5 Top Weekly TSXV Performers: Baselode Rises on New Discovery

The S&P/TSX Venture Composite Index (INDEXTSI:JX) dipped last week, opening on Monday (September 27) at 881.13 and closing the five day period at 865.03.

During the week, Statistics Canada reported that the country’s economy shank by 0.1 percent in July, contracting for the third time in four months. It is still 2 percent smaller than it was prior to COVID-19.

Economists are reportedly expecting a better outcome in August, when the economy is anticipated to grow by 0.7 percent, driven by sectors such as accommodation and food, manufacturing and retail trade.

Last week’s five TSXV-listed mining stocks that saw the biggest gains are as follows:

• Colonial Coal International (TSXV:CAD)
• ROK Resources (TSXV:ROK)
• Baselode Energy (TSXV:FIND)
• Altamira Gold (TSXV:ALTA)
• Petrolympic (TSXV:PCQ)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Colonial Coal International

Colonial Coal International is a pure-play metallurgical coal developer. It has 100 percent interests in the resource-stage Huguenot and Flatbed coal properties in Northeastern BC’s Peace River coalfield.

There was no fresh news from Colonial Coal last week, but shares rose 41.58 percent to end at C$1.43.

2. ROK Resources

ROK Resources is focused on exploring for petroleum and natural gas in Saskatchewan.

Last Wednesday (September 29), the company completed a multi-layer perforation and swab test of a vertical wellbore located at one of Hub City Lithium’s subsurface crown mineral dispositions, reporting that lab testing returned lithium concentrations of more than 96.3 milligrams per liter in the Duperow formation. ROK has a 25 percent carried interest in privately owned Hub City Lithium. ROK’s share price rose 40.48 percent last week to close at C$0.39.

3. Baselode Energy

Baselode Energy wholly owns the Catharsis, Hook and Shadow projects, located in Saskatchewan. The company has an exploration thesis centered on discovering near-surface, basement-hosted, high-grade uranium orebodies outside of the province’s prolific Athabasca Basin.

Last Wednesday, Baselode announced a new uranium discovery at Hook, saying that it intersected a wide zone of elevated radioactivity during its first drill program at the asset. On Tuesday (September 28) of last week, the company closed the second and final tranche of a non-brokered private placement for gross proceeds of C$3.9 million. Its share price jumped 37.93 percent last week to finish at C$0.80.

4. Altamira Gold

Altamira Gold has set its sights on exploring and developing gold projects in West-Central Brazil. The company has eight projects covering about 190,000 hectares within the country’s Juruena gold belt.

There was no fresh news from Altamira last week, but shares increased 36.59 percent to finish at C$0.28.

5. Petrolympic

Petrolympic describes itself as actively exploring in North America for gold, as well as premium light crude oil and natural gas. Right now it is focused on its gold assets in Quebec’s Val d’Or region.

The company’s share price rose 35.71 percent last week, although it didn’t release any news.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Baselode Energy is a client of the Investing News Network. This article is not paid-for content.