provides Corporate Updates

East Africa Metals Inc. (TSXV: EAM) (“East Africa” or the “Company”) is pleased to provide the following updates on the Company’s activities:

Exploration and Drill Program
At the Harvest Project, additional diamond drilling has been conducted at the VTEM09, Mayshehagne and Lihamat prospects in the last quarter of 2016, with analyses anticipated in the first quarter of 2017. This drilling was primarily to follow up on previous drilling success:

  • at VTEM09, 10.21m @ 3.97 g/t Au, 3.16% Cu, 87 g/t Ag, 3.82% Zn (see news release dated July 23, 2013),
  • at Mayshehagne, 20.70m @ 1.03 g/t Au, 5.00% Cu,, 31 g/t Ag, 8.20% Zn (see news release dated August 8, 2012),
  • at Lihamat, 4m @ 111.6 g/t Au (see news release dated September 14, 2015).

*Original holes and qualifying data released August 8, 2012, July 23, 2013, and September 14, 2015. Minor variance may occur due to QAQC interval adjustments.

Work in 2017 will focus primarily on continued resource delineation drilling at Mato Bula and Da Tambuk, and will include testing gold surface exploration targets not yet drill tested on the Adyabo Project. Staged geophysical I.P. surveying will be conducted along the Mato Bula Trend, aimed at identifying additional exploration drill targets at depth, in proximity to the currently identified resources.

Mine Permit Application
The mining permitting application for East Africa’s 70% owned Terakimti Oxide Gold Project is advancing through the government approval process and making good progress. East Africa has been informed that the Ethiopian Ministry of Mines, Petroleum and Natural Gas (the “Ministry”) has completed their review of the mine permit application and has provided comments to the Company. The Company has scheduled a meeting with the Ministry on January 17, 2017, to discuss the Company’s responses in detail, and any other questions the Ministry may have regarding the Terakimti mining permitting application. The permitting application is specifically focused on the Terakimti Oxide Gold Project contained within the Harvest Project.

Terakimti Oxide Gold Project profile:

  • Mineral resource: 1,125,000 tonnes grading 3.2 grams per tonne gold and 24.0 grams per tonne silver containing 107,000 ounces of gold and 812,000 ounces of silver;
  • Simulated heap-leach recoveries: 75.3 per cent gold and 39.7 per cent silver;
  • Mining method: conventional open pit;
  • Processing: heap leaching to produce gold-silver dore.

Financing
East Africa is pleased to provide an update on its previously announced financing (see news release dated November 2, 2016).

East Africa has received confirmation from Shandong Tyan Home Co. Ltd. (“STH”) that it has completed legal, financial and technical due diligence and that the subscription agreement to acquire 20 million units of East Africa has been executed. Further, the Company has received conditional approval from the TSX Venture Exchange for the private placement and the associated Personal Information Form. The Company is awaiting the funds to be transferred. Once funds have been received, the Company will issue securities and close the financing.

The financing terms include:

  • STH is to acquire 20 million units of East Africa at a price of $0.26 per unit for gross proceeds of $5.2 million.
  • Each unit comprises one common share and one-half share purchase warrant with an exercise price of $0.45.
  • STH also agreed to provide or identify a partner or lender to provide a US$10-million debt financing to support the development of the Terakimti Oxide Gold Project, which is non-binding on STH.
  • Closing of the private placement is conditional on receipt of TSX Venture Exchange final approval and subscription funds.

Use of proceeds
Once closing of the financing is complete, the Company will use the funds for continuing exploration and development of East Africa’s Adyabo and Harvest Projects located in the Tigray region of the Federal Republic of Ethiopia (“Ethiopia”) and general working capital.

About East Africa
The Company’s principal assets and interests include both the 70% owned Harvest polymetallic VMS exploration Project, which hosts the Terakimti Deposit and which covers approximately 86 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa, and the Adyabo Project, hosting the Mato Bula trend Adyabo Resource, covering 196 square kilometres immediately west of the Harvest Project. The Company owns 100% of the Adyabo Project, subject to a 2% NSR. East Africa now has mineral resources defined at both projects in Ethiopia and plans to continue to test priority targets. Additionally, the Company owns the 93 square kilometre Handeni Property located in north-eastern Tanzania. Handeni includes the Magambazi Project, a gold deposit discovered in 2009. East Africa has entered into a definitive agreement with an arm’s length private exploration and development Company to advance the project.

More information on the Company can be viewed at the Company’s website: www.eastafricametals.com.

Jeff Heidema, P.Geo., a Qualified Person under the definitions of National Instrument 43-101, has reviewed and approved the contents of this news release.

On behalf of the Board of Directors:

Andrew Lee Smith, P.Geo., CEO

Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa’s projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Projects; estimated exploration licence extensions, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in East Africa’s management’s discussion and analysis for the year end December 31, 2015, management’s discussion and analysis for the three and nine months ended September 30, 2016 and East Africa’s listing application dated July 8, 2013. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the successful integration of Tigray Resources Inc.’s business with the Company; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, the renewal or extension of exploration licences, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:
Nick Watters
Business Development
Telephone +1 (604) 488-0822
Email investors@eastafricametals.com
Website www.eastafricametals.com


East Africa Metals Provides Project Update for Magambaz

East Africa Metals Inc. (TSXV: EAM) (“East Africa” or the “Company”) wishes to announce the Company’s development partner, Tanzanian Goldfields Limited (“Tanzanian Goldfields” or the “Developer”), has advised East Africa development activity has been initiated at the Magambazi Project located in the Handeni region of the United Republic of Tanzania (“Tanzania”).

According to Tanzanian Goldfields, the mobilization of equipment required to initiate test-mining and bulk-sampling operations as an initial phase of the development plan, is in progress. Gravity recovery equipment is currently onsite with additional equipment being mobilized to site from Dar es Salaam. Agitated leach tanks and Carbon in Leach (“CIL”) recovery equipment are scheduled for construction and installation over the next several months. Additionally, Magambazi Camp upgrades have commenced, with the production site preparation now in place.

Tanzanian Goldfields’ management has concluded discussions with community and government representatives for the handover of the Magambazi site and dismantling of artisanal operations to clear the way for the current test mining and bulk sampling program and future development of a commercial mining operation. The development of the Magambazi Project has the support of the local communities and the regional government with the handover now scheduled for October 12, 2016.

Tanzanian Goldfields indicates that test mining of the primary gold resource material, tailings and alluvial gold targets will commence October 15, 2016 with initial results expected to be available starting in November. Previously completed preliminary metallurgical test work on the primary gold mineralization at the Magambazi Project has demonstrated significant (72.6%) gold recoveries from gravity methods alone (see Canaco news release dated May 19, 2010). The initial phase of test-mining and bulk-sampling has been planned to confirm these results in the field and allow a definitive approach for the initial ramp up of production to be developed.

The East Africa /Tanzania Goldfields transaction
As previously disclosed, (see news releases dated March 7, 2016, December 10, 2015 and June 15, 2015), the Company has completed the execution of the Definitive Agreement with the Developer to acquire and develop East Africa’s projects located in the Handeni region of Tanzania.

Under the terms of the letter agreement (see news release dated June 15th, 2015), the Developer will; pay East Africa US$2 million in cash for a 100% interest in the Handeni properties, camp, equipment and other assets; convey to East Africa a 1.6% Net Smelter Royalty, capped at US$1.8 million, and convey to East Africa the right to acquire a gold stream equal to 30% of the life of mine gold production for a per ounce cost equal to the lesser of: (i) production cost plus 15% based on the Developer’s historical and budgeted production costs, and (ii) the prevailing market price for gold.

About East Africa
The Company’s principal assets and interests include both the 70%-owned Harvest polymetallic VMS exploration Project, which hosts the Terakimti Deposit and which covers approximately 86 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa, and the Adyabo Project, hosting the Mato Bula trend Adyabo Resource, covering 225 square kilometres immediately west of the Harvest Project. The Company owns 80% of the Adyabo Project, and upon execution of a Net Smelter Return (“NSR”) agreement the Company will own 100% of the Adyabo Project, subject to a 2% NSR. East Africa now has mineral resources defined at both projects in Ethiopia and plans to continue to test priority targets. Additionally, the Company owns the 91 square kilometre Handeni Property located in north-eastern Tanzania. Handeni includes the Magambazi Project, a gold deposit discovered in 2009. East Africa has entered into a definitive agreement with an arm’s length private exploration and development company to advance the project.

More information on the Company can be viewed at the Company’s website: www.eastafricametals.com. Jeff Heidema, P.Geo., a Qualified Person under the definitions of National Instrument 43-101, has reviewed and approved the contents of this news release.

On behalf of the Board of Directors:

Andrew Lee Smith, P.Geo., CEO

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of the Terakimti Gold Oxide Resource mining permit; closing of project finance; early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa’s projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Projects; estimated exploration license extensions; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in East Africa’s management’s discussion and analysis for the year end December 31, 2015; management’s discussion and analysis for the six months ended June 30, 2016; East Africa’s listing application dated July 8, 2013 and Tigray Resources Inc. Management Information Circular dated March 28, 2014. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the successful integration of Tigray Resources Inc.’s business with the Company; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals including mining permits; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, the renewal or extension of exploration licenses, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, contact:
Nick Watters
Business Development
Telephone +1 (604) 488-0822
Email nwatters@eastafricametals.com
Website www.eastafricametals.com


East Africa Metals Announces SinoTech Elects to Exercise $805,000 in Warrants

VANCOUVER, BC–(Marketwired – August 23, 2016) – East Africa Metals Inc. (TSX VENTURE: EAM) (“East Africa” or the “Company”) is pleased to report that long time shareholder SinoTech (Hong Kong) Corporation Limited (“SinoTech”) has elected to exercise 3,500,000 warrants at a price of $0.23 realizing $805,000 CDN for the Company. The exercise will bring SinoTech’s total holdings to 37,788,062 or 32.1% of the Company. SinoTech is a private share company incorporated October 26, 2010, that has supported East Africa’s advancement activities for a number of years.

The proceeds will be used for ongoing technical, permitting and exploration expenditures as the Company prepares to advance the Terakimti Oxide Gold Project to the development stage, and prepare the Mato Bula and Da Tambuk deposits for mine permitting.

East Africa’s management anticipates an active Fall program on the development and exploration fronts as the Company looks to address corporate objectives including; completion of mine permitting, close project financing and on receipt of the mining permit initiate development for the Terakimti Oxide Gold project, the initiation of operations at Magambazi in Tanzania, and continuing to grow the Company’s mineral resource base in Ethiopia through exploration and definition drilling.

The Company’s current resource base in Ethiopia comprises 926,000 gold equivalent ounces in the indicated category plus 860,000 gold equivalent ounces in the inferred category (see table below and news release dated June 29, 2016) from Terakimti, Mato Bula and Da Tambuk. Exploration targets planned to be tested to continue the growth of the resource base include the VTEM09 and Mayshehagne prospects, and additional targets along the largely underexplored Mato Bula/Da Tambuk trend.

“The continued support of SinoTech as we develop our Ethiopian assets is greatly appreciated”, stated Andrew Lee Smith, Company President and CEO. “East Africa Metals expects to continue to benefit from the contributions of our Beijing-based partner as we continue to advance the Harvest and Adyabo Projects”.

East Africa’s Mineral Resources at Harvest (Terakimti) and Adyabo Projects

Project Ownership Resource Summary
Adyabo 3(Indicated) 100% 446K Ounces AuEquiv
Adyabo 3(Inferred) 100% 434K Ounces AuEquiv
Terakimti Oxide Update 1 (Indicated) 70% (Permit Pending) 132K Ounces AuEquiv
Terakimti Sulphide 2 (Indicated) 70% 348K Ounces AuEquiv 139M lbs CuEquiv
Terakimti Sulphide 2 (Inferred) 70% 426K Ounces AuEquiv 170M lbs CuEquiv

The resources stated above have been previously disclosed in News Releases. (Terakimti Initial Resource Estimate disclosed via news release dated January 27, 2014; effective date January 17, 2014. Terakimti Gold Oxide disclosed via news release October 27, 2015; effective date October 18, 2015. Subsequent to the release of the Terakimti Gold Oxide Resource update, a review by the resource QP identified an error in the tabulation of mineral resources. The corrected resource information was disclosed via news release on January 11, 2016. Adyabo project updated mineral resource estimate disclosed via news release dated June 14, 2016; effective date May 31, 2016).

1Terakimti Gold Oxide Resource update disclosed October 27, 2015; effective date October 18, 2015. Full mineral resource estimate disclosure can be found in the company’s news release dated October 27, 2015, available at www.eastafricametals.com or at www.sedar.com. Subsequent to the release of the Terakimti Gold Oxide Resource update, a review by the resource QP identified an error in the tabulation of mineral resources. The corrected resource information was disclosed via news release on January 11, 2016. Metal prices for gold and silver are $1,300/oz and $17.50/oz, respectively.

2Terakimti Initial Resource Estimate disclosed via new release dated January 27, , 2014; effective date January 17, 2014. Full mineral resource estimate disclosure can be found on the company’s website or at www.sedar.com. Metal prices for gold, silver, copper, and zinc are $1,400/oz, $25.00/oz, $3.50/lb, and $0.90/lb, respectively.

