The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose again last week, gaining 3.51 percent to close at 656.17 points.
Overall, the index is now up 24.83 percent in 2016. As per the Financial Post, that makes the Venture “by far and away the best performing index among the 27 global exchanges with market caps in excess of US$1 billion.”
20 companies on the TSXV hit a 52-week high this week, and 19 out of those 20 came from the resource sector.
A number of companies saw strong weekly percentage gains as well. The top five gainers for the week were:
- CB Gold (TSXV:CBJ)
- Simba Energy (TSXV:SMB)
- Canada Zinc (TSXV:CZX)
- Chesapeake Gold (TSXV:CKG)
- Aurcana Corp (TSXV:AUN)
Here’s a closer look at those companies:
CB Gold was the subject of a takeover battle between fellow Colombia-focused gold miners Red Eagle Mining (TSXV:RD) and Batero Gold (TSXV:BAT) last year, with Red Eagle eventually taking a controlling stake in CB in late 2015. Last week, Michelle Navarro Grau announced the acquisition of shares of the company, for a total 10.84 percent ownership of CB Gold. Overall, shares of CB Gold were up 83.33 percent last week to $0.11, making it the top gaining mining stock for the week on the TSXV.
Oil and gas junior Simba Energy gained 62.5 percent last week to reach $0.065 per share following news that Dubai-based Essel Group Middle East would invest $1.7 million in the company. Simba also announced that Robert Dinning had resigned as CEO of the company, but will continue to act as president and director of the company .Mr. Punkaj Gupta had been appointed as the company’s new CEO.
“We are very pleased to have Punkaj Gupta join our management team and take a leadership role. We believe that his appointment will assist us significantly with the development of our assets in various locations in Africa,” said Robert Dinning in a statement.
Canada Zinc announced this week that it would update its resource estimate for the Cardiac Creek zinc–lead–silver project. The new report will incorporate results of drilling conducted since the release of the previous resource estimate for Cardiac in 2012.
“The recent drilling programs over the last 3 years have been very productive in demonstrating continuity and providing detailed delineation of the Cardiac Creek deposit,” said Canada Zinc president and CEO Peeyush Varshney in the company’s release. “We anticipate that the latest update will increase confidence in the resource and reaffirm our belief that the Cardiac Creek deposit holds significant promise for continued expansion at depth.” Shares of Canada Zinc rose 41.67 percent to $0.17 last week.
Chesapeake is focused on the development of its Metates gold and silver project in Mexico. With proven and probable reserves of 18.5 million ounces of gold, 526 million ounces of silver and 4.2 billion pounds of zinc, Chesapeake states that Metates is one of the largest undeveloped gold and silver projects in the world.
The company released an updated feasibility study for Metates on March 7. However, there has been no further news from the company to explain last week’s share price rise. Shares of Chesapeake rose 37.16 percent to finish at $3.58 last week.
Finally, Aurcana gained 34.62 percent to finish the week at $0.35 per share. The company is focused on the Shafter silver project in Texas, for which it released an updated resource estimate on January 12. The project holds 1.21 million tons in measured and indicated resources at a grade of 9.14 ounces of silver per ton, and 870,000 tons of inferred resources at a grade of 7.47 ounces of silver per ton. However, there was no further news last week to explain the recent rise in share price for the company.
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.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Top TSXV stocks in recent weeks: