Nulegacy Gold was the top gaining mining stock on the TSX Venture last week, followed by Pure Gold Mining, Brazil Resources, Wealth Minerals and GB Minerals.
It was a strong week for the S&P/TSX Venture Composite Index (INDEXTSI:JX) last week, with the exchange gaining just under 4 percent to close at 603.92 points.
Overall, the Venture is now up 14.89 percent, or 78.26 points, since the start of the year.
Certainly, that’s welcome news for investors who’ve been enduring a prolonged commodities price rout.
Several resource stocks were on the rise as well. This week’s top gainers included:
- NuLegacy Gold (TSXV:NUG)
- Pure Gold Mining (TSXV:PGM)
- Brazil Resources (TSXV:BRI)
- Wealth Minerals (TSXV:WML)
- GB Minerals (TSXV:GBL)
Here’s a closer look at those companies:
Shares of NuLegacy rose 88.46 percent last week to $0.245 on news that OceanaGold (TSX:OGC) would be investing approximately $6.67 million in the company by way of a private placement financing. The company intends to use funds from the financing to fund further work at its Iceberg gold deposit in Nevada.
“We are delighted to have been selected by OceanaGold in its diversification into North America’s major gold trends,” said NuLegacy CEO Albert Matter in Friday’s release.
Pure Gold Mining
Pure Gold Mining gained 66.67 percent last week to hit $0.40 per share on news of strong drill results from its Madsen gold project in Ontario’s Red Lake district. The project area hosts the historic Madsen Mine, which produced over 2 million ounce of gold over its 36 year mine life from the Austin horizon.
High grade intercepts have confirmed that the McVeigh horizon, a folded continuation of the Austin horizon, at the project is open for expansion down plunge.
“While historic mining of the Austin horizon continued to a depth of more than 1,200 metres, our deepest hole to date intersected the parallel McVeigh at less than 300 metres,” said Darin Labrenz, President and CEO of Pure Gold, in a statement. “We see this new understanding of folding and repetition as an important development for Madsen and for the Red Lake camp and we look forward to continuing to advance Madsen by drill testing the downward plunge of these high grade shoots.”
Last week, Brazil Resources announced the completion of a Time Domain Electromagnetic Survey at its Rea uranium project in Saskatchewan’s Athabasca Basin. Results of the survey confirmed the presence of a high-priority electromagnetic conductor at the Rea project. Shares of Brazil Resources rose 60 percent last week to $1.02.
“The 2016 geophysical program confirmed and refined a high priority target for follow-up drill testing,” said Garnet Dawson, CEO of Brazil Resources, in a statement. “This target as well as several other high priority anomalies have been identified on the Rea Project and will be the focus of a future drill program.”
Wealth Minerals is advancing the Yanamina gold project in Peru and the Valsequillo silver project in Mexico. The company also entered into a Letter of Intent (LOI) to acquire lithium-focused Li3 Energy (OTCMKTS:LIEG) on Februrary 1. On March 24, Wealth Minerals announced it had arranged a non-brokered private placement for proceeds of up to $1.6 million. However, there has been no further news from the company that would explain last week’s rise in share price. Wealth Minerals saw its shares gain 57.89 percent to $0.45 last week.
Finally, shares of GB Minerals were up 50 percent to $0.09 to close out the week. The company is focused on advancing its Farim phosphate project, located in Guinea-Bissau in West Africa. On April 4th, the company announced a US$11 million proposed private placement. However, there has been no further news that would explain the company’s rise in share price last week.
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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