5 Top Weekly TSXV Stocks: Strongbow Soars 220 Percent on Discovery
Last week’s other top-gaining resource stocks on the TSXV were Pieridae Energy, GFG Resources, G2 Goldfields and Blue Sky Uranium.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week at 421.97, up 3.2 percent.
It was a short four day week for the Canadian exchange, which got a boost on Thursday (April 9) in response to more efforts from the US Federal Reserve to bolster the American economy.
Concerns about Canada’s economic health abound as well, with the country losing over 1 million jobs in March and the public still unsure of how long the COVID-19 situation will last.
Even so, some junior companies are managing to keep their heads above the water. Last week’s five top-gaining resource stocks on the TSXV are as follows:
- Strongbow Exploration (TSXV:SBW)
- Pieridae Energy (TSXV:PEA)
- GFG Resources (TSXV:GFG)
- G2 Goldfields (TSXV:GTWO)
- Blue Sky Uranium (TSXV:BSK)
Here’s a look at what may have moved their share prices during the period.
1. Strongbow Exploration
Strongbow Exploration’s goal is to build a portfolio of strategic metals assets in North America and the UK. Its main property is the past-producing South Crofty underground tin mine in Cornwall.
Last Tuesday (April 7), the company announced the discovery of a new zone of high-grade copper-tin mineralization; it is located at Strongbow’s United Downs project between the historic United mine and Consolidated mines. United Downs is also located in Cornwall, and the discovery hole was drilled by Cornish Lithium, which has the right to explore Strongbow’s mineral rights in the area for lithium-in-brine occurrences. Strongbow retains the rights to any hard-rock mineralization.
The news sent Strongbow’s share price up 220 percent to close last week at C$0.08.
2. Pieridae Energy
Pieridae Energy’s focus is on developing its Goldboro liquefied natural gas project and export facility, located off Canada’s east coast. The asset has most of its key permits, and the company has a 20 year contract in place under which German utility Uniper will buy all the gas from Goldboro’s first train.
Last week, Pieridae notified investors that it will release its Q4 and full 2019 year results this coming Thursday (April 16). Its share price increased by 90 percent to finish at C$0.38.
3. GFG Resources
Precious metals explorer GFG Resources owns the Pen and Dore gold projects in Ontario, as well as the Rattlesnake Hills gold project in Wyoming. Rattlesnake Hills was previously part of an option and earn-in agreement with Newcrest Mining (ASX:NCM), but Newcrest withdrew from the deal in early April.
Last week, GFG intersected what it says is a significant high-grade gold system at the Nib prospect, located at Pen. Hole PEN-20-47 intersected 71.27 grams per tonne gold over 8.5 meters, including 511 grams per tonne gold over 1.15 meters at a vertical depth of approximately 50 meters below surface. The news sent the company’s share price up 73.68 percent to C$0.17.
4. G2 Goldfields
G2 Goldfields describes itself not as a prospect generator, but as a resource generator. It has a portfolio of projects in both Canada and Guyana, and its goal is to take them from the exploration to resource stage while also acquiring new assets.
On Wednesday (April 8), G2 Goldfields shared an update on its Guyana-based Oko project, which contains multiple areas of gold mineralization. Among other things, the company said it has started a 10 hole, 2,000 meter drill program at a new property that is contiguous to, and about 1 kilometer south of, the area of recent drilling. Initial drilling will focus on areas with historical gold workings.
G2 Goldfields’ share price rose 66 percent last week to end at C$0.42.
5. Blue Sky Uranium
Argentina-focused Blue Sky Uranium has the Amarillo Grande uranium–vanadium project as its main asset. Amarillo Grande is located in the country’s Rio Negro province and contains a number of properties; the company also has projects in Chubut province.
Blue Sky did not release any news last week, but its share price increased 63.16 percent to finish at C$0.16. While uranium has seen upward price momentum due to mine closures caused by COVID-19, mining companies in Argentina are having to deal with measures taken to stop the spread of the virus.
Data for 5 Top Weekly TSXV 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$10 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.