3Adyabo project updated mineral resource estimate disclosed via news release dated June 14, 2016; effective date May 31, 2016. Metal prices for gold, silver, and copper are $1,400/oz, $20.00/oz, and $3.20/lb, respectively. Metallurgical recoveries of 88.5% for gold, 87.5% for copper and 50% for silver were applied at Mato Bula and Mato Bula North. Metallurgical recoveries of 97% for gold, 72% for copper, and 50% for silver were applied at Da Tambuk.

Gold Equivalent grade calculator (Au, Ag, Cu):Au g/t + (Ag g/t*$Au/$Ag) + (Cu %*22.0462*$Cu)/($Au/31.1035)|||Gold Equivalent grade calculator (Au, Ag, Cu, Zn):Au g/t + (Ag g/t*$Au/$Ag) + (Cu %*22.0462*$Cu)/($Au/31.1035) + (Zn %*22.0462*$Zb)/($Au/31.1035)|||Copper Equivalent grade calculator (Cu, Au, Ag):Cu % + ((Au g/t*$Au)+(Ag g/t*$Ag)/(22.0462*$Cu*31.0135)|||Copper Equivalent grade calculator (Cu, Au, Ag, Zn):Cu % + ((Au g/t*$Au)+(Ag g/t*$Ag)/(22.0462*$Cu*31.0135) + Zn%*$Zn/$Cu|||31.1035 is a grams/ounce conversion factor. 22.0462 is a tonne/pound conversion factor.

About East Africa

The Company’s principal assets and interests include both the 70%-owned Harvest polymetallic VMS exploration Project, which hosts the Terakimti Deposit and which covers approximately 86 square kilometres in the Tigray region of Ethiopia, 600 kilometres north‐northwest of the capital city of Addis Ababa, and the Adyabo Project, hosting the Mato Bula trend Adyabo Resource, covering 225 square kilometres immediately west of the Harvest Project. The Company owns 80% of the Adyabo Project, and upon execution of a net smelter return agreement the Company will own 100% of the Adyabo Project, subject to a 2% NSR. East Africa now has mineral resources defined at both projects in Ethiopia and plans to continue to test priority targets. Additionally, the Company owns the 91 square kilometre Handeni Property located in north-eastern Tanzania. Handeni includes the Magambazi Project, a gold deposit discovered in 2009. East Africa has entered into a definitive agreement with an arm’s length private exploration and development company to advance the project.

More information on the Company can be viewed at the Company’s website: www.eastafricametals.com. Jeff Heidema, P.Geo., a Qualified Person under the definitions of National Instrument 43-101, has reviewed and approved the contents of this news release.

On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., CEO

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by East Africa as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of East Africa to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of the Terakimti Gold Oxide Resource mining permit; closing of project finance; early exploration; the closing of the agreement with the exploration and development company to advance the Magambazi Project or identify any other corporate opportunities for the Company; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of East Africa’s projections and estimates, including the initial mineral resource for the Adyabo, Harvest and Magambazi Projects; estimated exploration licence extensions; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in East Africa’s management’s discussion and analysis for the year end December 31, 2015; management’s discussion and analysis for the three months ended March 31, 2016; East Africa’s listing application dated July 8, 2013 and Tigray Resources Inc. Management Information Circular dated March 28, 2014. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The contained gold, copper and silver figures shown are in situ. No assurance can be given that the estimated quantities will be produced. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the successful integration of Tigray Resources Inc.’s business with the Company; the price of gold, silver, copper and zinc; the demand for gold, silver, copper and zinc; the ability to carry on exploration and development activities; the timely receipt of any required approvals including mining permits; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, the renewal or extension of exploration licences, and such other assumptions and factors as set out herein. Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:
Nick Watters
Business Development
Telephone +1 (604) 488-0822
Email investors@eastafricametals.com
Website www.eastafricametals.com


Silver Bull’s Mitzic Iron Ore License in Gabon, Central Africa Renewed

Silver Bull Resources, Inc. (TSX:SVB) was granted renewal of its 2,000 square kilometer Mitzic license by the Ministry of Mines in Gabon for an additional 3 years. Silver Bull also reported results of the work program on the Mitzic License completed over the last 2 years.

As quoted in the press release:

The Mitzic license lies 180km northeast of the capital city of Libreville and is accessed via a paved road directly to site and lies 60km to the north of a functioning railway. In addition to the Mitzic license, Silver Bull also recently renewed its 2,000 square kilometer “Ndjole” license which is highly prospective for gold and manganese.

Mitzic License – Iron Results: A regional reconnaissance work program on the Mitzic license targeting over 70 kilometers of magnetic highs has confirmed the widespread presence of a coarse grained, magnetite rich, Banded Iron Formation “BIF” averaging approximately 40% Fe. Localized supergene and hypogene enrichment in excess of 65% Fe is seen in the field but is thus far poorly constrained. Geological mapping shows the BIF forms a series of topographic highs with up to 300m of relief and has localized evidence of thickening through folding and faulting. The steep dipping nature of the BIF’s also suggests they continue at depth.

Click here to read the Silver Bull Resources (TSX:SVB) press release

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Silver Bull Announces Termination of Ndjole-Mevang and Ogooue Joint Ventures in Central Africa

AngloGold Ashanti Holdings has notified Silver Bull Resources, Inc. (TSX:SVB) on terminating the Ndjole-Mevang and Ogooue joint venture agreements in Gabon, Central Africa.

As quoted in the press release:

Under the terms of the joint venture, AngloGold earned a 20% interest by paying to Dome US $400,000 upon signing of the joint venture agreement in October 2009. AngloGold could then earn an additional 40% interest by paying Dome US $100,000 per year over the next three years and by spending US $3.7 million on exploration over this period. By terminating the joint venture AngloGold forfeits all its interests in these licenses and 100% of these licenses return to Dome.

In addition to the Ndjole-Mevang joint venture, AngloGold, aided by Dome, also acquired a reconnaissance license under its own name over an area comprising 8,295 square kilometers in Gabon, West Africa. Dome retained a 20% interest in the license with AngloGold making a firm commitment to spend US $100,000 on exploration and to solely fund the first US $3 million of exploration expenditures, after which the parties would contribute on an 80/20 basis.

Silver Bull Resources President and CEO Tim Barry said:

We wish to thank AngloGold for the professional manner in which it carried out its obligations under the joint venture agreements and for significantly advancing the projects. We remain very positive about the exploration opportunities that exist in Gabon, especially on the manganese and gold potential we see in the Ndjole area, and the iron ore potential of our Mitzic license – which was not part of the AngloGold joint venture.

Click here to read the Silver Bull Resources (TSX:SVB) press release

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Sono Extends High-Resolution Aeromag Program on its Copper/Silver Project in Botswana, Africa

Sono Resources Inc. (OTC:SRCI) announced it has extended its aeromag program at its copper-silver property in Botswana.

The press release is quoted as saying:

After an initial review of the high-resolution magnetic data, target horizon extensions were identified from a detailed technical analysis of the local geology which matches the geological model of the Kalahari Copper Belt. Therefore, the decision was made to fly additional line kilometers over the Company’s three license blocks.

To read the full press release, click here.


Rockgate Announces Positive Metallurgy Results with Recoveries of 90% for Uranium and 77.5% for Silver, Falea U-Ag-Cu Project, Mali, West Africa

Rockgate Capital Corp. (TSX VENTURE:RGT) reported positive results from preliminary metallurgical testwork completed on the North Zone at the Falea Uranium Silver Copper project by SGS South Africa Mineralogical Services.

The press release is quoted as saying:

Silver leach recoveries can likely be improved using a finer grind and/or employing a stronger cyanide solution. Further testwork is required to optimize silver leach recoveries. Similarly, further flotation testing will focus on optimization of copper and silver concentrates.

Click here to access the entire press release

Click here to access Rockgate Capital Corporate Site


Barrick: Pricing of African Barrick Gold plc Initial Public Offering

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) reported the pricing of the initial public offering of African Barrick Gold plc , a new company whose equity will be admitted to the Official List of the Financial Services Authority and to trading on the London Stock Exchange’s main market for listed securities.

The press release is quoted as saying:

An offer price of GBP 5.75 per ordinary share has been set and the net proceeds of the offering are expected to be approximately $834 million, which will be paid to Barrick.

Click here to access the entire press release

Click here to access Barrick Gold Corporate Site


Arizona Mining Closes C$110 Million Private Placement With South32

Arizona Mining (TSX:AZ) is pleased to announce it has closed the private placement with South32 International Investment Holdings Pty Ltd (“South32”), an affiliate of South32 Limited, for 45 million common shares in the Company (the “Shares”) at a price of C$2.45 per Share for gross proceeds of C$110.3 million (the “Placement”).

“The Company is now fully funded to complete its plans over the next year including advancing the Company’s Taylor Deposit to the feasibility and permitting stage and an aggressive drilling campaign to further test the size of the Taylor Deposit,” said Jim Gowans, President and CEO.

As a result of this purchase, South32 beneficially owns approximately 15% of the issued and outstanding shares of the Company on a non-diluted basis (see Early Warning Disclosure below).

About Arizona Mining
Arizona Mining Inc. (an augustagroup company) is a Canadian mineral exploration and development company focused on the exploration and development of its 100%-owned Hermosa Project located in Santa Cruz County, Arizona. A recently completed preliminary economic assessment on the Hermosa-Taylor project showed robust economics, including a 42% after-tax internal rate of return, an after-tax NPV of $1.26 billion and a 1.7 year payback. The Taylor Deposit, a zinc-lead-silver carbonate replacement deposit, has a resource of 8.6 million tons in the Measured Mineral Resource category grading 4.2% zinc, 4.0% lead and 1.6 opt silver, or 9.7% ZnEq, plus 63.8 million tons in the Indicated Mineral Resource category grading 4.5% zinc, 4.4% lead and 1.9 opt silver, or 10.6% ZnEq, and 38.6 million tons of Inferred Mineral Resources grading 4.4% zinc, 4.2% lead and 3.1 opt silver or 11.6% ZnEq, all reported in accordance with NI 43-101 guidelines utilizing a 4% ZnEq cutoff grade. The Taylor Deposit remains open to the north, west and south over land controlled by the Company and will be aggressively drilled to test the limits of the resource. The Company’s other project on the Hermosa property is the Central Deposit, a silver-manganese manto oxide project.

About South32
South32 is a globally diversified metals and mining company with high-quality and well maintained operations which mine and produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. More information about South32 is available on their company’s website at www.south32.net.

South32 did not beneficially own any securities of the Company prior to this investment.

The Company has been advised by South32 that the Shares were acquired by South32 for investment purposes, that South32 will evaluate its investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require through market transactions, private agreements, or otherwise.

South32 will have a pre-emptive right to participate in future equity financings to maintain its ownership percentage at 15% on a non-diluted basis, and will be restricted from selling any Shares for one year from the closing date of the Placement. South32 will also have the right to nominate one Director to the Company’s Board of Directors provided it maintains a minimum 12.5% ownership in Arizona Mining’s Shares on a non-diluted basis.

A copy of South32’s early warning report will appear with the Company’s documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting South32’s Company Secretary at +61 8 9324 9000.

South32’s address is South32 International Investment Holdings Pty Ltd, Level 35, 108 St Georges Terrace, Perth WA 6000 Australia.

For additional information please contact:

Susan Muir
Vice-President, Investor Relations & Corporate Communications
Telephone: 416-505-7606
Email: smuir@arizonamining.com

Cautionary Note Regarding Forward-Looking Information
Certain information contained in this press release constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the closing of the South32 private placement and the Company’s intentions for its Hermosa Project in Arizona, USA including, without limitation, financing, future drilling and other work on the Taylor Deposit. The Company would also like to caution the reader that the preliminary economic assessment (“PEA”) on the Company’s Taylor Deposit that supports the technical feasibility or economic viability of the Taylor Deposit, including the marketability of the concentrate, mining methods, costs, recoveries and any other technical aspects related to the Taylor Deposit, is preliminary in nature and there is no certainty that the PEA will be realized. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.

The forward-looking statements are based on a number of assumptions which, while considered reasonable by Arizona Mining, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Arizona Mining’s management’s discussion and analysis for the year ended December 31, 2016 (“MD&A”).  Arizona Mining cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc, lead, silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled “Risks and Uncertainties” in the MD&A.

Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended.  Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Arizona Mining disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

Click here to connect with Arizona Mining (TSX:AZ) to receive an Investor Presentation.


Arizona Mining Announces C$110 Million Private Placement With South32

Arizona Mining (TSX:AZ) is pleased to announce it has signed a binding private placement agreement for 45 million common shares in the Company (the “Shares”) at a price of C$2.45 per Share with South32 Limited (“South32”) for gross proceeds of C$110.3 million (the “Placement”).

Transaction Highlights

  • South32 will subscribe for 45 million Shares of Arizona Mining at a price of C$2.45 per Share, representing approximately 15% of the Company’s outstanding Shares on a non-diluted, post-subscription basis, for a total subscription price of C$110.3 million.
  • The proceeds will be used to add drill rigs and fully test the Taylor Deeps, Trench Vein System and other high priority targets, as well as to advance the Company’s Taylor Deposit to the feasibility and permitting stage.

“We are extremely pleased to welcome South32, a global mining company, as a strategic investor in Arizona Mining. South32’s significant investment represents an endorsement of the Taylor zinc-lead-silver deposit and recognizes the deposit’s growing world-class stature and additional prospectivity,” said Jim Gowans, President and CEO. “On closing, we will be fully funded to complete our feasibility study and the state permitting activities for operations on our patented land. We will also continue exploring the property and will add drill rigs to thoroughly test Taylor Deeps, the Trench Vein system and other targets to increase the resource.”

