The top-gaining mining company on the TSXV last week was Canasil Resources, followed by North Arrow Minerals, Orex Minerals, Corsa Coal and Rusoro Mining.
The S&P/TSX Venture Composite index (INDEXTSI:JX) was on the rise last week, gaining 3.35 percent, or 16.2 points, to finish at 499.52 points.
A number of junior mining companies were part of that rise. First on the list was Canasil Resources (TSXV:CLZ), and it was followed by North Arrow Minerals (TSXV:NAR), Orex Minerals (TSXV:REX), Corsa Coal (TSXV:CSO) and Rusoro Mining (TSXV:RML).
Canasil saw its share price rise a whopping 227 percent following impressive drill results from its Sandra-Escobar silver project in Mexico. The company noted that its joint venture partner, Orex Minerals, reported assay results from the first hole of an ongoing program at the project, with an intercept of 359 g/t silver over 61 meters from surface.
“These are exceptional results with very high silver values over an appreciable mineralized intercept from surface,” said Canasil President and CEO Bahman Yamani in a statement. “Silver mineralization in this area has been observed in outcrops over a strike length of 700 metres on surface and we look forward to the results from the other holes being completed in the current drill program.”
North Arrow Minerals
North Arrow Minerals is currently focused on advancing its Pikoo diamond project in Saskatchewan. Most recently, the company reported in October that its 2015 exploration program had confirmed the presence of four diamondiferous kimberlites at Pikoo.
The company saw its share price rise 68.75 percent last week to hit $0.27. However, there has been no new news to explain that rise.
As mentioned above, Orex is Canasil’s joint venture partner, and the operator of the Sandra-Escobar project. Accordingly, shares of Orex gained 66.67 percent to close the week at $0.35 on news of the silver discovery. Orex has an option agreement with Canasil under which it may earn up to a 65-percent interest in the Sandra-Escobar project.
Shares of Corsa Coal gained 50 percent last week to trade at $0.03. The company, a metallurgical coal supplier with operations in the Appalachian region of the US, completed a private placement for US$7.25 million on October 23, and reported a positive adjusted EBITDA “[d]espite a very challenging coal pricing environment.” However, there has been no further news to explain the company’s rise in share price last week.
Finally, gold-focused Rusoro Mining rounds out the list. It’s interesting that Rusoro is on the rise, since the company’s assets were nationalized by the Bolivarian Republic of Venezuela in 2012. The latest update on the situation came in June of last year, when Rusoro reported that both parties had completed their oral and written submissions in Rusoro’s arbitration before the World Bank’s International Center for Settlement of Investment Disputes.
Shares of Rusoro Mining rose 46.15 percent last week to $0.095 despite there being no new news on the matter. The company’s share price has gained 72 percent so far in 2015 and 280 percent over the past year.
Data for 5 Top 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.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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