The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed down 4.03 points on Friday (February 16), ending at 830.17 points.
The Canadian dollar was down that day against the greenback, coming off an earlier 11-day high following a drop in manufacturing data. The Canadian dollar was 0.5 percent lower, at 79.75 US cents.
Meanwhile, oil prices reached a one-week high as global equities approached their largest weekly gain in six years. US West Texas Intermediate crude for March delivery fell 20 cents, to $61.15 per barrel, after reaching a one-week high of $61.89.
Against that backdrop, a number of TSXV-listed mining stocks experienced share price gains last week. The five top gainers are as follows:
- Granada Gold Mine (TSXV:GGM)
- Galantas Gold (TSXV:GAL,LSE:GAL)
- Goldcliff Resources (TSXV:GCN)
- Garibaldi Resources (TSXV:GGI)
- Cornerstone Capital Resources (TSXV:CGP)
Read on for a brief overview of those companies and what moved their share prices last week.
1. Granada Gold Mine
Exploration company Granada Gold Mine saw its share price rise 26.79 percent to close at $0.39 last week. It latest news came on February 9, when it announced that it would make its third annual Castle Silver Resources (TSXV:CSR) dividend payment to all shareholders on record.
2. Galantas Gold
Galantas Gold is pursuing underground development at its Omagh gold mine in Northern Ireland. Its share price rose 25 percent to close at $0.13 last week.
Last Friday, the company announced that an appeal brought by a third party against its planning consent had completed the hearing stage.
The Court of Appeal at the Royal Courts of Justice in Belfast heard the appeal against a judicial review decision that upheld the Department for Environment Northern Ireland’s grant of planning consent for an underground mine at the Omagh site. According to the company, the court will deliver its judgment at a later date, currently unknown.
3. Goldcliff Resources
Goldcliff Resources’ share price rose 24.14 percent over the course of last week to close at $0.18. It did not release any news during that time that would explain the gain.
The firm is currently funding engineering and permitting activity on a Nevada-based gold project through a 40-percent joint venture interest. Goldcliff is also looking to develop a gold-backed cryptocurrency, and said at the end of January that it was in the final stages of discussions with a blockchain development company for the development of a streaming and royalty platform.
4. Garibaldi Resources
Last Friday, Garibaldi Resources announced the start of a 2018 exploration campaign at its Nickel Mountain project in the Eskay mining camp. The company’s share price rose 23.5 percent over the course of last week to close at $2.60.
The campaign will involve conducting VTEM and magnetics surveys of the project and surrounding claims via helicopter. The firm said the surveys will cover up to approximately 1,650 line kilometers of Garibaldi’s claim group, nearly triple the size of the 2017 program.
“Given the tremendous success with geophysics at Nickel Mountain in 2017, as demonstrated by compelling drilling results and a unique discovery in this Camp, we’re excited by what we may learn from this expanded program covering the entire trend,” said Steve Regoci, Garibaldi’s president and CEO.
5. Cornerstone Capital Resources
Two diamond drill rigs will mobilize to Aguinaga in early March, and five high-priority targets have already been identified. The company has a 15-percent interest in Cascabel financed through to completion of a feasibility study. Its share price gained 20.59 percent last week to close at $0.19.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST 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, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Castle Silver Resources and Granada Gold Mine are clients of the Investing News Network. This article is not paid-for content.