South32 will have a pre-emptive right to participate in future equity financings to maintain its ownership percentage at 15% on a non-diluted basis, and will be restricted from selling any Shares for one year from the closing date of the Placement.  South32 will also have the right to nominate one Director to the Company’s Board of Directors provided it maintains a minimum 12.5% ownership in Arizona Mining’s Shares on a non-diluted basis.

The Placement will be completed post receipt of regulatory approvals including by the Toronto Stock Exchange.

About Arizona Mining
Arizona Mining Inc. (an augustagroup company) is a Canadian mineral exploration and development company focused on the exploration and development of its 100%-owned Hermosa Project located in Santa Cruz County, Arizona. A recently completed preliminary economic assessment on the Hermosa-Taylor project showed robust economics, including a 42% after-tax internal rate of return, an after-tax NPV of $1.26 billion and a 1.7 year payback. The Taylor Deposit, a zinc-lead-silver carbonate replacement deposit, has a resource of 8.6 million tons in the Measured Mineral Resource category grading 4.2% zinc, 4.0% lead and 1.6 opt silver, or 9.7% ZnEq, plus 63.8 million tons in the Indicated Mineral Resource category grading 4.5% zinc, 4.4% lead and 1.9 opt silver, or 10.6% ZnEq, and 38.6 million tons of Inferred Mineral Resources grading 4.4% zinc, 4.2% lead and 3.1 opt silver or 11.6% ZnEq, all reported in accordance with NI 43-101 guidelines utilizing a 4% ZnEq cutoff grade. The Taylor Deposit remains open to the north, west and south over land controlled by the Company and will be aggressively drilled to test the limits of the resource. The Company’s other project on the Hermosa property is the Central Deposit, a silver-manganese manto oxide project.

About South32
South32 is a globally diversified metals and mining company with high-quality and well maintained operations which mine and produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc in Australia, Southern Africa and South America. More information about South32 is available on their company’s website at www.south32.net.

Cautionary Note Regarding Forward-Looking Information
Certain information contained in this press release constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the closing of the South32 private placement and the Company’s intentions for its Hermosa Project in Arizona, USA including, without limitation, financing, future drilling and other work on the Taylor Deposit. The Company would also like to caution the reader that the preliminary economic assessment (“PEA”) on the Company’s Taylor Deposit that supports the technical feasibility or economic viability of the Taylor Deposit, including the marketability of the concentrate, mining methods, costs, recoveries and any other technical aspects related to the Taylor Deposit, is preliminary in nature and there is no certainty that the PEA will be realized. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.

The forward-looking statements are based on a number of assumptions which, while considered reasonable by Arizona Mining, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Arizona Mining’s management’s discussion and analysis for the year ended December 31, 2016 (“MD&A”).  Arizona Mining cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc, lead, silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled “Risks and Uncertainties” in the MD&A.

Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended.  Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Arizona Mining disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

Click here to connect with Arizona Mining (TSX:AZ) to receive an Investor Presentation.


5 Top Weekly TSXV Stocks: Gold and Silver Stocks Jump

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week up 1.61 percent at 810.61 points.

Much of the week’s trading was predicated on a widely expected quarter-point interest rate hike delivered by the US Federal Reserve on Wednesday (March 15). Precious metals rallied, as the increase had already been widely priced into the market, and the US dollar slipped to a five-week low.

“Investors are moving from sector to sector dependent on where the US dollar is, comments from the White House on the health care act, and earnings,” said Quincy Krosby, market strategist at Prudential Financial in New Jersey.

That said, the increase in precious metals prices sent a number of stocks in the mining sector up last week. The five top-gaining stocks were:

  • Atacama Pacific Gold (TSXV:ATM)
  • Midnight Sun Mining (TSXV:MMA)
  • Helio Resource (TSXV:HRC)
  • Silver Spruce Resources (TSXV:SSE)
  • Focus Graphite (TSXV:FMS)

Here’s a look at those companies and the factors that moved their share prices last week. 

Atacama Pacific Gold

Atacama Pacific Gold is a Chile-focused precious metals company that is developing the Cerro Maricunga oxide gold deposit, one of the largest undeveloped oxide gold deposits in the world. The company recently published a prefeasibility study that confirms the economic viability of Cerro Maricunga; it shows that average annual gold production will be 281,000 ounces over the first eight years that the deposit is mined. 

The company has not released any news since March 3, when it announced the end of a drill program at Cerro Maricunga. Even so, last week its share price spiked 41.94 percent to close the period at $0.44.

Midnight Sun Mining

Midnight Sun Mining is a mineral exploration company that is focused on Africa. It has a definitive agreement to option a 60-percent interest in the Solwezi licences in Zambia.

Like Atacama, Midnight Sun did not release any news last week. Nevertheless, its share price rose 36.51 percent to reach $0.43. Most recently, in February, the company announced that it is planning geophysical work to follow up on its recent discovery of ore shale type mineralization at its Solwezi properties.

Helio Resource

Helio Resource is a junior exploration company focused on advancing its SMP gold project in Tanzania to a production decision. The company has not released any news since last year, but last week its share price increased 33.33 percent to reach $0.04.

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Silver Spruce Resources

Silver Spruce Resources is a junior exploration company developing the Pino De Plata epithermal silverbase metals-gold project in Mexico’s prolific Sierra Madre Occidental region. This concession contains a number of historic artisanal mine workings dating back to the Spanish Colonial era.

On March 13, the company closed a $459,000 non-brokered private placement. On the back of the news, Silver Spruce’s share price increased 26.67 percent to reach $0.09.

Focus Graphite

Last but not least is Focus Graphite, whose share price increased 26.67 percent last week to end at $0.09. The company’s goal is to become a low-cost producer of technology-grade graphite concentrate from its Lac Knife and Lac Tetepisca projects in Quebec. It did not put out any news last week.

Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Focus Graphite is a client of the Investing News Network. This article is not paid-for content.


This article is updated each week. Please scroll to the top for the most recent information.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week slightly down at 799.19 points — a 2.38-percent decrease.

That said, Reuters reported that shares on Wall Street posted broad-based gains, supported by US jobs data. The data has raised expectations of an interest rate hike from the US Federal Reserve next week.

“There’s nothing here that’s going to keep the Fed from hiking interest rates next week,” said Heidi Learner, chief economist at Savills Studley, a unit of Savills in New York.

Despite that bumpiness, a number of TSXV-listed mining stocks saw share price increases last week. The top gainers include:

Here’s a brief look at what moved the share prices of those companies last week.

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Tinka Resources

Exploration company Tinka Resources is developing its Ayawilca project in Central Peru. The 150-square-kilometer project is located 40 kilometers northwest of Cerro de Pasco in a richly mineralized silverlead-zinc belt.

On March 6, Tinka announced the discovery of a new high-grade zinc zone at Ayawilca. The news pushed the company’s share price up 57.58 percent, and it closed Friday at $0.52.

EnGold Mines

EnGold Mines is a gold, copper and silver exploration company focused exclusively on its 18,275-hectare Lac La Hache property in the Cariboo region of BC. The property covers a large porphyry copper-style mineralization system in a region known for world-class porphyry deposits.

On March 7, the company said that it will recommence drilling at a new discovery area at Lac La Hache by March 13. On the back of the news, EnGold’s share price rose 43.75 percent to reach $0.34.

American CuMo Mining

American CuMo Mining’s CuMo project in Idaho is one of the largest deposits of molybdenum, copper and silver in North America. The company is advancing CuMo towards feasibility, and also has plans to advance its newly acquired Calida gold project.

On March 2, the company purchased additional mining claims for CuMo and completed ore-sorting analysis. Though it did not release any news last week, American CuMo’s share price saw an increase of 41.94 percent to reach $0.44.

Emerita Resources

Emerita Resources is engaged in the acquisition, exploration and development of mineral properties. It is focused primarily on Spain and Brazil, and is interested mainly in zinc, lithium and gold.

This year, the company has released little news. Its last press release came in January, when it provided an update on an appeal regarding its Aznalcollar project in Spain. Last week, Emerita’s share price increased 41.94 percent to reach $0.22.

Stakeholder Gold

Finally, Stakeholder Gold enjoyed a share price increase of 28.12 percent last week, ending at $0.41. Stakeholder is conducting exploration at its Ballarat gold property in the Yukon’s White Gold District.

On March 8, the company entered into a property option agreement with Mountain View Gold under which Mountain View has granted Stakeholder the option to earn up to a 100-percent interest in its Goldstorm property in Nevada.

Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: American CuMo Mining and Stakeholder Gold are clients of the Investing News Network. This article is not paid-for content.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.


This article is updated each week. Please scroll to the top for the most recent information.

By Priscila Barrera, March 5, 2017

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed the week slightly down at 818.46 points–a 2.23 percent decrease.

Last week, major Wall Street indexes ended flat after Federal Reserve Chair Janet Yellen signaled the central bank is set to raise interest rates this month if employment and other economic data hold up.

Yellen, in prepared remarks to a business lunch in Chicago, also said rates are likely to rise faster this year, as the economy appears clear of any imminent hurdles at home or abroad for the first time in her tenure, Reuters reported.

As a result, many stocks were on the rise last week, with gains as high as over 114.29 percent over the five-day period.

The top five stocks for the week were:

  • Saint Jean Carbon (TSXV:SJL)
  • Noble Mineral Exploration (TSXV:NOB)
  • Macdonald Mines (TSXV:BMK)
  • Iberian Minerals (TSXV:IML)
  • Karmin Exploration (TSXV:KAR)

Here’s a closer look at those companies:

Saint Jean Carbon

Saint Jean is a publicly traded carbon science company, with holdings in graphite mining and lithium claims in the province of Quebec in Canada. Its graphite properties include Walker Lump, Clot Lump, St. Jovite Lump and Bell Project. On February 28, the company announced it had received a purchase order from Panasonic Corporation (TYO:6752) to supply graphite anode material to their manufacturing facility.

Over the five-day period, shares of Saint Jean Carbon saw an increase of over 114.29 percent to reach $0.15.

Noble Mineral Exploration

Noble Mineral Exploration holds in excess of 70,641 hectares of mineral rights in the Timmins-Cochrane area of Northern Ontario, upon which it plans to generate joint venture exploration programs. The company’s exploration focus is nickel-gold in Northern Ontario, gold in the Wawa area, and lithium in Northern Saskatchewan.

On February 22, the company announced that it completed the conversion of all debentures and that its operator MacDonald Mines has started work on the Wawa-Holdsworth project. Last week, shares of Noble Mineral Exploration saw a 77.78 percent increase to reach $0.08.

Macdonald Mines

MacDonald Mines Exploration is a mineral exploration company focused on gold and silica exploration in Canada. In December 2016, MacDonald Mines entered into an option and joint venture agreement with Noble Mineral Exploration to advance exploration on Noble’s Wawa-Holdsworth Gold and Silver Project.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

On February 28, the company announced that it had begun a core sampling program at its Wawa-Holdsworth project. Last week, shares of Macdonald Mines saw a 47.83 percent increase to reach $0.17.

Iberian Minerals

Iberian Minerals is a Canadian junior mining company focused on evaluating gold properties in the southwestern United States. Its properties include Caurio Gold Mining Project, Cehegin Magnetite Iron Ore Mining Project and Aroche Wollastonite Mining Project. The Company operates through its subsidiary, Mineworx USA Inc, which is a mineral development and processing company focused on the mining sector through its technologies: HM X-tract, HM X-leach and HM X-mill.

On January 9, the company announced that it had applied for an exploration permit to start a work program on its Cehegin Iron Ore project in Spain. Shares of Iberian Minerals closed the week out at $0.14–a 40 percent increase over the week.

Karmin Exploration

Karmin acquires, explores and develops resource properties in Brazil and Peru. Karmin owns 30% of the Aripuanã̃ Zinc Project, one of the largest undeveloped zinc projects in Brazil. The company also owns 100 percent interest in the Aripuanã̃ Gold-Silver Project in north-western Brazil and the 25-square-kilometre Cushuro Gold Project located in the world-class Alto Chicama gold-mining district of northern Peru.

The latest company news are from November, when Karmin announced developments at the Aripuanã Zinc Project. Last week, shares of the company increased 34.48 percent to reach $0.78.

Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.


Exeter Resource

This profile is part of a investor education campaign. The profile provides detailed information which was sourced and approved by Exeter Resource in order to help investors make better investment decisions. The Company’s support of Investing News Network ensures we can continue to bring you unbiased, independent news and information.

Resource Investing News Featured Stock

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

Exeter Resource – Developing a World-Class Gold-Copper Project in Chile

Overview

Exeter Resource (TSX:XRC; NYSE-MKT:XRA; Frankfurt:EXB) is fast-tracking development at one of the largest gold discoveries made in Chile in recent years. The wholly-owned Caspiche Project is located in the emerging world-class gold province of Maricunga, which hosts several important deposits held by the world’s major mining companies. Caspiche is a unique deposit which includes an oxide gold zone above a higher-grade gold-copper core.

Exeter is working to bring the project into the feasibility-stage by the end of this year in preparation for a production decision. Based on the 2014 Preliminary Economic Assessment (PEA), which outlined a range of low-capex mining opportunities, the company is planning for staged production beginning with a modest-scale heap leach operation generating cash flow to fund larger scale open pit/underground mining of the gold-copper zone.

