Columbus Gold was the top gaining mining stock on the TSX last week followed by Shore Gold, Stornoway Diamond, Tanzanian Royalty Exploration and Dundee Precious Metals.
The S&P/TSX Composite index (INDEXTSI:OSPTX) rose steadily last week, finishing up 115 points at 14,600.66.
That’s the highest close for the exchange in four years, as Reuters noted. The TSX is now up 12.21 percent so far this year.
Gold, silver and copper prices finished the week fairly flat, but several mining companies still managed to record substantial gains for the week.
Companies up for the week included:
- Columbus Gold (TSX:CGT)
- Shore Gold (TSX:SGF)
- Stornoway Diamond (TSX:SWY)
- Tanzanian Royalty Exploration (TSX:TNX)
- Dundee Precious Metals (TSX:DPM)
Here’s a look at those companies:
Shares of Columbus Gold were up 17.46 percent last week to $0.74 per share. On Monday, the company announced results from the latest 11 drill holes from its Eastside gold project in Nevada. Highlights included an intercept of 97.5 meters grading 0.68 grams per tonne of gold. The company has completed 14,370 meters of drilling in 2016
Columbus also holds the Montagne d’Or deposit in French Guiana.
Shore Gold announced this week that 2016 core drilling and geotechnical programs had been completed on the western margin of the Orion South diamond project.Shares of the company gained 13.16 percent to reach $0.215 last week. The core drilling program consisted of 8 holes totalling approximately 1,600 meters of drilling. The Star kimberlite at Orion straddles a boundary between Shore Gold’s property, and a property held by a joint venture between Shore and Newmont Canada.
Shares of Stornoway were up 12.75 percent to $1.15 per share last week. On July 15, the company announced that it had commenced ore processing at its Renard diamond project, marking the beginning of a processing ramp-up designed to achieve 100 percent of the plant’s nameplate capacity within 9 months. There was no new news last week to explain Stornoway’s share price rise.
Tanzanian Royalty Exploration
Tanzanian Royalty holds a number of development and exploration projects in Tanzania. In February 2016, the company’s subsidiary declared force majeure under its agreement with STAMICO, owned by Tanzanian Treasury, due to the invasion and forced occupation of its Buckreef site by several hundred illegal miners. The company announced on June 9 that it was looking to open negotiations with STAMICO in order to resolve the issue, and on June 16, the company stated it would begin testing its gravity circuit at Buckreef in order to restart production.
Tanzanian Royalty Exploration was up 11.19 percent last week to close at $1.49 per share
Dundee Precious Metals
Finally, shares of Dundee Precious Metals gained 10.7 percent last week to reach $3.93. The Canadian based, international gold mining company holds a producing gold, copper and silver mine in Bulgaria, a gold development property in southeastern Bulgaria, and a concentrate processing facility in Namibia. Dundee closed a $54.65 million bought-deal financing on July 11. However, there has been no further news to explain the company’s rise in share price last week.
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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, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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