Cartier Resources was the top gaining mining stock on the TSXV last week, followed by Stratton Resources, IDM Mining, Golden Arrow Resources and Goldsource Mines.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 1.6 percent this week to 678.59.
Overall, the index is up 29.3 percent for 2016. According to the Financial Post, this makes it “by far and away the best performing index among the 27 global exchanges with market caps in excess of US$1 billion.”
For the period May 14, 2015 to May 13, 2016, it’s down by 11.47, or 1.66 percent. Still, the year-to-date increase is hopeful.
A number of companies saw strong weekly percentage gains. The top five gainers for the week were:
- Cartier Resources (TSXV:ECR)
- Stratton Resources (TSXV:SI)
- IDM Mining (TSXV:IDM)
- Golden Arrow Resources (TSXV:GRG)
- Goldsource Mines (TSXV:GXS)
Here’s a closer look at those companies:
Shares of Cartier Resources gained 55 percent to reach $0.155 last week. Last week, the company closed two private placements for proceeds of approximately $450,000. Cartier is focused on exploration in the Abitibi region of Quebec.
Stratton Resources relinquished its option on the MAC property in 2013, and there has been little news from the company since. However, despite the lack of activity, shares of the company were up 42 percent to $0.3 per share last week.
IDM Mining is focused on advancing its Red Mountain gold project, for which it filed an updated resources estimate on April 4. Shares of the company were up 35 percent to $0.23 last week.
On Thursday, IDM announced the grant of stock options under a new stock option plan, but there has no further news to explain the company’s rise in share price this week.
Golden Arrow Resources
Shares of Golden Arrow gained 33.33 percent last week to close at $0.68. On Tuesday, Golden Arrow announced that it’s recent share price performance had met conditions for the company to accelerate its expiry date for a number of oustanding warrants. The new expiry date for its outstanding warrants will be May 30 2016.
Finally, shares of Goldsource Mines gained 25 percent to reach $0.40 last week. The company holds the Eagle Mountain mine in Guyana, which is currently in the commissioning phase. The company has also completed its first gold pour and first gold sale so far this year, as outlined in its first quarter results on April 20. There has been no recent news to explain the share price rise for Goldsource 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.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
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