Last week, a number of junior resource companies on the Toronto Venture Stock Exchange experienced gains in share prices. Below are the five with the greatest increases.
Northern Vertex (TSXV:NEE)
Gold and silver acquisition and exploration company Northern Vertex saw a 52.31 percent increase in its share price last week, jumping to $0.50 per share. The company has properties in both Canada and the United States, including the Moss Gold Silver property in Arizona and the Copley Gold property located 18 miles south of Frasier Lake, British Columbia, Canada. On July 11, Northern Vertex closed the second and last tranche of an oversubscribed non-brokered placement for $3.76 million. The company issued 4 million units of stock at a price of $0.25 per unit for a total revenue of $1 million and aggregate gross proceeds of $3.8 million. The money is intended to fund a feasibility study for a mine in Mohave County, Arizona.
Pacific Topax Resources (TSXV:PPZ.H)
Also up 50 percent last week is Pacific Topax who was trading at $0.15 per share. In early June, the company announced it closed its non-brokered private placement of 4 million units at a prize of $0.07 per unit to reach proceeds of $280,000. Each unit consisted of one common share and one full common share purchase warrant. Additionally, pursuant the private placement, Radcliffe Corporation, a company owned and controlled by Frank Giustra, acquired 790,000 units at the price of $0.07 per share. As a result of the acquisition, Radcliffe owns 14.30 percent of the common shares outstanding.
Canamex Resources was up by 34.62 percent, to reach a share value of 0.175. Canamax has operations in both Nevada and Guyana and last week announced some results from an ongoing reverse circulation drill program at the Bruner gold project in Nevada, which can be viewed as a high-grade discovery . The discovery is near the surface and the purity is 0.81 ounces per ton of gold and 9.5 ounces per ton of silver.
Samco Gold (TSXV:SGA)
Samco Gold grew by 29.41 percent to reach $0.22 per share. The company announced it had made an option agreement with Pan American Silver (PAS) to earn up to a 60 percent interest in its El-Dorado-Monserrat (EDM) project in Santa Cruz, allowing Samco to explore its Corina base metals/silver discovery, according to Mining Weekly. CEO Samco Charles Koppel said the deal was “extremely attractive” for the company. Samco plans to form a jointly-owned company that will mine at EDM. PAS would have responsibility for day-to-day operations of the firm running the mine.
Cayden Resources (TSXV:CYD)
Cayden Resources grew by 26.32 percent to reach $2.40 per share. The company develops mineral resource properties primarily in its El Barqueno gold project, along with its Morelos Sur gold project. El Barqueno is located in Jalisco, Mexico, while Morelos Sur is located 140 miles south of Mexico City. The company reported the results of its drill holes at the Pena de Ora target in the companies El Barqueno project. The company drilled 11 additional holes with highlights including 45 meters of 4.06 grams per tonne gold with 0.39% copper.
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