Last week’s other top-gaining mining stocks on the TSXV were Sintana Energy, Orefinders, Reconnaissance Energy and Leucrotta Exploration.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was on the rise last week, opening at 473.26 to finish at 492.49. The rise came despite abysmal jobs numbers in both Canada and the US.
Canada’s unemployment rate rose to 13 percent, just below the all-time record, with nearly 2 million people out of work during April. The rate would have risen to 14.7 percent if those getting the Canada Emergency Response Benefit were included.
In the US, the unemployment rate was higher at 14.7 percent for a total of 20.5 million lost jobs in April. Again, the numbers would have been higher if people who gave up on looking were included.
Against that backdrop, the companies below saw major share price moves last week:
- Sintana Energy (TSXV:SEI)
- Orefinders Resources (TSXV:ORX)
- Macarthur Minerals (TSXV:MMS)
- Reconnaissance Energy Africa (TSXV:RECO)
- Leucrotta Exploration (TSXV:LXE)
Here’s a look at what may have moved their share prices during the period.
1. Sintana Energy
Oil and gas explorer Sintana Energy is focused on its portfolio of assets in Colombia’s Magdalena Basin. Magdalena is one of Colombia’s most explored basins, with discoveries mainly in the Paleogene section.
Sintana has not released any news since February 3, when it granted stock options to people involved with the company. Even so, its share price rose 100 percent last week to close at C$0.16. The company was also the top-gaining mining stock on the TSXV last week, when it increased 75 percent to hit C$0.11.
2. Orefinders Resources
Orefinders Resources is focused on gold in the Kirkland Lake District of Ontario’s Abitibi Greenstone Belt; its assets there include the McGarry, Knight and Mirado projects.
Like Sintana, Orefinders has not shared any news in over a month. On April 2 it released a webinar covering recent company developments, and on March 27 it announced that Eric Sprott had increased his stake in the firm. Its share price rose 72.22 percent last week to close at C$0.16.
3. Macarthur Minerals
Macarthur Minerals is working to bring its Western Australia iron ore projects into production. Its Lake Giles iron ore project includes the 80 million tonne Ularring hematite resource and the 710 million tonne Moonshine magnetite resource. The company also has gold and lithium exploration assets.
On Tuesday (May 5), the company released final XRF and Davis Tube Recovery (DTR) assays for an infill drilling program recently completed at Lake Giles. According to the company, the DTR assays confirm significant intersections of magnetite mineralization with DTR concentrate grades of up to 68.9 percent iron. It will now move on to completing an updated resource model.
Last week, Macarthur’s share price increased by 66.67 percent to hit C$0.15.
4. Reconnaissance Energy Africa
Reconnaissance Energy Africa is an oil and gas junior. It is focused on Namibia and holds a 90 percent interest in a petroleum exploration license that covers the entire Kavango sedimentary basin.
5. Leucrotta Exploration
Oil- and gas-focused Leucrotta Exploration is centered on assets in Northeastern BC. According to the company’s website, its current acreage in the area is about 100,500 gross (90,200 net) acres, and its current production is approximately 3,000 barrels of oil equivalent per day.
Leucrotta’s last news also came at the end of April, when it released its 2019 operating and financial results and announced its year-end reserves. Last week, its share price rose 48.48 percent to C$0.49.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$10 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.