“Our ability in today’s market to focus on advancing the 1.7 million-ounce gold oxide open pit is sensible and achievable,” said Co-Chairman of Exeter, Yale Simpson. “Importantly for shareholders, with future elevated gold and copper markets, we believe the value of the very large Caspiche gold-copper inventory will be a strong value driver for Exeter. Caspiche is unique, representing one of only a few scalable development projects that is not yet controlled by a major company.”

Exeter initiated a feasibility-level work program in February 2017, which includes 6,000 meters of drilling and metallurgical test work. A large majority of the feasibility-level engineering work has been completed. Most importantly, the company has secured critical access to water supply through a water option agreement so that it can better fast-track the project while awaiting the Chilean government’s approval of its water rights application.

The world’s leading copper producer, Chile consistently ranks as one of the most mining-friendly nations in the world. The South American nation has a deeply rooted mining culture, large pool of skilled labor, and a stable government committed to transparent permitting processes.

Exeter Resource management and board members have a long track-record of success, and decades of experience in the mining industry. Exeter Co-Chairman Bryce Roxburgh was involved in the discovery of Caspiche as well as the Cerro Moro deposit in Argentina. Caspiche was spun out into Exeter Resource in 2010, and Cerro Moro was acquired by Yamana Gold via the takeover of Extorre Resouces for C$414 million in 2012.

Mark Smith, Senior Technical Advisor, has nearly four decades of experience in the design, construction and operation of heap leach facilities; most recently as heap leach design coordinator on the definitive feasibility study for the Coffee Gold Project in Yukon. He also has extensive experience in the Maricunga region of Chile including the Maricunga mine, Marte Lobo and Cerro Casale. Jerry Perkins, VP Development and Operations, has more than 40 years’ experience in mining and metallurgy, specializing in project development, feasibility studies and operations management.

Investment Highlights 

  • 100-percent control of advanced-stage, development-ready project with feasibility-level work underway and secured water supply.
  • Unique gold oxide, higher grade gold-copper core, large scale gold-copper deposit.
  • Measured & Indicated Mineral Resources: Oxides 1.7 million ounces of gold equivalent and Sulphides 37.9 million ounces of gold equivalent.
  • The proposed project has a very low strip ratio (0.27:1) and favorable gold recoveries.
  • 2014 PEA shows low CAPEX, strong economics.
  • Share Structure: Management holds 10 percent; Institutional shareholders hold 35 percent; Sun Valley Gold largest shareholder with 14 percent.
  • Stable mining jurisdiction of Chile.
  • Managed by a team of industry experts with a track record of success; 3 significant discoveries in the past decade; Extorre (Cerro Moro, Argentina) taken over by Yamana Gold for C$414 million or C$4.26/share.

Key Project: Caspiche Project, Chile

The Caspiche Project covers 1,262 hectares in the Chile’s prolific Maricunga mineral belt and is one of the largest new discoveries in South America in the last decade. The property is located between Barrick and Kinross Gold’s Cerro Casale gold-copper deposit 10 kilometers to the south and Kinross Gold’s Maricunga Mine 15 kilometers to the north. Hoschild’s Volcan gold deposit lies 35 kilometers north northeast of the project.

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

Unique geology offers scalable options for development

The advanced-stage property hosts a gold-copper porphyry system with the potential to become a high-tonnage mining operation. The Caspiche deposit has an oxide gold surface zone and a high-grade gold-copper core within a low-grade envelope.

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

Caspiche near surface gold oxide, cohesive higher grade gold-copper core.

2012 Resource Estimate

The Caspiche deposit hosts an estimated 1.7 million ounces in gold equivalent within the oxide gold zone and 37.9 million ounces in gold equivalent within the sulphide gold-copper zone.

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

*The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.

  1. PAu and PCu are the Au and Cu prices (US$1,150/oz and US$2.50/lb, respectively), and RAu and RCu are the Au and Cu projected metallurgical recoveries, 65% and 85%, respectively for sulphide material and 78% for Au oxide material.
  2. AuEq (M oz) = resource tonnes * AuEq1
  3. PAu, PAg and PCu are the gold, silver and copper prices (1,250 US$/oz, 15US$/oz. and 2.75 US$/lb, respectively). RAu and RCu are the Au and Cu projected metallurgical recoveries based on a number of S % thresholds. For additional information see Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.

2014 PEA: three low-CAPEX development options

In terms of mining methods, the Caspiche deposit’s unique geology offers a variety of options. The 2014 PEA reviewed three potential development options, each of which is based on a low CAPEX/high margin approach that would generate cash flow to fund further development.

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

  • Option 1 proposes a standalone, 30,000 tpd heap leach oxide gold project which is estimated to produce an average of 122,000 ounces of gold equivalent annually over a planned 10-year mine life, including 148,000 ounces of gold equivalent annually in the first five years.
  • Option 2 proposes a 60,000 tpd open pit, heap leach oxide gold operation followed by expanded open pit mining (27,000 tpd) of the gold copper sulphide zone. Average annual production is estimated at 289,000 ounces of gold equivalent over a planned mine life of 18 years.
  • Option 3 proposes a 60,000 tpd open pit, heap leach oxide gold operation transitioning to underground mining (27,000 tpd) of the higher-grade gold copper sulphide zone. Average annual production is estimated at 344,000 ounces of gold equivalent over a planned mine life of 42 years.

Oxide metallurgical test work

The 2014 PEA used conservatively estimated heap leach recoveries of approximately 80 percent, based on metallurgical test work on the oxide material at Caspiche. Exeter believes more recent metallurgical testwork results confirm the potential for increased recoveries and enhanced project cash flow. Notably, the high recoveries in the first six years of the mine plan correspond with the highest grades in the mine plan.

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

Final oxide metallurgical test work

Fast-tracking production with staged approach to development

Exeter’s management believes the current economic environment calls for a conservative, staged approach to the development of the Caspiche deposit. The company is planning to advance the project to the standalone surface oxide gold zone operation outlined in option 1 to generate the necessary cash flow to advance development of the higher-grade gold-copper sulphide core.

Exeter Resources - Developing a World-Class Gold-Copper Project in Chile

Potential development timeline

Feasibility Study Underway

Exeter is now working toward a Feasibility Study to move the project through to a production decision. In Februray 2017, the company commenced a 6,000-meter drill program aimed at improving the definition of the known oxide gold heap leach mine plan and bring the confidence levels up to feasibility standards. The work will also include drilling and metallurgy to test material within the transition zone below the oxide and determine the potential to increase the resources amenable to heap leaching.

Securing water from diverse sources

Concurrent with the feasibility-stage activities, Exeter is also working to secure adequate water resources for the mine development at Caspiche. The company’s diverse strategy to securing water includes the large Peñas Blancas aquifer on the company’s water tenements; and a recently signed option agreement with Cleanairtech Sudamerica SA (CAT). Exeter is awaiting approval of its application to the Chilean government for water rights to Peñas Blancas.

The option agreement with CAT includes the supply of 50 liters per second (L/s) of desalinated water for escalated annual payments over four years totaling US$1.25 million. CAT is jointly owned by CAP S.A. and Mitsubishi Corporation. The 400 L/s CAT at Punta Totoralillo is located 120 kilometers from the Caspiche project. Permits and infrastructure are in place to expand operations at the desalination plant to 600 L/s.

Management

Wendell Zerb, P. Geol.—President & CEO

Wendell Zerb has over 30 years’ experience in the mining/mineral resource sector. His technical experience includes senior positions in generative mineral exploration, development, and open pit and underground mining of base and precious metals. In the capital markets, he has previously served as Director, Research Analyst, Metals and Mining (Canaccord Genuity Inc.), Vice President of Research and Institutional Sales, and President and CEO of a wholly owned US subsidiary (PI Financial).

Cecil Bond, CPA, CA —Chief Financial Officer

Cecil Bond has served various positions in a number of public exploration companies with activities in Canada, South America, Africa, Europe and Australia. Throughout his more than three decades long career, he has managed $700 million in transactions, including the sale of Extorre Gold Mines Ltd. to Yamana Gold in 2012 and successfully spinning it out of Exeter in 2010.

Jerry Perkins —VP Development and Operations

Mr. Perkins is a chemical engineer with over 40 years’ experience in the mining and metallurgy sector in technical, operational and corporate management positions in NSW, Queensland, Tasmania, Australia, Africa, the UK, and Papua New Guinea. He specializes in mineral project development programs and feasibility studies, mine production and commissioning, test work / R&D programs, engineering and process design, operations management, and project development and optimization.

Mark E. Smith, M.Sc., P.E., P.Eng. —Senior Technical Advisor

Mark Smith has been involved in the design, construction, operations and closure of heap leach and tailings management facilities for 35 years. Most recently, he was senior reviewer and heap leach design coordinator on the Definitive Feasibility Study for Kaminak Gold’s (now Goldcorp’s) Coffee Gold Project, Yukon. Smith has extensive experience in the Maricunga region of Chile, through his involvement on Refugio (now the Maricunga mine), Marte Lobo and Cerro Casale.

Rob Grey—VP Corporate Communications

Rob Grey has 10 years’ experience in equity sales and 18 years’ experience in Investor Relations in the junior mining sector. He works directly with senior management and investor at the institutional and retail levels.

Matthew Williams, BASc in Applied Geology —Exploration Manager

Matthew Williams has more than 25 years of experience in mineral exploration, specializing in geological appraisal of base and gold metal mining projects in Australia, the Dominican Republic, W.A., Australia, Mexico, Nevada, USA, Panama, Argentina, and Chile. He served as Exploration Manager of the Don Sixto Project, Cerro Moro, and early activities at Caspiche.

Gonzalo Damond—Commercial Manager

Gonzalo Damond is an Industrial/Electrical/Civil Engineer with operational and managerial experience within significant multinational companies, including rail logistics between Argentina and Brazil, and intermodal operations for Chilean ports. He has managed the design, organization and commissioning of large distribution centers, and has substantial experience in purchase management, including the negotiation of supply contracts. Through these experiences, he has built constructive relationships with communities, clients, trade unions and Government authorities.

Matthew Dorman —Caspiche Study Manager

Matthew Dorman is a project manager with 30 years of international experience in the mining sector, specializing in technical due diligence studies. He has also managed the design and construction of gold mines in Uzbekistan, Tajikistan, Saudi Arabia, Uruguay and Honduras, and of copper projects in Chile, Peru, and Kazakhstan.

Bryce Roxburgh, AusIMM— Co-Chairman

Bryce Roxburgh managed the exploration teams that discovered the Selwyn, Red Dome and Junction Reef ore-bodies in Australia, the Dinkidi ore-body in the Philippines, and the Don Sixto deposit in Argentina. He established Exeter in 2003 and subsequently discovered Caspiche in Chile and Cerro Moro (Extorre Gold Mines Ltd.) in Argentina.

Yale Simpson —Co-Chairman

Yale Simpson is an experienced, senior geologist, exploration manager and CEO of companies involved in precious metals projects in Australia, Africa, Eastern Europe and South America with particular expertise in strategic resource planning, financing and corporate communications.

Robert G. Reynolds —Director

Robert Reynolds has served in various positions responsible for corporate planning, finance and administration. He participated in the development of the Granny Smith and Kanowna Belle mines in Australia, and the Hartley Platinum Mine in Zimbabwe. Reynolds also served as Chairman of Avoca Resources until its merger with Anatolia Minerals Development in 2011.

Julian Bavin, BSc, MSc —Director

Julian Bavin gained his technical, operation and commercial experience in mineral exploration in South America, Australia, Indonesia, and Europe through his experience with the Rio Tinto Group. From 2001 to 2009, he identified the potential in a range of projects including the PRC potash and Altar copper/gold projects in Argentina, the Mina Justa, Constancia and La Granja copper projects in Peru, and the Amargosa bauxite project in Brazil.

John Simmons, CA —Director

John Simmons continues to manage an accounting practice in Australia, where he has extensive experience advising on taxation, strategic planning, financial management and general business. He maintains an active involvement in the mining industry though association with an operating mining company.


Best Mining Companies to Invest In on the TSXV?

2017 is shaping up to be a good year for the mining industry, and as a result many investors are wondering how to find the best mining companies to invest in.

One place to consider looking is the TSX Venture Exchange’s TSX Venture 50 list. Released annually, it ranks the exchange’s strongest performers across five sectors: cleantech and life sciences, diversified industries, oil and gas, technology and, of course, mining. Companies are chosen based on three equally weighted criteria: market cap growth, share price appreciation and trading volume. According to the exchange, this year the top-ranked company across all sectors was cleantech-focused dynaCERT (TSXV:DYA).

For investors trying to find the best mining companies to invest in, these stocks may be a good place to start. Read on to learn which mining companies made it onto this year’s TSX Venture 50 list, and to get a brief overview of what they’re currently up to.

1. Lithium X Energy (TSXV:LIX)

52-week move: +400 percent

Demand for lithium-ion batteries is on the rise, and Lithium X Energy is focused on becoming a low-cost lithium supplier for the industry. Its main focus is its Argentina-based Sal de los Angeles project in the “lithium triangle.” It contains high-grade brine and has an indicated resource of 1,037,000 tonnes of lithium carbonate equivalent and an inferred resource of 1,007,000 tonnes of lithium carbonate equivalent.

Lithium X is also exploring at the Arizaro project in Argentina, and has the largest land package in Nevada’s Clayton Valley. The 15,040 acres it holds in Clayton Valley are contiguous to North America’s only producing lithium operation.

