The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 0.10 percent as of 11 a.m. on Friday (November 24) to reach 793.54 points.
The Canadian dollar was trading at 78.69 cents U.S., up from average price of 78.65 cents U.S. on Thursday.
The December gold contract was unchanged at $1,291.60 an ounce but the December copper contract rose two cents to $3.16 a pound.
US crude prices were at their highest in over two years boosted by a shutdown of TransCanada’s Keystone pipeline following a spill earlier this month. The Keystone pipeline delivers oil from Canada to the U.S.
A Conference Board of Canada forecast released Wednesday revealed that Alberta; Canada’s oil producing province, would lead the country in economic growth this year. Alberta’s economy is expected to grow by 6.7 percent in 2017.
A number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- Quantum Minerals (TSXV:QMC)
- Power Metals (TSXV:PWM)
- Erin Ventures (TSXV:EV)
- Plateau Uranium (TSXV:PLU)
- Lion One Metals (TSXV:LIO)
Read on for a brief overview of those companies and what moved their share prices last week.
Quantum Minerals announced a private placement of up to $1,625,000 on November 16, commenting that it intends to use the net proceeds for working capital and to advance its Manitoba-based Irgon lithium project.
The company has a number of other properties in the province as well, including two VMS assets and the Carrot River gold project.
The company’s share price rose 80 percent to close at $01.35 last week.
On November 16, Power Metals said it is nearing completion of a 5,000-meter drill program, and has drilled 44 holes out of a total of 49 planned at its Case Lake lithium property. The firm announced it will conduct another drill program in January 2018.
Case Lake is the company’s sole project and is located in Northeastern Ontario.
The company’s share price rose 46.43 percent to close at $0.82 last week.
Erin Ventures responded to a request by the Industry Regulatory Organization of Canada to comment on recent trading activity of its shares on Wednesday.
The firm said it is not aware of any material change that would account for recent increase in the trading volume and price of the Company’s common shares on the TSX Venture Exchange.
Erin Ventures is exploring the Piskanja boron deposit in Serbia and filed a maiden mineral resource estimate (MRE) in 2013. The MRE reports an Indicated Mineral Resource of 5,600,000 tonnes with an average B2O3 content of 30.8 percent, and an additional Inferred Mineral Resource of 6,200,000 tonnes with an average B2O3 content of 28.8 percent.
The company’s share price rose 38.89 percent over the course of last week to close at $0.12.
On November 22, Plateau Uranium reported results of its next two drill holes at its Falchani discovery, located in the Chaccaconiza area of the Company’s Macusani Plateau Project in southeastern Peru.
“The next two drill holes from the Falchani discovery continue to deliver strong uranium and lithium grades and thicknesses greater than our published resources. This previously unknown felsic tuff unit consistently contains >3,500 ppm Li metal and remains open at depth, but through the latest drilling, now has a minimum true thickness of over 50 metres from the deepest drill hole to date. We are now even more confident of the possibility that the Falchani discovery will evolve into a large uranium and lithium deposit as we continue drilling to expand the mineralized footprint at this exciting prospect,” said Ted O’Connor, CEO of Plateau Uranium.
The company’s share price rose 34.04 percent over the course of last week to close at $0.63.
Lion One Metals
Fiji’s Minister of Mines has granted Lion One Metals a Navilawa Special Prospecting Licence adjoining Lion One Metals’ underground Tuvatu gold project located on the island of Viti Levu in the Republic of Fiji. Lion One Metals said it now holds over 200 square kilometres of prospective ground in one contiguous exploration license area with a 385 hectare mining lease near its epicentre at Tuvatu.
Lion One Metals’ share price rose 26 percent over the week to close at $0.63.
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.
Editorial Disclosure: Plateau Uranium is a client of the Investing News Network. This article is not paid-for content.