The S&P/TSX Venture Composite Index (INDEXTSI:JX) was down 0.11 percent on Friday (August 04) to end at 765.68 points but some mining stocks saw gains.
Statistics Canada data showing the Canadian economy continuing to strengthen with the addition of 10,900 jobs in July. The unemployment rate was down to 6.3 percent and has not been that low since October 2008, just before the financial crisis.
The US added 209,000 jobs last month and Canadian dollar was down 0.37 of a US cent. The dollar was trading at an average price of 79.13 cents US.
Markets will be closed in Canada on Monday, August 7 for the Civic Holiday.
A number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- Garibaldi Resources (TSXV:GGI)
- Los Andes Copper (TSXV:LA)
- Karmin Exploration (TSXV:KAR)
- Monitor Ventures (TSXV:MVI)
- Maya Gold & Silver (TSXV:MYA)
Read on for a brief overview of those companies and what moved their share prices last week.
Garibaldi Resources was the top performing mining stock last week. On July 27, Garibaldi Resources announced that crews at its E&L Nickel Mountain project have made a new surface discovery after following up on its first of four VTEM conductor targets.
The company said widespread pyrrhotite-chalcopyrite mineralization was identified on surface in gabbroic rocks that outcrop over a broad area at previously unexplored “Anomaly A.”
Anomaly A is located about 6 km north-northeast of the historic E&L nickel-copper mineralzed zones where more drilling will start soon.
Garibaldi Resources’ share price rose 81.48 percent to close at $0.49 last week.
Los Andes Copper
On Monday, Los Andes Copper released the initial results of its latest drill program at the Vizcachitas copper-molybdenum deposit in Chilie.
The key results from the drill hole V2017-01A are:
302.1 m @ 0.55% Cu, 115 ppm Mo and 1.4 g/t Ag from 71.9 m downhole
- 28.0 m @ 0.61 % Cu, 42 ppm Mo and 1.6 g/t Ag from 134.0 m downhole.
- 134.0 m @ 0.60 % Cu, 150 ppm Mo and 1.5 g/t Ag from 226.0 m downhole.
The company’s shares gained 49.06 percent in value to close last week at $0.40.
Karmin Exploration has three projects in South America including the Aripuanã Zinc Project and Aripuanã Gold Project in Brazil plus the Cushuro Gold Project in Peru. However, news of a potential ban on copper scrap imports to China has boosted the price to a two-year high.
The company’s shares rose 40 percent over the course of last week to close at $0.70.
American Vanadium changed its name to Monitor Ventures in July but it is not one of the stocks on our list that has provided an update to investors recently. The firm is described as a, “venture company seeking a new business venture that has significant growth potential, dynamic drivers and an engaging story.”
Monitor Ventures’ share price rose 37.78 percent to close at $0.62 last week.
Maya Gold & Silver
Maya Gold & Silver is focused on precious metal assets in Morocco and considers the Zgounder silver mine to be its flagship project. On August 2, the firm announced partial drill holes results at Zgounder of 1314 g/t Ag over 9 metres to the east at surface.
Noureddine Mokaddem, CEO & President of Maya Gold & Silver, said, “the discovery of a new zone to the east near surface with respectable silver grades is very positive for us. Further work will be required to determine the full extent of this new zone. This discovery illustrates the continued success of our exploration program and the potential that still exists to enhance and extend the life of the Zgounder mine.”
The CEO added that they are looking forward to additional results in the coming weeks.
Maya Gold & Silver’s share price rose 26.32 percent over the course of last week to close at $0.24.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST 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, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Los Andes Copper is a client of the Investing News Network. This article is not paid-for content.