The company has been busy in 2017, and most recently received permits for the construction of an initial ponding facility at Sal de los Angeles. It announced a $15-million bought-deal financing as well.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

2. GoldMining (TSXV:GOLD)

52-week move: +349 percent

GoldMining was once known as Brazil Resources, but changed its name last December. According to Chairman Amir Adnani, the new name better reflects the company’s “diversified project portfolio and strategy to build a leading gold acquisition and development company throughout the Americas.”

The company’s two main projects are Sao Jorge and Cachoeira, both located in northeastern Brazil. Adnani said that GoldMining has over $21 million in cash on hand, and noted that moving forward it will be looking to acquire other low-cost, high-quality gold projects.

3. Wealth Minerals (TSXV:WML)

52-week move: +681 percent

Wealth Minerals is focused on lithium in South America, and holds lithium concessions that cover four salars in Chile. The Atacama project is its main focus, and is located in the Atacama salar; Wealth is planning a geophysical program there to identify potential drill targets. The company also holds the Trinity project, a consolidation of three separate salars, and the Laguna Verde project.

4. Pure Gold Mining (TSXV:PGM)

52-week move: +352 percent

Pure Gold Mining has an ambitious goal: to become Canada’s next iconic gold company. Its main asset is the Madsen property, which holds two past-producing mines, existing mine infrastructure, current mineral resources and multiple exploration targets. The company released a preliminary economic assessment (PEA) for Madsen last year, and started an extensive exploration program at the project last month. The goal of the program is to grow resources at the project and bring it closer to operational readiness.

5. Golden Predator Mining (TSXV:GPY)

52-week move: +492 percent

Golden Predator Mining’s main assets are its 3 Aces and Brewery Creek projects, both located in the Yukon. The company believes 3 Aces has the potential to become a new high-grade orogenic gold district, and recently began a drill program at the project. Brewery Creek includes a past-producing heap-leach gold mine, and Golden Predator is currently updating a 2014 PEA for the project.

6. SilverCrest Metals (TSXV:SIL)

52-week move: +1,375 percent

SilverCrest Metals was formed after First Majestic Silver’s (TSX:FR,NYSE:AG) 2015 acquisition of SilverCrest Mines. It has a number of projects in Mexico, but its focus is Las Chispas, which is made up of 21 concessions covering 1,377.5 hectares. The company began a Phase 2 surface and underground drill program at the project in November 2016, and plans to put out a maiden resource estimate in the second quarter of 2017.

7. Victoria Gold (TSXV:VIT)

52-week move: +261 percent

The Yukon-based Eagle gold project is Victoria Gold’s core focus. Eagle is fully permitted, and according to a September 2016 feasibility study it has a NPV of $508 million at a 5-percent discount, an IRR of 29.5 percent and a payback period of 2.8 years. All of those figures are post-tax, and assume a gold price of $1,250 per ounce.

Victoria Gold is now looking to put together a financing package to fund Eagle through construction and into production. Last month, it appointed BNP Paribas (EPA:BNP) to arrange up to US$220 million of senior secured project debt. Eagle’s initial capital cost is estimated at $369.6 million.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

8. IMPACT Silver (TSXV:IPT)

52-week move: +442 percent

IMPACT Silver has been producing silver since 2006, and currently operates two silver production centers in Mexico. The company achieved a production record in 2015, and is now carrying out a continuous three-part program of exploration, development and mine production. IMPACT most recently announced high-grade drill results from the Deeps zone at its San Ramon mine.

9. Golden Arrow Resources (TSXV:GRG)

52-week move:+265 percent

Golden Arrow Resources’ core project is the Argentina-based Chinchillas silver project. Work at the project has moved forward quickly since the company acquired it in 2011, and is now being funded by Silver Standard Resources (TSX:SSO,NASDAQ:SSRI). Under an October 2015 agreement, Silver Standard will invest up to US$12.6 million in advancing Chinchillas and evaluating the feasibility of combining the project with its existing Pirquitas operation.

As of the end of 2016, Silver Standard had invested about US$11 million at Chinchillas, and two drills were on the go at the project.

10. Cordoba Minerals (TSXV:CDB)

52-week move: +356 percent

Finally, Cordoba Minerals is focused on its San Matias copper-gold project in Colombia’s Mid Cauca Gold Belt. The company formed a partnership in May 2015 with High Power Exploration, a company indirectly controlled by Robert Friedland; under the partnership, High Power can earn up to a 65-percent interest in San Matias by funding it and completing a feasibility study.

So far this year the company has restarted drilling at San Matias. Its goal is to expand the size and scope of mineralization at the Alacran system, as well as to test other high-priority targets.

Don’t forget to follow us @INN_Resource for real-time updates.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: dynaCERT, Golden Predator Mining and Wealth Minerals are clients of the Investing News Network. This article is not paid-for content.

Related reading: 

2015 TSX Venture 50: Gold Companies Dominate

2015 TSX Venture 50: Ikkuma Resources Tops All Sectors

2014 TSX Venture 50: Highlighting Opportunity in Mining


This article is updated periodically. Please scroll to the top for the most recent information.

This article was originally published by the Investing News Network in August 2016.

So far, 2016 has been kind to the TSX Venture Exchange (INDEXTSI:JX). The index has increased 58.92 percent year-to-date, which is a rise of 309.74 points to 835.50. 

In data released by the TMX, at the halfway point of the year, the venture was the top performing global index. With that in mind, a number of companies on the TSX Venture 50 have made gains. The list, which is released annually, chooses companies based on market cap growth, share price and trading volume.

For investors, the TSX Venture Exchange is a good place to start when looking to find companies to invest in. Here’s a look at the top 10 best mining companies to invest in according to the list, what they’re up to and how their share price is performing this year.

Pure Energy Minerals (TSXV:PE)

Currently, Pure Energy Minerals is focused on developing its lithium brine project in Nevada. In 2015, the company entered into a conditional deal to supply Tesla Motors (NASDAQ:TSLA) with lithium for its lithium-ion battery gigafactory. On August 9, Pure Energy provided an update on the mini-pilot plant work for lithium recovery process. The release notes that brine pre-treatment testing exceeded the company’s expectations for lithium recovery.

Year-to-date, the company’s shares have increased 57.14 percent to $0.88. Over a one-year period, Pure Energy has risen 131.58 percent overall.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

Nemaska Lithium (TSX:NMX)

Nemaska Lithium made the TSX Venture 50 list earlier this year, but has since moved to a listing on the TSX. The company intends to become a lithium hydroxide supplier as well as a lithium carbonate supplier to the lithium battery market. The company is currently focused on its Quebec-based Whabouchi lithium project. In July, the company released an update on the lithium drilling program at its Whabouchi Lithium Project wherein they reported that the drilling was progressing at a faster than expected rate. Up to that point, 22 holes had been drilled, totalling 5,935 meters.

Looking to the company’s share price performance, Nemaska Lithium saw an increase of 181.82 percent to $1.24 From January 1st to July 11th, when it moved to the bigger exchange. Nemaska is currently trading at $1.17 per share on the TSX.

Integra Gold (TSXV:ICG)

Integra Gold is focused on the exploration of its high-grade Lamaque Project in the gold producing district, the “Valley of Gold,” in Quebec. On August 9, the company announced assay results from its fall 2015/winter 2016 drill program on the Lamaque South Gold project, which they report highlight the continuity and resource growth potential at Triangle.

The company’s shares have also had relative success this year, rising 164.71 percent to $0.90, and have steadily risen 239.62 percent over a one-year period.

Arena Minerals (TSXV:AN)

Arena Minerals has a number of properties in  Chile’s copper and gold mining districts and once held two projects under operation: the Atacama Copper Project and Pampas El Penon Project. However, in August, the company announced the closing of a transaction with Rouge Resources for the disposition of the Pampas el Penon gold project.

Although the company has had a busy year, its shares are down 28.57 percent to $0.20. Despite the year-to-date loss, Arena’s shares are still up 11.11 percent over a one-year period.

Elcora Advanced Materials (TSXV:ERA)

Elcora Advanced Materials mines, processes and refines graphite in addition to targeting graphite markets, such as lithium-ion batteries and graphene R&D. The company is currently producing graphite at its Ragedara mine in Sri Lanka and is working towards finalizing mining and processing rights in other locations.

In July, the company announced successful graphite nano-platelet tests.

Unfortunately, like Arena Minerals, the company’s shares are also down this year by 11.59 percent to $0.305. Still, over a one-year period the company has seen an increase of 79.41 percent.

Gold Standard Ventures (TSXV:GSV)

Shares of Gold Standard Ventures have seen a significant increase year-to-date, rising 266.32 percent so far to $3.48. Over one-year, its increase is considerably higher at 596 percent overall.

Gold Standard is an advanced stage gold exploration company with a focus on its Railroad Pinion gold project. This particular project now hosts NI 43-101 compliant near-surface oxide gold resources at the Pinion Deposit and Dark Star deposit. On August 9, Gold Standard reported assay results from the first three step out core holes at its North Dark Star oxide gold deposit on the Railroad-Pinion project.

Canada Carbon (TSXV:CCB)

Canada Carbon holds 100 percent interest in three graphite properties in Quebec: the Miller graphite project, the Asbury graphite project and the Dun Raven graphite mine project. Most recently, the company announced they had achieved almost 100 percent graphite purity for West Block samples following nuclear graphite thermal upgrading.

However, the company’s shares are down 21.13 percent year-to-date to $0.28, but are still up slightly over a one-year period by 9.8 percent.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

Viscount Mining (TSXV:VML)

Viscount Mining is a company exploring silver and gold deposits, with a 100 percent interest in the Cherry Creek Project in Nevada and the Silver Cliff project in Colorado.  On August 10, Viscount Mining announced an update on its recently completed Phase 4 soil sampling program that included highly anomalous gold at the Cherry Creek project.

Year-to-date, the company’s shares have increased slightly by 28 percent, however they have steadily risen 166.67 percent over a one-year period.

Roxgold (TSXV:ROG)

Shares of Roxgold have risen comfortably by 130 percent to $1.61 year-to-date, and 123.61 percent over a one-year period.

Roxgold’s key asset is the Yaramoko Gold mine in West Africa, with expectations to reach commercial production by the third quarter in 2016.  In July, the company released its production results for the period ending June 30, 2016, announcing 14,482 ounces of gold poured in the first six weeks of production.

Don’t forget to follow us @INN_Resource for real-time news updates.

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: Canada Carbon and Nemaska Lithium are clients of the Investing News Network. This article is not paid-for content. 


This article is updated periodically. Please scroll to the top for the most recent information.

This article was originally published by the Investing News Network in February 2016.

2015 was a tough year for the mining space, and while 2016 is shaping up to be at least a little better, many investors are still wondering how to find the best mining companies to invest in.

One place to consider looking is the TSX Venture Exchange’s TSX Venture 50 list. Released annually, it ranks the exchange’s strongest performers across five sectors: cleantech, diversified industries, oil and gas, technology and life sciences and, of course, mining. Companies are chosen based on three equally weighted criteria: market cap growth, share price appreciation and trading volume. According to the exchange, the companies on this year’s list collectively delivered a return of 72 percent in 2015.

For investors trying to find the best mining companies to invest in, these stocks may be a good place to start. Read on to learn which mining companies made it onto this year’s TSX Venture 50 list, and to get a brief overview of what they’re currently up to.

1. Pure Energy Minerals (TSXV:PE)

Pure Energy Minerals is focused on its Nevada-based Clayton Valley lithium brine project, and is best known for its conditional deal to supply Tesla Motors (NASDAQ:TSLA) with lithium for its lithium-ion battery gigafactory. Aside from joint venture partners Bacanora Minerals (TSXV:BCN,LSE:BCN) and Rare Earth Minerals (LSE:REM), Pure Energy is the only lithium company to have secured such an agreement.

The company signed its deal with Tesla in September 2015, and since then has continued to work hard at Clayton Valley. Most recently, it completed the fifth well at the project, exceeding the target depth.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

2. Nemaska Lithium (TSXV:NMX)

As its name suggests, Nemaska Lithium is also a lithium company. And like Pure Energy, Nemaska has its sights set on the lithium-ion battery market. It’s currently developing its Quebec-based Whabouchi lithium project, and ultimately plans to produce spodumene concentrate there, then transform that material into high-purity lithium hydroxide and lithium carbonate that it can sell to lithium-ion battery producers.

Earlier this month, the company released an update on the construction of its Phase 1 lithium hydroxide plant. Construction is expected to start this quarter and finish in Q4 2016; the plant is slated to produce 500 tonnes per year of high-purity lithium hydroxide.

3. NexGen Energy (TSXV:NXE)

Uranium exploration and development company NexGen Energy has a portfolio of projects across Saskatchewan’s Athabasca Basin. Its key focus is the Arrow zone, located at its Rook 1 project. Rook 1 also hosts the Bow discovery, which is 3.7 kilometers northeast of Arrow.

NexGen completed a lot of work at Arrow in 2014 and 2015, and so far has kept it up into 2016. Its most recent results from the zone came this week — the company reported that it’s extended Arrow’s strike length to 670 meters. Earlier in February, NexGen drilled its most intense mineralization to date at Arrow.

