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In the mining sector, the top gainer was Lithium Americas, which announced that it is in discussions with POSCO regarding the development of its Cauchari-Olaroz lithium project in Argentina. It was followed by Wildcat Silver, Moneta Porcupine Mines, Corvus Gold and Namibia Rare Earths.
The S&P/TSX Composite index (INDEXTSI:OSPTX) closed at 15,170.02 points on Friday, up 81.2 points, or 0.54 percent. According to Reuters, eight out of 10 main sectors on the index were higher.
In the mining sector, the top gainer was Lithium Americas (TSX:LAC). It was followed by Wildcat Silver (TSX:WS), Moneta Porcupine Mines (TSX:ME), Corvus Gold (TSX:KOR) and Namibia Rare Earths (TSX:NRE).
Lithium Americas (TSX:LAC)
Lithium Americas took the top spot on the TSX this week, gaining 44.83 percent to close at $0.42. The company bills itself as developing one of the world’s largest and lowest-cost lithium operations. Additionally, it has the third-largest lithium brine resource in the world.
Earlier in the week, Lithium Americas announced that it is in discussions with POSCO (NYSE:PKX) regarding the development of its Cauchari-Olaroz lithium project in Argentina.
Wildcat Silver (TSX:WS)
Wildcat Silver took the second spot on the TSX after climbing 28.33 percent to close at $0.39. The Canada-based exploration company is focused on the development of its 80-percent-owned Hermosa silver–manganese project in Arizona.
This week the company released results from the drill program taking place at Hermosa, noting that it’s completed five surface diamond drill holes totaling 19,086 feet. “These results are the best encountered to date on the Hermosa property and surely indicate we have an exciting year of drilling n front of us,” said Richard Warke, chairman and CEO of Wildcat. “For the balance of 2015 we plan to continue to drill, complete metallurgical testing and at the appropriate time, prepare an updated mineral resource.”
Moneta Porcupine Mines (TSX:ME)
Moneta Porcupine Mines, which has 100-percent ownership in five core gold projects located along the Destor Porcupine Fault Zone, closed the week at $0.07 after seeing a gain of 16.67 percent.
Earlier in the week, the company announced the completion of a $235,000 non-brokered private placement. The money will primarily be spent on the company’s Golden Highway project.
Corvus Gold (TSX:KOR)
Corvus Gold gained 15.49 percent this week, reaching $0.82. The company’s main focus is on advancing its 100-percent-owned North Bullfrog project, which is located in Nevada. In fact, the company initiated its 2015 drilling program for the project on April 23, 2015. This week, however, Corvus did not release any news.
Namibia Rare Earths (TSX:NRE)
Namibia Rare Earths took the last spot this week, closing at $0.20 after seeing an increase of 14.71 percent. The company is focused on rare earths exploration and development activites in Namibia.
The company did not release any news this past week, but was mentioned in a Mining Report interview with John Kaiser.
Data for TSX Top 5 articles is retrieved each Friday after market close. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
Editorial Disclosure: IC Potash is a client of the Investing News Network. This article is not paid-for content.
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