Last week’s other top-gaining stocks on the TSXV were Garibaldi Resources, Northern Vertex Mining, American Lithium and Renaissance Oil.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.62 percent on Friday (October 20) to end at 786.88 points.
Rail companies, banks and miners led gains, with nickel prices reaching a six-week high and copper prices holding above $7,000 per tonne.
In the US, the Senate approved a budget blueprint for the 2018 fiscal year, paving the way for Republicans to pursue a tax-cut package without Democratic support. Market watchers see tax cuts helping the market rally by lifting economic growth and inflation.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- E3 Metals (TSXV:ETMC)
- Garibaldi Resources(TSXV:GGI)
- Northern Vertex Mining (TSXV:NEE)
- American Lithium (TSXV:LI)
- Renaissance Oil (TSXV:ROE)
Read on for a brief overview of those companies and what moved their share prices last week.
E3 Metals released the latest assay results from its petro-lithium project in Alberta last week. Lithium concentrations from 43 wells across E3’s permit area confirm historic results as high as 84.8 mg/L. Lithium concentrations obtained from areas never before sampled range from 41.4 mg/L to 79.9 mg/L. E3 said the results will allow it to develop the first lithium mineral resource for the property in Q4 2017.
Sampling is ongoing across E3’s permit area, which covers 570,000 hectares in the prolific Leduc Reservoir. The company’s share price rose 41.18 percent to close at $0.58 last week.
Garibaldi Resources’ current focus is its 200-square-kilometer land package in BC’s Eskay Mining Camp, where the E&L project at Nickel Mountain is located. A drill program at Nickel Mountain is ongoing, and two drill rigs have completed 12 holes so far, totaling just over 3,000 meters.
On October 16, the firm announced a non-brokered private placement to raise gross proceeds of up to $10 million. The company said the proceeds will be used to continue developing E&L, as well as its other BC properties and its gold and silver properties in Mexico. The news sent Garibaldi’s share price up 39.41 percent to close last week at $3.97.
Northern Vertex Mining
Northern Vertex Mining is focused on its Moss gold-silver mine in Arizona. The company appointed Frank (Bud) Hillemeyer and Perry Durning as exploration advisors on October 16. They have been tasked with identifying targets for a proposed $10-million exploration program.
The company said the program will be funded from cashflow from the Moss mine. The mine is expected to start producing in Q4 2017. Northern Vertex’s share price rose 37.76 percent over the course of last week to close at $0.53.
American Lithium has not released any news since April, but last week its share price rose 31.11 percent to close at $0.62. The company is engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas.
Renaissance Oil and its partner Lukoil (LSE:LKOH) have begun a field evaluation program for the Amatitlan block in Mexico, according to an October 17 announcement. The firm also said it has submitted all required permit applications for a nine-well Chicontepec drill program.
In addition, the company closed a financing for aggregate gross proceeds of $3.15 million last week. It plans to use the money to acquire additional oil and gas rights in Mexico and for general corporate purposes. Renaissance’s share price rose 30 percent last week to close at $0.13.
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.