5 Top Weekly TSXV Performers: Portofino Resources Rises 87.5 Percent

The S&P/TSX Venture Composite Index (INDEXTSI:JX) climbed last week, opening the shorter four day period at 889.7 and closing on Friday (October 15) at 937.01.

The gold price was on the rise, nearly hitting the US$1,800 per ounce mark midway through last week. But it ultimately finished lower, sitting just under the US$1,770 level.

Last week’s five TSXV-listed mining stocks that saw the biggest gains are as follows:

• Portofino Resources (TSXV:POR)
• Argentina Lithium & Energy (TSXV:LIT)
• Arena Minerals (TSXV:AN)
• Niobay Metals (TSXV:NBY)
• Baselode Energy (TSXV:FIND)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Portofino Resources

Portofino Resources is focued on exploring and developing resource projects in the Americas. The company holds the Yergo lithium project in Argentina, as well as the Ontario-based Allison Lake North lithium asset. Its Ontario assets also include the South of Otter and Bruce Lake gold projects, along with the Gold Creek, Sapawe West and Melema West gold properties.

There were two pieces of news from Portofino last week. First, the company said on Tuesday (October 12) that its Argentine field crew would be traveling to Yergo to evaluate conditions and prepare site logistics for future drilling. Then, on Wednesday (October 13), Portofino increased a previously announced non-brokered private placement to C$650,000.

The company’s share price rose 87.5 percent last week to close at C$0.15.

2. Argentina Lithium & Energy

As its name suggests, Argentina Lithium & Energy’s focus is on acquiring and advancing high-quality lithium projects in Argentina; it intends to feed battery sector demand. The company is a member of the Grosso Group, a resource management firm with decades of experience in Argentina.

The latest news from Argentina Lithium came last Thursday (October 14), when it signed a definitive agreement to acquire the Rincon West and Pocitos properties in the country’s Salta province. The deal was first announced on September 28. Company shares rose 85.19 percent last week to finish at C$0.50.

3. Arena Minerals

Arena Minerals has honed its efforts on Argentina. The company is advancing the Sal de la Puna project, which covers about 11,000 hectares in the Pastos Grandes Basin, through a joint venture; it also holds the Antofalla lithium brine project in the country. Outside Argentina, Arena owns 80 percent of the Atacama copper property within the Antofagasta region of Chile.

Last Friday, Arena closed the second and final tranche of a $10 million subscription receipts private placement.  Ganfeng Lithium (OTC Pink:GNENF,HKEX:1772) participated in the second tranche of the placement, while Lithium Americas (TSX:LAC,NYSE:LAC) participated in the first. The company’s share price jumped 67.5 percent during the four day period to end at C$0.34.

4. Niobay Metals

Niobay Metals’ assets include the Ontario-based James Bay niobium project, as well as a 72.5 percent interest in the Crevier niobium-tantalum project in Quebec and a 48 percent direct participation in mineral titles situated in Quebec’s Chibougamau region.

Last Thursday, the company shared the first results from a metallurgical program designed to produce battery-grade niobium oxide for use as anode material in fast-charging lithium battery technology; Niobay said there was a 3 percent improvement compared to the company’s preliminary economic assessment. Shares of the company increased 56.52 percent on the news to finish at C$0.54.

5. Baselode Energy

Baselode Energy wholly owns the Catharsis, Hook and Shadow projects, located in Saskatchewan. The company has an exploration thesis centered on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the province’s prolific Athabasca Basin.

Last Wednesday, the company announced the intersection of numerous intervals of elevated radioactivity in two new diamond drill holes at the ACKIO target at Hook. Its share price jumped 50 percent over the course of the week to close at C$1.23.

Data for 5 Top Weekly TSX 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$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Baselode Energy is a client of the Investing News Network. This article is not paid-for content.