Catalyst Copper was the top-gaining mining stock on the TSXV this week. It was followed by Lupaka Gold, Otis Gold, Houston Lake Mining and Euromax Resources.
It was a short week for the S&P/TSX Venture Composite index (INDEXTSI:JX) ahead of the Easter long weekend. It finished fairly flat, up 0.67 percent at 580.02 points.
Meanwhile, a number of companies in the mining and resources sector saw more significant rises. Catalyst Copper (TSXV:CCY) was the top-gaining stock in the space, and it was followed by Lupaka Gold (TSXV:LPK), Otis Gold (TSXV:OOO), Houston Lake Mining (TSXV:HLM) and Euromax Resources (TSXV:EOX).
Shares of Catalyst Copper gained 60.42 percent this week to reach $0.39 following news that the company plans to merge with Newcastle Gold (TSXV:NCA). The company will be focused on Newcastle’s Castle Mountain gold project in California, with the aim of creating a new mid-tier gold company. The company will be headed by Richard Warke, Jim Gowans and Frank Giustra.
Lupaka Gold holds the Invicta and Crucero gold projects in Peru, and also has an option to earn a 65-percent interest in the Josnitoro gold project. On February 22, the company reported results from its second run-of-mine bulk test using material from the Atenae vein at Invicta. There has been no additional news that would explain this week’s rise in share price for the company. Lupaka gained 37.5 percent this week to finish at $0.17.
Shares of Otis gold were up 34.62 percent this week at $0.175. The gold explorer is focused on building a portfolio of precious metals properties in Idaho, with its flagship property being the advanced exploration-stage Kilgore project.
Otis appointed Dr. Tim Miller as a director on February 25, and said more recently that it will present at the John Tumazos Very Independent Research Metals & Natural Resources Conference at the end of this month. However, there has been no further news from the company that would explain this week’s rise in share price. Share of Otis have gained 30 percent so far in 2016.
Houston Lake Mining
Houston Lake is focused on developing its PAK hard-rock lithium project in Northwestern Ontario. The company gained 30.43 percent to close at $0.30 this week.
Houston Lake put out an upgraded resource estimate for the PAK project earlier this month, marking a 206-percent increase in measured and indicated lithium resources relative to the previous estimate. The company also announced a $680,000 financing on March 18 to fund further exploration work at the project. There has been no further news to explain the rise in share price for Houston Lake this week.
Rounding out the list is Euromax Resources, which saw its shares rise 28.89 percent this week to hit $0.58. The company is focused on its Ilovica project in Macedonia, for which it released a feasibility study on January 6. On March 21, Euromax announced the appointment of Raymond Threlkeld, currently executive chairman of Newmarket Gold (TSX:NMI), as a director. There was no additional news from the company this week that would explain its rise in share price.
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.
Editorial Disclosure: Otis Gold is a client of the Investing News Network. This article is not paid-for content.
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