5 Top Weekly TSXV Stocks: E3 Metals Gains After Acquiring Petro-brine Properties

The S&P/TSX Venture Composite index (INDEXTSI:JX) rose last week, increasing 0.07 percent on Friday (June 2) to end at 800.98 points.
The index was buoyed slightly by the latest US jobs report, which shows that job creation slowed in May. The news lifted gold prices to a six-week peak. According to Reuters, the majority of market participants believe that despite that lackluster jobs data, the US Federal Reserve will announce an interest rate hike at its next meeting.
On the back of those factors, a number of TSXV-listed mining stocks experienced significant gains. The five top gainers last week are as follows:

• Bowmore Exploration (TSXV:BOW)
• Jaxon Minerals (TSXV:JAX)
• E3 Metals (TSXV:ETMC.H)
• NV Gold (TSXV: NVX)
• Abacus Mining and Exploration (TSXV:AME)

Read on for a brief overview of those stocks and what moved their share prices last week.

Bowmore Exploration

Bowmore Exploration announced on June 1 that it will be changing its name to Osisko Metals, and will trade on the TSXV under the symbol OM. The firm plans to focus on zinc projects in Eastern Canada in the medium term. Osisko Gold Royalties (TSX:OR,NYSE:OR) is a significant shareholder in Osisko Metals, with 20.5 percent ownership.
Last week the company’s share price gained 61.76 percent to close at $0.28.

Jaxon Minerals

Jaxon Minerals’ share price rose 45 percent last week to settle at $0.29 on news that the company plans to buy the Foremore property in BC’s Golden Triangle region. Foremore is located 45 kilometers north of Barrick Gold’s (TSX:ABX,NYSE:ABX) historic Eskay Creek mine, and adjoins Jaxon’s recently acquired Wishbone property. Cominco and Roca Mines reportedly spent millions of dollars developing target areas on the 15,500-hectare property.

E3 Metals

E3 Metals resumed trading on the TSXV on Wednesday after gaining approval from the exchange to acquire 1975293 Alberta. The takeover gives E3 Metals ownership of the oilfield lithium brine (petro-brine) Clearwater and Exshaw properties. In a press release, the company notes that petro-brines are known to contain concentrations of lithium, although it has not conducted any drilling or analytical work on the properties yet.
The news sent the company’s share price up 42.86 percent last week to close at $0.45.

NV Gold

NV Gold is a junior mining company with 14 exploration projects. Its latest acquisition came in March, when it bought the ATV property, located in Nevada. The firm plans to start the first round of drilling at ATV in mid-2017 using funds raised from a recently closed private placement. NV Gold’s share price rose 42.59 percent last week to close at $0.39.

Abacus Mining and Exploration

Abacus Mining and Exploration has a 20-percent interest in the Ajax project located in BC. Its main asset is the Ajax copper–gold project, though it also has the option to earn up to a 75-percent undivided interest in the Willow copper-gold property in Nevada.
On May 15, Abacus announced that the environmental assessment review process for Ajax will be resuming. The company has not released any news since then, but last week its share price rose 33.93 percent to close at $0.75.
Data for 5 Top Weekly 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.
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Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.