Other top gainers on the TSXV last week were Northern Vertex Mining, Great Quest Fertilizer, Marlin Gold Mining and Impact Silver.
The S&P/TSX Venture Composite index (INDEXTSI:JX) closed last week up 2.85 points, at 511.14 points.
In the resource space, last week’s biggest gainer on the exchange was Clifton Star Resources (TSXV:CFO), and it was followed by Northern Vertex Mining (TSXV:NEE), Great Quest Fertilizer (TSXV:GQ), Marlin Gold Mining (TSXV:MLN) and Impact Silver (TSXV:IPT). Here’s a brief look at what moved the share prices of those companies last week.
Clifton Star Resources
As mentioned, last week’s top gainer on the TSXV was Clifton Star Resources, a junior miner focused on gold and base metals in the Abitibi. During the period, the company’s share price rose a whopping 124.24 percent to reach $0.37. The gain came after First Mining Finance (TSXV:FF) said on February 12 that it will acquire all of Clifton Star’s issued and outstanding common shares under a definitive arrangement agreement.
Northern Vertex Mining
Northern Vertex Mining is focused on reactivating the Arizona-based Moss Mine gold-silver project. It share price rose 111.11 percent last week to hit $0.38, though it did not release any news.
Most recently, the company prevailed in arbitration with Patriot Gold (OTCMKTS:PGOL) regarding its option to earn a 70-percent interest in Moss Mine. Dick Whittington, president and CEO of Northern Vertex, said at the time, “[w]e are pleased to see the Company’s position upheld in all respects and to complete our earn-in to the Moss Mine Project. We can now plan to accelerate our efforts towards bringing this exciting project to fruition in the near term.”
Great Quest Fertilizer
Great Quest Fertilizer is focused on advancing its Mali-based Tilemsi phosphate project, whose inferred resource stands at 50 million tonnes grading 24.3 percent P2O5. Last week, its share price gained 106.67 percent to reach $0.31 after it announced plans to issue shares to pay debts owed to certain members of its board of directors.
Marlin Gold Mining
Last week, Marlin Gold Mining’s share price rose 100 percent to end at $0.35. The rise came after the gold and silver miner announced the execution of a new mining contract that will nearly double its mining rate at the Mexico-based La Trinidad mine. The new contract has a minimum tonnage guarantee of 1.5 million tonnes per month.
Finally, IMPACT Silver gained 89.66 percent last week for a close of $0.28. The company operates two silver production centers within a 623-square-kilometer claim package in Mexico. IMPACT hasn’t released any news since the end of January, when it announced that in 2015 it achieved record silver production of 950,059 ounces, up 31 percent from 2014.
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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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