International Tower Hill Mines, UEX, Corvus Gold and Mega Uranium also saw share price increases last week. Here’s a look at what moved their share prices.
Last Friday, the S&P/TSX Composite index (INDEXTSI:OSPTX) fell 0.23 percent, or 31.09 points, to close at 13,637.2 points.
For the week as a whole, the index gained 1.8 percent, and according to The Globe and Mail, it’s risen 15 percent since hitting a 2013 low in January. The index’s recovery has largely been driven by a Q1 rebound in commodities producers, and many resource-focused stocks continue to do well.
Last week’s top TSX-listed mining stocks were:
- Golden Star Resources (TSX:GSC,NYSEMKT:GSS)
- International Tower Hill Mines (TSX:ITH,NYSEMKT:THM)
- UEX (TSX:UEX)
- Corvus Gold (TSX:KOR,OTCQX:CORVF)
- Mega Uranium (TSX:MGA)
Here’s a look at what moved the share prices of those companies last week.
Golden Star Resources
As mentioned, Golden Star Resources was the biggest gainer on TSX last week, rising 40.63 percent to end at $0.90. The company is an established gold miner with two mines in Ghana’s Ashanti gold belt; both mines are open-pit operations that are currently being expanded into underground mines.
Golden Star’s share price rise came after it released its Q1 2016 operational results last Wednesday. The company “exceeded expectations” with output of about 53,000 ounces of gold. That breaks down into 22,000 ounces from the Prestea mine and 31,000 ounces from the Wassa mine.
International Tower Hill Mines
International Tower Hill Mines is focused on the development of its Alaska-based Livengood gold project, which has a NI 43-101 compliant gold resource of 15.7 million ounces (807 MT at 0.61 g/t) measured and indicated, and 4.4 million ounces (266 MT at 0.52 g/t) inferred, all at a cut off of 0.3 g/t.
The company’s share price rose 39.78 percent last week to reach $0.65. During the period it filed its audited year-end financial statements and associated management discussion and analysis, but did not release any other news.
Last week, UEX rose 35 percent to close at $0.27 after it announced the results of the first three drill holes completed at the Christie Lake project. The company is currently completing a $2.75-million drill program at Christie Lake, and states that hole CB-92 was of particular interest — it intersected high-grade uranium mineralization averaging 4.27 percent eU3O8 over 10.2 meters.
UEX has a 10-percent stake in Christie Lake, as well as an option to earn up to a 70-percent stake in the project. In total, the company is involved in 16 uranium projects, including four that it wholly owns.
Corvus Gold’s share price rose 26.87 percent last week to end at $0.85.
The company’s main focus is its Nevada-based North Bullfrog project, and last week it began a Phase 1 drill program there. The 5,000-meter program will focus on expanding the high-grade NW Sierra Blanca target and on follow-up drilling at the Lower Savage target and the West Jolly Jane fault. A preliminary economic assessment was completed for North Bullfrog last year.
Finally, Mega Uranium’s share price rose 25 percent last week to finish at $0.18. The company is focused on uranium projects in Australia and Canada, and last week did not release any news. Most recently, on March 31, it released the results of its annual and special shareholder meeting.
Data for 5 Top TSX 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 $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Corvus Gold is a client of the Investing News Network. This article is not paid-for content.
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