Last week’s top-gaining mining stocks on the TSX were Tanzanian Royalty, Western Copper and Gold, Liberty Gold, Mandalay and Royal Nickel.
The uptick was brought on by a 1.3 percent rise in the materials sector thanks to a 1.1 percent increase in the price of gold. In addition to the materials sector, five other major sectors also performed positively, with energy growing 0.2 percent.
By midday, Canada’s largest exchange had continued its upward movement sitting at 15,361.43 at 1:30 p.m. EST.
- Tanzanian Royalty (TSX:TNX)
- Western Copper and Gold (TSX:WRN)
- Liberty Gold (TSX:LGD)
- Mandalay Resources (TSX:MND)
- Royal Nickel (TSX:RNX)
Here’s a look at those companies and the factors that moved their share prices last week.
Africa-focused gold explorer Tanzanian Royalty is currently developing its Buckreef project in Tanzania. In early January, the company announced it would commence a major three-phase drill program at the site.
The company has made no announcements since January 15 when it reported the sale of its common shares for C$885,734. Company shares were up 51.16 percent, trading at C$0.65.
Western Copper and Gold
Western Copper and Gold is a diversified developer currently focused on bringing its Casino project into production. Located in the Yukon, Casino is home to a significant gold, silver, copper and molybdenum reserves. According to Western, Casino contains 8.9 million ounces of gold, 4.5 billion pounds of copper, 483 million pounds of molybdenum and 65 million ounces of silver in proven and probable reserves.
Western did not release any company news during the period. Company stock was up 24.68 percent last week, to C$0.96.
Precious metals company Liberty Gold is currently exploring the Great Basin of the United States, where several large-scale gold projects ideal for open-pit mining are located. The Great Basin, stretches across Nevada and into Idaho and Utah. Liberty Gold’s ongoing projects include Goldstrike, Black Pine and Kinsley Mountain.
Liberty Gold’s last announcement was in mid-January when it released the results of additional infill and step out drilling at its Goldstrike property. Shares of Liberty Gold were up 23.33 percent, to C$0.370.
Natural resource company Mandalay Resources is a Canadian company with gold, copper and silver production projects in Australia and Sweden. The company also owns a number of care and maintenance and development projects in Chile.
On January 22, Mandalay released an updated proven and probable minerals reserve estimate for its Costerfield mine in Australia. Shares of Mandalay grew by 22.73 percent, to C$0.135.
Royal Nickel is currently focused on developing its solely-owned Beta Hunt gold mine located in Western Australia. Presently, the company is completing a 40,000 meter drill program on near mine exploration targets focused on the Father’s Day Vein area of the Beta Hunt mine. The company also has a minor interest in a nickel joint venture that owns the Dumont nickel–cobalt project in the Abitibi region of Quebec.
On Tuesday (January 22), Royal Nickel provided an update on the resource extension and infill drilling at Beta Hunt.
“After the historic Father’s Day Vein discovery, we have taken steps to test the theory that the newly identified property-wide sedimentary layer carries the potential for further high grade discoveries in the four main shear zones at Beta Hunt,” CEO Mark Selby, said in the announcement.
Company stock was up 20.37 percent, trading at C$0.65.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View using Stock Screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Western Copper and Gold is a client of the Investing News Network. This article is not paid-for content.