5 Top Weekly TSXV Stocks: Galway Metals Gains on Assay Results

Last week's other top-gaining TSXV stocks were Trigon Metals, Virginia Energy Resources, NuLegacy Gold and East Asia Minerals.

weekly TSXV stocks

The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.44 percent on Friday (July 21) to end at 761.18 points.

Oil price weakness weighed on energy stocks that day, but gaining gold miners largely offset their losses. Also on Friday, the Canadian dollar rose after Statistics Canada released data showing that retail sales increased for the third month in a row in May.

Against that backdrop, a number of  TSXV-listed mining stocks experienced significant share price gains. The five top gainers last week are as follows:

  • Trigon Metals  (TSXV:TM)
  • Virginia Energy Resources (TSXV:VUI)
  • NuLegacy Gold (TSXV: NUG)
  • Galway Metals (TSXV:GWM)
  • East Asia Minerals (TSXV:EAS)

Read on for a brief overview of those companies and what moved their share prices last week.

Trigon Metals

On Wednesday (July 19), Trigon Metals announced a private placement and the appointment of a new chairman. The firm hopes to raise up to $1,000,000 and will use part of the proceeds for the exploration and development of its Kombat coppersilver project in Namibia. Kombat is a past-producing mine that closed in 2008.

In May, Trigon reported that the site has an inferred mineral resource of 6.905 million tonnes grading 2.78 percent copper, 1.14 percent lead and 19.11 g/t silver. It has completed a preliminary economic assessment that considers both open-pit and eventual underground mining at Kombat.

The company’s share price gained 54 percent last week to close at $0.35.

Virginia Energy Resources

Virginia Energy Resources owns the Coles Hill uranium project in Virginia, which contains an estimated 119 million pounds of uranium. The company has been unable to move forward at the site as there is a moratorium on uranium mining in the state. 

Last week, Virginia Energy’s share price rose 50 percent to end at $0.17. The firm did not release any news, though Virginia’s clean energy landscape was in focus during the period.

NuLegacy Gold

NuLegacy Gold announced the discovery of a new anomaly at its Red Hill property last week. Called Western Slope, the anomaly has similar characteristics to the company’s Iceberg gold deposit; it is also located 1 kilometer west of Iceberg and runs parallel to it. Red Hill is also home to the Avocado deposit. 

The news sent NuLegacy’s share price up 33.33 percent to close last week at $0.22.

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Galway Metals

Galway Metals announced assay results from 31 drill holes at its Clarence Stream gold property in New Brunswick last week. “The new strong results are significant because they appear to extend the North Zone 1,250 metres to the southeast and then east,” said President and CEO Robert Hinchcliffe.

Highlights include:

  • 14.6 g/t gold over 10.2 meters, including 37.3 g/t gold over 1.1 meters, 36.1 g/t gold over 1 meter and 31.7 g/t gold over 1 meter at a vertical depth of 41 meters. 
  • 7.3 g/t gold over 4.6 meters, including 12.4 g/t gold over 2.6 meters at a vertical depth of 55 meters.
  • 16.6 g/t gold over 2.1 meters, including 32.7 g/t gold over 1 meter starting at a vertical depth of 28 meters.

The firm’s share price rose 32.69 percent over the course of last week to close at $0.33.

East Asia Minerals

On July 17, East Asia Minerals granted 250,000 stock options to consultants and independent directors at the company. A release states, “each option entitles the holder to purchase one common share of the company at an exercise price of $0.28 for a five-year period.”

The company recently restarted operations at its Sangihe gold project in Indonesia, and released an updated resource estimate for the property in June. In total East Asia Minerals has three projects in Indonesia. The firm’s share price rose 29.63 percent to close at $0.35 last week.

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.

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

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


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

5 Top Weekly TSXV Stocks: Novo Resources Gains on Gold Discovery

By Melissa Shaw, July 16, 2017

The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.27 percent on Friday (June 14) to end at 754.97 points.

The Canadian dollar was up to $0.79 against the greenback just days after the Bank of Canada raised interest rates for the first time in seven years. Gold gained about 1 percent as the US dollar fell on the back of flat US inflation data and a fall in retail sales in June. Energy stocks rose on firming oil prices.

Against that backdrop, a number of  TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:

  • Novo Resources (TSXV:NVO)
  • Africa Hydrocarbons (TSXV:NFK.H)
  • Montero Mining and Exploration (TSXV: MON)
  • Sirios Resources (TSXV:SOI)
  • Asian Mineral Resources (TSXV:ASN)

Read on for a brief overview of those companies and what moved their share prices last week.

Gold Outlook 2017!

Click here to get a clear perspective on the gold price and what the experts see coming in 2017 with our FREE Special Report (value of $49). Limited time offer. No credit card required.   Get My Free Report  

Novo Resources

Last Wednesday (July 12), Novo Resources announced the discovery of gold nuggets at its Purdy’s Reward prospect, noting that it has collected a bulk sample for testing purposes. Purdy’s Reward is part of the firm’s Karratha gold project in Western Australia, and Novo is exploring it with Artemis Resources (ASX:ARV), its joint venture partner.

Earlier in July, the company signed a memorandum of understand with Japanese firm Sumitomo (TSE:8053) to develop its Beatons Creek project in Western Australia. Although Novo is primarily focused on projects in the Pilbara region of Western Australia, it also owns a property in Nevada. The company’s share price gained 67.47 percent to close last week at $1.35.

Africa Hydrocarbons

Africa Hydrocarbons is an exploration-stage company focused on developing petroleum and natural gas projects in North Africa. On June 27, the company consolidated its share capital on a 20-for-one basis. 

The company has released few updates lately about its projects or activities. It used to have an interest in the Bouhajla project located in Tunisia, but sold it to DualEx Energy in 2015. DualEx has since changed its name to Return Energy (TSXV:RTN). Last week Africa Hydrocarbons’ share price rose 66.67 percent to close at $0.55.

Montero Mining and Exploration

Montero announced an eight-to-one share consolidation on July 13. Shareholders approved the consolidation at a meeting on June 30; another outcome of the meeting was the company’s announcement that it has reached agreements to settle an aggregate of $820,270 in debt.

Montero has rare earths and phosphate projects in Tanzania and South Africa. Its primary asset is an 82-percent interest in the Wigu Hill property in Tanzania, where high-grade rare earths have been identified through drilling, sampling and trenching efforts. The company’s share price rose 56.25 percent to close at $0.25 last week.

Sirios Resources

Sirios Resources’ flagship project is its Quebec-based Cheechoo-Eleonore-Trend gold project, which is made up of 145 claims adjacent to Goldcorp’s (TSX:G,NYSE:GG) Eleonore gold mine. The company has not released any news since the beginning of June, when it announced the discovery of four gold anomalies at Cheechoo-Eleonore-Trend. Sphinx Resources (TSXV:SFX) is Sirios’ partner on the project. 

Although it did not put out any news, Sirios’ share price rose 37.93 percent over the course of last week to close at $0.42

Asian Mineral Resources

Asian Mineral Resources owns the Ban Phuc nickel mine in Vietnam, which began producing in mid-2013. Its most recent news came in April, when it entered into a net smelter royalty agreement with Cobalt 27 Capital (TSXV:KBLT), a company aiming to offer investors access to physical cobalt.

Though the company has released no news since then, its share price rose 33.33 percent to close at $0.02.

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.

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

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

Gold Outlook 2017!

Click here to get a clear perspective on the gold price and what the experts see coming in 2017 with our FREE Special Report (value of $49). Limited time offer. No credit card required.   Get My Free Report  

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