The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.4 percent on Friday (November 10) to close at 796.48 points.
The news that Cameco (TSX:CCO,NYSE:CCJ) will be suspending operations at its McArthur River and Key Lake properties in Northern Saskatchewan boosted uranium stocks, with miners hoping that the move will lead to higher uranium prices.
Against that backdrop, number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- Crystal Lake Mining (TSXV:CLM)
- Ultra Lithium (TSXV:ULI)
- Ethos Gold (TSXV: ECC)
- Plateau Uranium (TSXV:PLU)
- Purepoint Uranium (TSXV:PTU)
Read on for a brief overview of those companies and what moved their share prices last week.
Crystal Lake Mining
Crystal Lake Mining is developing two projects in BC and Ontario. The Tom Cat property is 200 kilometers east-northeast of Vancouver within the historic Aspen Grove Copper Camp, and the Emo nickel-copper-cobalt and PGMs sulfide project is in Carpenter Township in Northwestern Ontario.
The firm closed a private placement last Thursday (November 9), raising gross proceeds of $420,000. The company intends to use the funds to advance exploration activities at Emo and for general working capital. Crystal Lake’s share price rose 179 percent to close at $0.60 last week.
Ultra Lithium received assay results for a second round of surface sampling at its Argentina-based Laguna Verde, Archibara and Galan properties last Tuesday (November 7).
The results show lithium values ranging from 1 ppm to 1,100 ppm, and magnesium values of 9.45 ppm to 1,900 ppm; potassium values stand at 20.5 ppm to 14,100 ppm. The Laguna Verde area is marked by low magnesium-to-lithium ratios, according to the company. The news sent Ultra Lithium’s share price up 64 percent to close at $0.64 last week.
Ethos Gold has one property in the Yukon’s White Gold District. The company contracted Ground Truth Exploration to conduct a geochemical sampling program in 2012 from 14 sample sites. The 44 claims will remain in good standing without any additional expenditure required until 2018.
The firm did not release any news last week, but its share price rose 61.29 percent to close at $0.25.
As mentioned, many uranium companies saw share price boosts after Cameco’s announcement last week. Plateau Uranium’s share price rose 55.56 percent over the course of the week to close at $0.42.
The company posted a link to the Cameco story last Wednesday (November 8). It also closed a private placement on the same day, raising $1.8 million. Plateau plans to use the funds for a drill program on its Chaccaconisa properties, and to advance lithium metallurgical test work on its projects in Peru.
Purepoint Uranium announced on Thursday that it has staked six new claims adjacent to its McArthur East project in Saskatchewan’s Athabasca Basin. The new claims increase the total size of the project to 5,600 hectares. McArthur East now adjoins Cameco’s McArthur River project to the west and Cameco’s Cigar Lake project to the north.
“The target definition program carried out earlier this year has demonstrated significant potential particularly in light of the project’s association with the neighbouring properties which host two of the world’s largest high-grade uranium mines,” said Chris Frostad, president and CEO at Purepoint.
The company’s share price rose 23 percent over the week to close at $0.08.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each at 10:30 a.m. PST 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.
Editorial Disclosure: Plateau Uranium is a client of the Investing News Network. This article is not paid-for content.