Adriana Resources was the top gaining company from the mining space for the week, followed by Pure Gold Mining, Galantas Gold, I-Minerals and Northern Graphite.
The S&P/TSX Venture Composite index (INDEXTSI:JX) was down 0.96 percent last week, finishing at 517 points.
Still, a number of resource stocks managed to come out on top. Adriana Resources (TSXV:ADI) was the top gaining company from the mining space for the week, followed by Pure Gold Mining (TSXV:PGM), Galantas Gold (TSXV:GAL), I-Minerals (TSXV:IMA) and Northern Graphite (TSXV:NGC).
Adriana Resources currently holds the Lac Otelnuk iron project in Quebec. Adriana completed a feasibility study for Lac Otelnuk in April, and announced a change in leadership of the company on November 17. However, there has been no further recent news to explain this week’s rise in share price. Shares of Adriana were up 31.58 percent for the week to $0.125.
Pure Gold Mining
Shares of Pure Gold were up 31.25 percent for the week, finishing at $0.105, following news that the company would sell some of its non-core assets to Premier Gold (TSXV:PGM) for $5 million and a one percent net smelter royalty. The company’s Buffalo claims are contiguous with Premier’s Hasaga property.
“In our view, this transaction is a logical step for both companies. It will provide Pure Gold with immediate cash and share consideration without diluting shareholders equity, which will continue to allow the Company to devote funds to our highly prospective Madsen Gold Project,” said Pure Gold President and CEO Darin Labrenz in a statement.
Galantas Gold is focused on its Omagh gold mine in Ireland, which is currently suspended. Shares of the company were up 31.82 percent to $0.145 last week. On November 27, the company reported in its Q3 results that it was making progress towards expanding and restarting production at the mine. However, there was no new news this week to explain its share price rise.
I-Minerals is focused on developing deposits of halloysite, quartz, potassium feldspar and kaolin at its Helmer-Bovill property in Idaho. Shares of I-Minerals were up 30 percent for the week to $0.32. This week, the company announced that it had reached an agreement to settle C$743,000 of accrued interest via the issuance of shares in the company. The company also amended its loan agreement such that up to an additional US$1 million may be advanced through the company between January and May 2016.
Finally, shares of Northern Graphite gained 29 percent to reach $0.24 last week. The company is focused on its Bisset Creek graphite project in Ontario. There has been no recent news to explain the 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.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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