4. Integra Gold (TSXV:ICG)

Integra Gold’s main asset is its Quebec-based Lamaque South project, which has two primary targets: the Parallel zone and the Triangle zone. In addition to Lamaque South, the company holds the fully permitted Sigma mill and tailings facility, located just 1 kilometer from Parallel and 3 kilometers from Triangle. At the moment, Integra is in the midst of releasing assay results from fall 2015/winter 2016 drilling at Triangle.

5. Arena Minerals (TSXV:AN)

Arena Minerals describes itself as a prospect generator, and at the moment it has two properties under option in Chile. Its flagship project is the Atacama copper project, and its other project is Pampas El Penon. Commenting on Arena’s inclusion on this year’s TSX Venture 50 list, President and CEO William Randall said that among other things, the company’s 2015 achievements include signing three joint venture agreements.

6. Elcora Advanced Materials (TSXV:ERA)

Elcora Advanced Materials, formerly Elcora Resources, is looking to become a vertically integrated graphite and graphene company that mines, processes and refines graphite, and produces both graphene and applications for graphene. The company is currently producing graphite at the Ragedara mine in Sri Lanka, and recently completed its processing facility.

In recent weeks, Elcora has begun construction of its graphene production facility, and, along with its joint venture partner Sakura Graphite, has entered into a 10-year exclusive distribution agreement with Thyssenkrupp Metallurgical Products.

7. Gold Standard Ventures (TSXV:GSV,NYSEMKT:GSV)

Advanced-stage gold exploration company Gold Standard Ventures is focused on district-scale discoveries at the Railroad-Pinion gold project, located in the Nevada-based Carlin Trend. According to the company, Railroad-Pinion is adjacent to Newmont Mining’s (NYSE:NEM) Rain and Emigrant mines, and “encompasses a unique target-rich district which still remains predominantly untested.”

This week, Gold Standard announced 2016 exploration plans for Railroad-Pinion, commenting that a US$13.4-million exploration program is in the works. It will cover about 43,000 meters across 100 holes, with the majority of work being completed at the Dark Star and Pinion oxide gold deposits.

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

8. Canada Carbon (TSXV:CCB)

Canada Carbon is a graphite exploration company whose current focus is its Quebec-based Miller hydrothermal lump/vein graphite project. The graphite at the project is very high in carbon content, and requires only limited upgrading to reach carbon purity levels of 99 percent and above. As the company has explained, a key benefit of having very high-purity graphite is that “there are numerous potential applications because the product is lower cost than synthetic graphite.”

In December, the company said a preliminary economic assessment for Miller is in the works, among other things.

9. Viscount Mining (TSXV:VML)

Like Arena Minerals, Viscount Mining bills itself as a prospect generator, though instead of Chile it’s looking to build a portfolio of high-quality exploration projects in the US. Its flagship project is the Nevada-based Cherry Creek project, which is made up of over 400 unpatented and patented claims, as well as mill rights. It also holds the Silver Cliff project, which consists of 96 lode claims.

The company has been fairly quiet so far in 2016, but did announce assay results from Phase 1 drilling at Cherry Creek earlier this month. According to the company, “[m]oderate to high grade silver mineralization was intercepted in many of the holes.” Work at Cherry Creek is being conducted by Summit Mining Exploration, a subsidiary of Sumitomo (TSE:8053).

10. Roxgold (TSXV:ROG)

Roxgold is a gold exploration and development company whose key asset is the Burkina Faso-based Yaramoko gold project. The company is advancing the 55 zone at the project through construction and expects to start production there in Q2 2016. Roxgold’s most recent news came earlier this month, when it announced a $20-million bought-deal financing.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: Canada Carbon and Nemaska Lithium are clients of the Investing News Network. This article is not paid-for content. 


5 Top Weekly TSXV Stocks: Gold Stocks Up

On Friday markets were expectant as the incoming US President Trump took office, with the S&P/TSX Venture Composite Index (INDEXTSI:JX) closing the week up by 0.44 percent to 797.59 points.

In his speech, Trump said January 20,2017 will be remembered as the day the people became rulers of the US again. His comments fueled investors concerns about potential protectionist trade policies.

Despite this, many stocks were on the rise last week, with gains as high as over 41 percent over the five-day period.

In particular, gold and other precious metals had some of the top-gaining stocks.

The top five stocks for the week were:

Confederation Minerals (TSXV:CFM)

Golden Predator Mining (TSXV:GPY)

Encanto Potash (TSXV:EPO)

Giyani Gold (TSXV:WDG)

Galway Gold (TSXV:GLW)

Here’s a closer look at those companies:

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

Confederation Minerals

Confederation Minerals is engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit.

The company owns 70 percent of the Newman Todd project in the Red Lake Mining District of Northern Ontario, as well as 100 percent in another property in the Red Lake Mining District of Ontario.

Over the five-day period, shares of Confederation Minerals saw an increase of over 41 percent to reach $0.82.

Golden Predator Mining

Golden Predator Mining is a gold mineral exploration company expanding surface discoveries at its 3 Aces project in Canada’s Yukon, through focused drilling. The 3 Aces property is a high-grade gold in quartz project with an exploration program underway. The Company also holds the Brewery Creek project in Canada’s Yukon.

The company recently released assay results for the first 13 holes of a total of 54 holes completed in the winter 2016 drill program at the 3 Aces project. Drilling has demonstrated an extension of high grade gold at the Ace of Spades zone as well as the discovery of a blind vein and the occurrence of significant assay values in stockwork zones.

Last week, shares of Golden Predator Mining saw a 39.44 percent increase to reach $0.99.

Encanto Potash

Next on the top weekly TSXV stocks is Encanto Potash,, that has a 100 percent interest in the Muskowekwan Potash Project underlying 61,400 acres. Encanto and its Muskowekwan First Nations partner (MFN) have developed a substantial project on the MFN Reserve lands located in Saskatchewan. The project contains 162.0 million tonnes of recoverable KCI Proven and Probable Reserves.

The company does not have any news regarding its share price increase, but has recently announced an agreement worth $1 billion per year with India’s national farmers co-operative to supply a minimum of 5 million tonnes of potash per year for the next twenty years.

Giyani Gold

Giyani Gold is engaged in the acquisition, exploration, evaluation and development of principally gold resource properties in South Africa and Canada. The Company’s segments include Canoe, South Africa Mining and Corporate and its projects include Hamlin-Deaty Creek Property, Coldstream Property and Kerrs Property.

Last week, shares of the company increased 36.11 percent to reach $0.49.

Galway Gold

Galway Gold is a mineral exploration company. Through its wholly owned Colombian subsidiary, Galway Gold holds an option to acquire a 100 percent interest in the Reina de Oro gold concession, home of the El Volcan Mine, in the Vetas gold district of Colombia. El Volcan, which has been in operation for over 400 years and is still operating today, is the largest mine in the Vetas-California-Surata region of Colombia.

Shares of Galway Gold closed the week out at $0.12–a 26.32 percent increase over the week.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Golden Predator Mining is a client of the Investing News Network. This article is not paid-for content.


This article is updated each week. Please scroll to the top for the most recent information.

After a week surrounded by uncertainty supported by US President-elect’s first press conference, the S&P/TSX Venture Composite Index (INDEXTSI:JX) ended Friday almost neutral, increasing 0.02 percent to 794.54 points.

“When Mr. Trump makes a comment about a specific company, a sector, whatever it may be, he moves markets,” said Allan Small, a senior investment advisor at HollisWealth. “We should expect this (volatility) more often heading into 2017.”

Despite this, many stocks were on the rise last week, with gains as high as over 78 percent over the five-day period.

In particular, base metals had some of the top-gaining stocks.

The top five stocks for the week were:

Azarga Metals (TSXV:AZR)

Augyva Mining Resources (TSXV:AUV)

Explor Resources (TSXV:EXS)

Leading Edge Materials (TSXV:LEM)

Plateau Uranium (TSXV:PLU)

Here’s a closer look at those companies:

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

Azarga Metals

Azarga Metals Corp. is a mineral exploration and development company that owns 60 percent of the Unkur Copper-Silver Project in the Zabaikalsky province in eastern Russia. Sediment-hosted copper and silver mineralization has been identified across the 5,390 hectare project license area, in outcrops, trenches and by historical diamond drilling. The company recently announced that it intersected significant mineralization and that it will further expand their drilling program.

Over the five-day period, shares of Azarga Metals saw an increase of over 78 percent to reach $0.375.

Augyva Mining Resources

Augyva Mining Resources Inc. is an exploration-stage company engaged in the exploration of mineral properties in Canada.The company has a 35 percent interest in the Duncan Lake Iron Property located in Quebec, which is a joint venture with Canadian Century Iron Ore Corporation. Despite this, it has recently announced its intention to pursue a change of business to an investment issuer focused on the auto retail sector.

Last week, shares of Ressources Minieres Augyva saw a 71.43 percent increase to reach $0.18.

Explor Resources

Next on the top weekly TSXV stocks is Explor Resources, a gold and base metals exploration company with mineral holdings in the Abitibi Greenstone Belt of Ontario and Quebec, and Base metal in New Brunswick. According to the company, the Abitibi has produced more than 180 M ounces of gold and more than 450 Mt of Cu-Zn ore to date. Explor’s total land position in the Abitibi Greenstone Belt is approximately 25,000 hectares and it also owns 6,500 hectares of mining claims in New Brunswick.

The company does not have any news regarding its share price increase, but it has recently announced that it has intersected multiple copper zones in the Chester copper property.

Leading Edge Materials

Leading Edge Materials, formerly Flinders Resources, is engaged in the operation of its Woxna Graphite Mine located in central Sweden, which features a fully-permitted project currently in production-ready status.The second key asset is the Norra Karr Rare Earth Element (REE) deposit in southern Sweden.

The company has recently received confirmation of a 25-year extension on the Woxna exploitation licence and it has submitted an application to undertake drilling at the company’s 100 percent owned Bergby project, where it has discovered lithium mineralization in outcrop.

Last week, shares of the company increased 46.67 percent to reach $0.11.

Plateau Uranium

Last but not least on the 5 top weekly TSXV stocks is Plateau Uranium, an uranium exploration and development company focused on its properties on the Macusani Plateau in southeastern Peru. The company controls all reported uranium resources known in Peru, significant and growing lithium resources and mineral concessions covering over 91,000 hectares (910 km2) situated near significant infrastructure.

Plateau Uranium has recently announced commencement of the initial drill program at the high-grade Pinocho uranium occurrence, an extension of the Kihitian Complex uranium deposits on the company’s Macusani Plateau uranium project in southeastern Peru. Shares of Plateau Uranium closed the week out at $0.43–a 40.32 percent increase over the week.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Leading Edge Materials and Plateau Uranium are clients of the Investing News Network. This article is not paid-for content.


This article is updated each week. Please scroll to the top for the most recent information.

In the first week of the year, the S&P/TSX Venture Composite Index (INDEXTSI:JX) was up, increasing 8.71 percent to 791.44 points.

A number of stocks were on the rise last week, with gains as high as over 61 percent over the five-day period.

In particular, gold and uranium industries had some of the top-gaining stocks.

The top five stocks for the week were:

Galway Gold (TSXV:GLW)

GoviEx Uranium (TSXV:GXU)

Encanto Potash (TSXV:EPO)

Kivalliq Energy (TSXV:KIV)

American Cumo Mining (TSXV:MLY)

Here’s a closer look at those companies:

Connect with our Featured Silver Stocks to receive the latest news and investor presentations.

Galway Gold

Galway Gold operates through the acquisition, exploration and development of mineral resource properties in the Colombia segment. The company holds an option to acquire a 100 percent interest in the Reina de Oro gold concession, home of the El Volcan Mine, in the Vetas gold district of Colombia. El Volcan, which has been in operation for over 400 years and is still operating today, is the largest mine in the Vetas-California-Surata region of Colombia.

Over the five-day period, shares of Galway Gold saw an increase of over 61 percent to reach $0.10.

GoviEx Uranium

GoviEx is a mineral resource company focused on the exploration and development of its African uranium properties. GoviEx continues the exploration and development of its Mine Permitted Madaouela Project in Niger and its Mine Permitted Mutanga Project in Zambia and Falea Project in Mali.

Last week, shares of GoviEx Uranium saw a 57.69 percent increase to reach $0.20.

Encanto Potash

Encanto Potash has a 100 percent interest in the Muskowekwan Potash Project underlying 61,400 acres. Encanto and its Muskowekwan First Nations partner (MFN) have developed a substantial project on the MFN Reserve lands located in Saskatchewan. The project contains 162.0 million tonnes of recoverable KCI Proven and Probable Reserves.

The company does not have any news regarding its share price increase, but it has recently announced an offtake agreement for five million tonnes per year for a minimum of 20 years with an Indian co-op, which represents farmers in 25 states across the Asian nation.

Kivalliq Energy

Kivalliq Energy has a portfolio of high-quality uranium exploration projects that include Canada’s highest-grade uranium resource outside of Saskatchewan. The Company’s flagship project, the 89,852 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes.

Kivalliq Energy recently announced results from its summer exploration at the Yat and Dipole target areas, that confirmed high grade precious metal and uranium values.

Last week, shares of the company increased 31.58 percent to reach $0.12.

American CuMo Mining

Last but not least on the 5 top gaining TSXV stocks for the five-day period is American CuMo Mining. The company is a resource exploration and development company focused on establishing itself as a low-cost, top-tier molybdenum producer. American CuMo is advancing its wholly-owned CuMo Project towards feasibility.

The deposit, located near Boise, Idaho, has the potential to become one of the world’s largest and lowest-cost primary molybdenum mines. The mine also contains very significant credits of copper and silver.

Shares of American Cumo Mining closed the week out at $0.17–a 25 percent increase over the week.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: American CuMo Mining and Kivalliq Energy are clients of the Investing News Network. This article is not paid-for content.

Top TSXV stocks in recent weeks:

5 Top Weekly TSXV Stocks: Avanti Energy on Top

5 Top Weekly TSXV Stocks: Darnley Bay on Top

5 Top TSXV Stocks: Rambler Metals on the Rise

5 Top TSXV Stocks: Exchange Rallies

5 Top TSXV Stocks: Copper Stocks on Top

5 Top TSXV Stocks: Gold Stocks Rally

5 Top TSXV Stocks: Gold Stocks on the Move

5 Top TSXV Stocks: Northern Lion Gold Tops the List

5 Top TSXV Stocks: Patriot One Technologies Boosts Over 400 Percent

5 Top TSXV Stocks: G4G Capital Tops the List For Second Week


Maverix Metals Closes Acquisition of Royalty Portfolio From Gold Fields Limited & Completes Exercise of Warrants by Pan American Silver Corp.

Maverix Metals (TSX VENTURE: MMX) is pleased to announce that it has closed the transaction announced on December 5, 2016 in accordance with the Master Purchase and Sale Agreement (the “Agreement“) entered into with Gold Fields Netherlands Services BV (a wholly owned subsidiary of Gold Fields Limited) and certain of its affiliates (collectively “Gold Fields“) dated December 4, 2016 (the “Transaction“). As part of the Transaction:

  • Maverix acquired a portfolio of eleven (11) royalties from Gold Fields (the “GFI Royalty Portfolio“); and
  • Maverix issued to Gold Fields a total of 42,850,000 common shares from its treasury and 10,000,000 common share purchase warrants of Maverix exercisable for five years at US$1.204 (CDN$1.60) per common share.

In addition to the foregoing, Maverix is also pleased to announce that concurrently with the closing of the Transaction (the “Closing“), Pan American Silver Corp. (“Pan American“) exercised 10,000,000 Maverix common share purchase warrants having an exercise price of US$0.546 (CDN$0.70) per Maverix common share for aggregate proceeds of US$5,460,000 received by Maverix (the “Warrant Exercise“). The Warrant Exercise was carried out as part of an early warrant exercise incentive arrangement with Pan American pursuant to which Maverix issued to Pan American 6,500,000 Maverix common share purchase warrants with an exercise price of US$1.204 (CDN$1.60) per common share of Maverix and expiring on July 8, 2021 (“Replacement Warrant Issuance” and together with the Warrant Exercise as the “Exercise and New Issuance“).

Mr. Daniel O’Flaherty, CEO of Maverix commented, “This transaction represents a transformational growth step for Maverix. We have meaningfully increased our annual cash flow, increased our scale, while simultaneously adding geographic and counter-party diversification. We fully intend to utilize our expanded base and enhanced treasury to aggressively pursue additional growth opportunities.” O’Flaherty continued, “I would like to personally thank Gold Fields and Pan American for the confidence and support they have shown in selecting Maverix to steward their combined royalty and stream portfolios.”

Transaction Highlights

  • Immediate and Significant Cash Flow Generation: The GFI Royalty Portfolio provides immediate leverage to gold, silver and nickel prices. Five of the eleven royalties acquired are on mines that are currently in production and have been making quarterly royalty payments;
  • Growing Cash Flow: Operators of the underlying mines have been increasing reserves, extending mine lives and ramping up production which should provide growing cash flow over a longer period of time;
  • Asset Diversification: The GFI Royalty Portfolio provides exposure to attractive mining jurisdictions with interests in mining assets in Australia (6), Chile (1), Dominican Republic (1), Democratic Republic of Congo (1), French Guiana (1), and Canada (1) and these assets include five producing mines, as well as projects in the pre-feasibility, scoping, and early exploration stages (for a more detailed description of each of the individual assets in the GFI Royalty Portfolio that were acquired, please refer to Maverix’s press release date December 5, 2016 and Maverix’s website at http://maverixmetals.com/);
  • Counterparty Diversification: The GFI Royalty Portfolio counterparties include Evolution Mining Limited, Royal Nickel Corporation, Ramelius Resources Limited, Independence Group NL, and Yamana Gold Inc. which collectively will diversify operational risk for Maverix;
  • LongTerm Optionality: The GFI Royalty Portfolio will provide exposure to projects that are undergoing active exploration programs; and
  • New Supportive Major Shareholder: Gold Fields will join Pan American as a major shareholder in Maverix, which will provide Gold Fields shareholders, along with Pan American shareholders, meaningful ongoing exposure to the enhanced and enlarged Maverix portfolio of assets. Further, Gold Fields will also be in a position to identify opportunities for Maverix, thereby assisting in its future growth for the benefit of all shareholders.

Maverix Post Closing Capital Structure

Post Closing and as a result of the Warrant Exercise, Maverix now has a total of approximately 132.7 million shares issued and outstanding, of which Pan American holds approximately 40% and Gold Fields holds approximately 32%.

Gold Fields Shareholder Agreement

As part of the Transaction, Gold Fields and Maverix entered into a Shareholder Agreement dated December 23, 2016 in substantially similar form to the Shareholder Agreement that currently exists between Maverix and Pan American, pursuant to which Gold Fields and Maverix agreed that, among other things:

  • provided that Gold Fields’ shareholdings of Maverix are equal to or exceed 20% of Maverix’s outstanding common shares, Gold Fields is entitled to one nominee for election to the Maverix Board of Directors;
  • Gold Fields received certain rights in respect of equity financings of Maverix, including certain anti-dilution rights;
  • Gold Fields’ shareholdings in Maverix are to be subject to certain restrictions, including a minimum hold period, and following that, certain restrictions to ensure the orderly disposition of its shareholdings; and
  • Gold Fields is obligated to give Maverix notice and an opportunity to make an offer to acquire any metal stream or metal royalty transactions which Gold Fields contemplates granting.

Finder’s Fees

On Closing, Maverix paid a finder’s fee in the amount of US$350,000 to CP Consulting Inc. in accordance with the terms of the Consulting Agreement between Maverix and CP Consulting Inc. dated July 21, 2016.

Related Party Disclosure

The Exercise and New Issuance constituted a related party transaction pursuant to Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Maverix relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61- 101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Exercise and New Issuance did not exceed 25% of the Maverix’s market capitalization. The Exercise and New Issuance was considered and approved by the non-interested members of the Company’s board. There was no materially contrary view or abstention by any of such non-interested Directors with respect to approval of the New Issuance. The Company did not file a material change report more than 21 days before the closing of the Exercise and New Issuance as the Company wished to close on an expedited basis for sound business reasons.

About Maverix:
Maverix’s primary purpose is to acquire and hold predominantly precious metals streams and royalties, and in so doing provide significant leverage to gold and silver prices for its shareholders. Maverix’s mission is to increase underlying per share value by adding high-quality streams and royalties that offer robust returns to Maverix’s portfolio.

About Gold Fields:
Gold Fields Limited is an unhedged, globally diversified producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa with attributable annual gold production of approximately 2.0 million ounces. It has attributable Mineral Reserves of around 46 million ounces and Mineral Resources of around 102 million ounces. Attributable copper Mineral Reserves total 532 million pounds and Mineral Resources 5,912 million pounds. Gold Fields has a primary listing on the JSE Limited, with secondary listings on the New York Stock Exchange (NYSE) and the Swiss Exchange (SWX).

About Pan American:
Pan American Silver Corp. is one of the largest primary silver producers in the world. The company owns and operates seven mines in Mexico, Peru, Argentina and Bolivia. As well, Pan American owns several development projects in the USA, Mexico, Peru and Argentina. Pan American’s mission is to be the world’s pre-eminent silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. The Company is headquartered in Vancouver, B.C. and its shares trade on NASDAQ (PAAS) and the Toronto Stock Exchange (PAA).

NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology.

Forward-looking statements and information include, but are not limited to, statements with respect to the transactions contemplated under the Transaction, any future warrant exercise, anticipated cash flows upon completion of the Transaction, future financial reporting by Maverix, the receipt of payments from Maverix’s mining royalty and streaming portfolio and proposed future transactions Maverix may undertake and their expected timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Maverix to control or predict, that may cause Maverix’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the requirement for regulatory approvals and third party consents, the impact of general business and economic conditions, the absence of control over the mining operations from which Maverix will purchase gold and receive royalties, including risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Maverix’s expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Maverix undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Maverix Metals Inc.
Daniel O’Flaherty
(604)-343-6225
President and CEO
info@maverixmetals.com


Rick Rule on the Future of the Junior Resource Market

2016 is defined by big news such as the United Kingdom leaving the European Union after 43 years, Donald Trump voted 45th US President, and the US Federal Reserve holding short-term interest rates unchanged — all of which affected investors. INN spoke to Sprott US Holdings’ President and CEO, Rick Rule, and we asked about his thoughts on the junior resource sector in 2016 and the year ahead, particularly on precious metals, copper, lithium and uranium.

Here are some highlights of our conversation:

  • On the recovery of the junior resource market in 2016: “The speed of the recovery, I think, had more to do with the oversold nature of the sector and how small the aggregate market cap was. In other words, it didn’t take a lot of money to move the sector.”
  • Rick Rule’s thoughts on 2017: “If the resource sector that you’re referring to is primarily precious metals, I think the direction is a little lower first because there’s a lot of confidence in the economy, and then much higher.”
  • On the surge in copper prices: “But the truth is, with regards to copper and coal, I think it’s a false rally.”
  • On the restoration of Japanese demand and its effect on uranium prices: “We are beginning the process of supply destruction as we speak. The question is, when will the Japanese restarts take place?”
  • On lithium: “If you are talented enough to trade the impact of a narrative on a market, these miner boomlets can always work for you.”

Listen to the interview, or read the full transcript below, for more of what Rule had to say. The transcript has been edited for clarity and brevity.

Investing News Network: Coming into 2016, what were your thoughts on the junior resource sector?

Rick Rule: It was pretty clear to us in 2015 that the sector was well oversold. We didn’t know where or when the market would respond. But it’s worthy to note, looking back in terms of that question, that the junior resource sector measured by the TSXV fell by 50 percent and then fell by 50 percent and, for good measure, fell by 50 percent again. The market was down by 90 percent and the truth is, assuming that there was on-going demand for stuff in the world, the market would recover at some point in time. We believe that to be inevitable. We didn’t realize, necessarily, that it was imminent.

INN: Were your predictions for 2016 correct? Did you see the recovery coming that quickly?

RR: My prediction in terms of direction was correct, my prediction in terms of the percentage gains that occurred as quickly as they did was certainly not correct. The idea that the index could recover a hundred percent in six or seven months seemed a fantasy that I could not aspire to.

INN: Was that the biggest news for the junior resource sector this year, the speed of that recovery?

RR: I think so, I think there were two pieces of news that were interesting. One we could have predicted, the other we couldn’t. The speed of the recovery, I think, had more to do with the oversold nature of the sector and how small the aggregate market cap was. In other words, it didn’t take a lot of money to move the sector. It’s just that there was no money in it. What surprised us and what was part of that was the extraordinary prices that were paid by the industry for high quality deposits. I’m thinking about Reservoir Minerals (TSXV:RMC) and Kaminak Gold (TSXV:KAM) in particular, there is a dearth of very good projects in the industry and the major mining companies paid a price for buying lousy projects in the last decade. The prices that were paid by smart buyers for high quality projects was a very welcome surprise this time.

INN: Looking forward now, we’re on the cusp of 2017, we’ve just had a major political election in the US, what are your thoughts for the resource sector in 2017?

RR: If the resource sector that you’re referring to is primarily precious metals, I think the direction is a little lower first because there’s a lot of confidence in the economy, and then much higher. I think, if you will, the fix — and I don’t mean a conspiratorial fix — I think the set of circumstances exists where an increase in the gold price, is pretty well baked in the cake.

INN: We spoke with David Morgan the Wednesday after the election and, as another very smart man, he said exactly the same thing.

RR: David has a very different discipline than mine and it’s very useful juxtaposing us. David is humble with regards to a special skill that he has and that skill is he’s a journalist like many newsletter writers. David is amazing at understanding the power of a narrative on a group of people. That’s not my skill, I don’t own a television set, I can’t dress myself well. My skills are different, my skills are in arithmetic really. But it’s very interesting that David and I probably often arrive at the same conclusions from a very different point of view.

INN: Yes, he felt that the big lift for precious metals, he didn’t see it coming even in the next four years. He felt there was very much a period of more of the same, but then he felt in that four to eight year timeline he thought we’d see some peak numbers for gold. So that was exciting for our audience. Talking outside of precious metals, with copper surging right now, I hear rumors that could be because of Trump’s infrastructure philosophies. What do you see happening with copper, is that something that you follow?

RR: A lot. We are moving towards non precious metals commodities, in fact, that’s what my talk will be about today. But the truth is, with regards to copper and coal, I think it’s a false rally. I think we’ll see a real rally. You come out of the bear market one of two ways: one is demand creation, that’s where the very low price of the commodity generate so much utility that the market takes care of itself. We are not seeing demand creation simply as a consequence of very weak economies worldwide. The other way out of a bear market is supply destruction where the industry average selling price is enough below the cost of production that you impair, permanently, the industry’s ability to produce. Those are very interesting, the recovery that we had in 2000 to 2002 was a supply destruction recovery.

We’ve been through the bear market in the decade of the ‘90s and we had impaired, in the long term, society’s ability to produce things like coal, copper and oil and gas, uranium in particular. And the dramatic price moves that we saw were a response to the fact that the industry’s productive capacity had been diminished. So when price signals came into the market the industry couldn’t increase supply to respond to price signals. That will happen again in industrial materials because we’ve been in an industrial materials bear market since 2010, but we aren’t there yet.

INN: You mentioned uranium. As long as I’ve been following that particular resource, we’ve been told it’s about to come back, the price recovery is sure to hit this soon, and now we have a spot price below the lowest cost of production worldwide, clearly unsustainable.

RR: The uranium market has been very good to me. I was early in the last bull market, well, to be honest, four years early. In truth, in most markets, four years early is the same as wrong, but the rents that I received from the four or five uranium juniors that existed in the world at that time was so extraordinary that there is almost no amount of discount that you could apply to it and still come up with any number other than huge deposits so I’m very interested uranium. At Sprott we have very deep connections in the uranium trade, we were the originators of Uranium Participation Corp. (TSX:U). We have been in touch with many of the big players in the uranium business, nine to be exact, and we have nine different narratives which tells me that the market, in addition to being opaque, is fundamentally misdirected.

We have commissioned a study ourselves, from a boffin who shall remain nameless, but isn’t troubled by our own bias. And we are going to try and really get a feel for inventories. In a very broad sense, what I know is that a lack of worldwide demand for stuff has constrained Japan’s need for energy, which has constrained their need to restart their nuclear fleet. The near-term catalyst in the world nuclear industry is the restoration of Japanese demand and the cessation of Japanese inventories which aren’t being used for power generation slipping onto world markets. The rest of the nuclear industry, in terms of demand, is in very good shape.

Now, here is the arithmetic, and it’s important that your readers get away from the narrative and focus on the arithmetic. Total cost of production, which includes exploration, prior write downs, engineering and, importantly, cost of capital, is in the range of sixty US dollars per pound. Much higher than the cash mining cost because cash mining cost doesn’t include the twenty years that it took you to get into production. So the way the arithmetic works is you spend sixty dollars a pound making this stuff and you sell it for twenty, and you do that a hundred and sixty million times a year. Now, pretty soon that becomes big money, what we’re doing is we’re cannibalizing an industry that admittedly got extremely fat in the last decade. When that is over it is truly over.

The lowest cost producer in the world is Kazatomprom and the increase in supply that we’ve seen is almost entirely–with the exception of Cigar Lake–is from Kazatomprom. Kazatomprom has just started reducing sustaining capital investments. In other words, at Kazatomprom, despite the fact that they’re $10 cash cost producers, they understand that spending 50 million dollars for the privilege of losing 30 million dollars is poor arithmetic. We are beginning the process of supply destruction as we speak. The question is, when will the Japanese restarts take place? Will the Japanese restarts take place? How much real, above ground inventory is there? Who has them and when will that come on the market?

INN: So the major factor is the Japanese restart, it’s not new reactors in China, new reactors in India, new reactors anywhere, it’s get these reactors functional again that will have the biggest impact.

RR: Absolutely. There is zero doubt that demand for uranium increase year on year, despite the United States and despite Germany. It’s worth noting, for people who are afraid of the anti-nuclear narrative, that some of the countries that could afford to shut down nuclear in effect, Germany, in particular–it’s interesting that Germany doesn’t generate nuclear power anymore–so what they do is they import nuclear power from Poland and France, and of course, they import nice dirty coal from Appalachia in the US too. A green solution, I suppose.

INN: In 2016 we saw a little bit of M&A, so the majors are starting to come back and look at the juniors to rekindle some of their luster. Do you see M&A activity being big in 2017?

RR: There are six or seven exploration projects on a global basis that we think have the ability to generate at least tier two mines. There is one junior who, unfortunately, I can’t name, operates in Africa that has two tier one mines in it. My suspicion is that the very high quality discoveries and the very high deposits will get snapped up. The difficulty is that there is a dearth of those, there needs to be more lateral mergers. There won’t be more lateral mergers because the management teams care more about their salaries than they do the welfare of the shareholders. We need to eliminate general and administrative expense in the industry relative to assets under management. But unfortunately the bear market didn’t last long enough to kill all the cockroaches in the corner and the lateral mergers that we need to see are unlikely to occur in a recovering market.

INN: What about capital? We’ve seen the shows, your show was fantastic in Vancouver in the summer, we saw happy companies and happy investors which has been very rare over the last five years. Where do you think the big capital is going to come from?

RR: There’s huge amounts of capital circling the sector, it’s just not the capital who’s been here before. Any management team that tells you that they don’t have access to capital is management team that’s asleep. Now, in fairness, the issuers prefer dumb money to smart money but good teams with good project that price their capital needs appropriately have access to lots and lots and lots of capital. My own proprietary capital pools, my partnerships have well over a hundred and fifty million dollars in cash. And it isn’t my intention to get money market rates of return for that cash, and I’m just one guy. But the vast pools of capital that are available to high quality management teams with decent projects.

The problem that the industry has, of course, is there’s a shortage of that. In the very near term the agented financings, the Canadian investment banks are pulling back because the consequence of a declining gold price recently and a declining TSXV index means that the hot money, the momentum money, the traders, the generalists are out of the market. But industry participants, people with a mining industry background and a mining industry interest have very, very, very deep pockets and we are all aggressively looking for the ability to deploy that capital. And there are billions of dollars looking for a home.

INN: 2016 was many things, but I would think it would be hard to dispute it was the year of the lithium junior. Any specific resource that you think will heat up like that? I mean, cobalt seems to be coming on strong, so the energy metals seem to be getting a lot of interest, I think, from millennials. What are your thoughts?

RR: You know, these boomlets that you see from time to time sort of remind me of the old small town circuses, lots of flash and dazzle and no substance. As an example the lithium ion battery which has spawned all this interest in lithium is about three and a half percent lithium. If you believe that there’s going to be billions and billions and billions and billions of lithium ion batteries that makes you a nickel and copper investor because that’s what the lithium ion battery is for, it’s full of nickel and copper. You might look to cobalt, the problem is that you wouldn’t look to Canadian cobalt which makes you feel warm and fuzzy because Canada doesn’t have much cobalt. If you want to be in the cobalt business, if you like that sexy story, the pretty girl in the booth with the electric car, you have to go to Congo and Uganda where the cobalt is.

The truth is that one of the things that works in the market is not arithmetic, but rather, a narrative, and there’s always a sexy narrative. There was rare earths, the problem was, that they weren’t rare. We hadn’t found them in North America because there were too cheap in China to bother looking for them. When we went out to find them, we found them in abundance. Now, we found out in terms of the stock market, that the three most evident rare earths in the world were fraudium, storium and scamium and now we’ve moved on from there to lithium.

The problem with lithium is that the world has too much lithium, demand for lithium increased faster than the four big lithium producers could increase their production. But the truth is that we believe, in terms of resources and reserves, the four big lithium producers have about a hundred years reserves at current rates of consumption.
Shortage? No. An interesting story? Yes. If you are talented enough to trade the impact of a narrative on a market, these miner boomlets can always work for you, provided that you’re mature enough to understand that your trading a story, not reality.

 

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Nick Smith, hold no direct investment interest in any company mentioned in this article.


5 Top TSXV Stocks: Gold Stocks Rally

The S&P/TSX Venture Composite Index (INDEXTSI:JX) dropped again last week, losing 1.71 percent over the five-day period to finish the week with 761.98 points.

The decline comes in part of the upcoming US election as investors turn their attention to safe-haven assets.

Although the index was down last week, a number of stocks in a variety of sectors–most notably gold stocks–still saw weekly percentage gains.

The top five mining gainers for the week were:

  • Giyani Gold  (TSXV:WDG)
  • Eagle Plains Resources (TSXV:EPL)
  • Gowest Gold (TSXV:GWA)
  • Defiance Silver (TSXV:DEF)
  • Hunt Mining (TSXV:HMX)

Here’s a closer look at those companies:

Giyani Gold

Giyani Gold was first on last week’s 5 top TSXV list. The company is a junior exploration company interested in acquisition, exploration, evaluation and development of underexplored, past producing gold assets in South Africa and Canada.

The company’s Rock Island Gold Project received an acceptance letter for a retention license application from the South Afircan Department of Mineral Rources (DMR) on September 1.  On October 27, Giyani Gold announced it had acquired an 88-95 percent interest in various manganese projects in Botswana.

Shares of Giyani Gold increased 39.02 percent last week to $0.57.

Eagle Plains Resources

In addition to the exploration of gold and base metals, Eagle Plains Resources has interest in uranium,rare earth elements, and industrial metals. The company’s primary focus is to locate ore deposits within Canada and advance its projects toward discovery.

Egale Plains’ most recent news was released in early October wherein the company announced–together with Silver Standard (TSX:SSO) the execution of an option agreement on the Fisher Gold Project in Saskatchewan.

Last week, Eagle Plains Resources shares increased 31.82 percent to $0.145.

Gowest Gold

Third on the list is Gowest Gold, a company that is working towards the development of its 100 percent owned Bradshaw Gold Deposit, as part of its North Timmins Gold Project. On October 31, Gowest announced a financing update for its Bradshaw project.

Gowest saw an increase of 26.47 percent last week to close the five-day period at $0.215.

Defiance Silver

Last week, shares of Defiance Silver rose steadily by 25 percent to close the week at $0.425.

The company is a silver explorer and developer, currently focused on advancing its San Acacio Deposit in Mexico. The most recent news from Defiance Silver came in September wherein they announced a drill permitting update at the San Acacio Silver Deposit.

Hunt Mining

Last but not least on the 5 top TSXV stocks is Hunt Mining, who controls mineral rights in the Santa Cruz province in Argentina. Currently, the company has two projects–the La Josefina and La Valenciana–which are being explored and developed.

With that in mind, on November 3 the company announced a private placement offering which would allow it to advance production at the Martha Mill mine.

Shares of Hunt Mining increased 23.68 percent last week to $0.235.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Top TSXV stocks in recent weeks:

5 Top TSXV Stocks: Gold Stocks on the Move

5 Top TSXV Stocks: Northern Lion Gold Tops the List

5 Top TSXV Stocks: Patriot One Technologies Boosts Over 400 Percent

5 Top TSXV Stocks: G4G Capital Tops the List For Second Week

5 Top TSXV Stocks: G4G Capital Tops the List

5 Top TSXV Stocks: Nemaska Lithium Tops the List

5 Top TSXV Stocks: Jayden Resources Leads the Way

5 Top TSXV Stocks: Stans Energy Rises 250 Percent


5 Top TSX Stocks: Exchange Drops on Lower Oil Prices

The S&P/TSX Composite index (INDEXTSI:OSPTX) was down last week by 1 percent to 14,785.29 points.

Reuters Canada reported on Friday that energy stocks and lower oil prices drove the index down after reaching a 16 month high the week before.

Still, a number of sectors on the index saw firm weekly gains.

Companies that were on the upward swing for the five-day period included:

Here’s a look at those companies:

Euromax Resources

Euromax Resources topped last week’s 5 top TSX stocks for the second week in a row. The company is currently focussing its attention on building and operating the Ilovica-Shutka coppergold project in Macedonia. In September, the company announced a land acquisition and resettlement framework for further development of the project, which can be read in full here.

Last week, shares of Euromax Resources climbed 18.45  percent to close the five-day period at $0.77 each.

Perseus Mining

The second top-gaining stock on last week’s TSX was Perseus Mining, whose shares increased 13.31 percent to close the week at $0.60.

The company is currently focused on gold production in West Africa. After acquiring Amara Mining PLC earlier this year, the company has added the Edikan Gold mine and Sissingue and Yaoure projects to its portfolio.

Arizona Mining

Arizona Mining is currently focused on developing its 100 percent-owned Heromsa project in Arizona. The company’s Taylor Deposit–a leadzinc-silver-carbonate replacement project–has resource estimates of 39.4 million tonnes grading 11 percent zinc equivalent.

On October 24, the company announced that a new Taylor resource is expected in the next week.  With that being said, shares of Arizona Mining increased 9.23 percent last week to $2.84.

Nautilus Minerals

Next is Nautilus Minerals, who claims to be the first company to explore the seafloor for sulphide systems, which could potentially lead to high grade copper, gold, zinc, and silver.

The company’s copper-gold project, Solwara 1, is currently under development in the waters near Papua New Guinea after being granted a permit and mining lease. On October 26, Nautilus announced the results of its general meeting, wherein shareholders gave approval for bridge financing.

Over the five-day period, shares of the company rose 9.09 percent to close the week at $0.18.

AuRico Metals

Last but not least on last week’s 5 top TSX stocks is AuRico Metals, whose assets include the Young-Davidson Gold mine and the Eagle River mine.  The company also holds a 100 percent ownership of the advanced stage Kemess Project in British Columbia.

In August, AuRico closed the equity financing and private placement with Alamos Gold (TSX:AGI).  Despite AuRico’s shares rising 7.21 percent last week to $1.19, there has been no additional news.

Don’t forget to follow us @INN_Resource for real-time news updates.

Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Euromax Resources and Arizona Mining are clients of the Investing News Network. This article is not paid for content.

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