Last week’s other top-gaining mining stocks on the TSX were Royal Nickel Corporation, Imperial Metals, Nighthawk Gold and Harte Gold.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened on a positive note on Friday (September 21), up 12.86 points, to 16,227.61. The uptick was a result of a boost in energy stocks benefiting from the higher oil prices ahead of this weekend’s OPEC meeting in Algeria.
The rising price of oil has been attributed to increasing supply concerns. In November, American embargoes on Iranian goods, including oil and gas, go into effect. On Thursday (September 20), President Trump tweeted his displeasure regarding rising gas prices, and demanded, “the OPEC monopoly must get prices down now!”
Despite a one percent drop in the price of spot gold, Canada’s largest stock index remained steady on its upward trajectory, sitting at 16,259.56 at midday.
Last week’s top TSX stocks include three precious metals miners, a nickel and cobalt explorer and a diversified metals operator specializing in precious and base metals. The five TSX-listed mining stocks that saw the biggest gains were as follows:
- Royal Nickel Corporation (TSX:RNX)
- Wallbridge Mining (TSX:WM)
- Imperial Metals (TSX:III)
- Nighthawk Gold (TSX:NHK)
- Harte Gold (TSX:HRT)
Here’s a look at those companies and the factors that moved their share prices last week.
Royal Nickel Corporation
Diversified metals explorer RNC is primarily focused on its key asset, the Dumont nickel and cobalt project, located in the Abitibi region of Quebec. However, the company also produces gold and copper.
On Thursday (September 20), RNC released a production update for its “Father’s Day Vein” discovery at its Beta Hunt mine. According to the company, there is an estimated 24,000 ounces of high-grade gold worth US$38 million. Over the five-day period, shares of RNC soared by 89 percent, trading at C$0.53.
Precious metals explorer Wallbridge Mining is currently focused in Quebec, where it is developing its wholly-owned Fenelon gold property. Presently, the company is conducting test and sample work at the site.
On Wednesday (September 19), Wallbridge announced it had made a new gold discovery in the Habanero zone of the Fenelon. The test work identified 122.35 grams per ton gold over 2.95 metres within zone. Company shares were up 77.78 percent, ending the week at C$0.24.
Based in British Columbia, Imperial Metals is an exploration, mine development and operating company, focused on base and precious metals. All of the company’s various projects are located in BC, including the Red Chris, Mount Polley and Huckleberry copper mines, as well as the Ruddock Creek lead–zinc property.
On September 19, Imperial released a drilling update for the Ruddock Creek project. A diamond drill program at the site intersected zinc, lead and silver. Imperial’s shares climbed 41.23 percent, trading at C$1.61.
Gold explorer Nighthawk is working towards production at its various sites and projects located in the Northwest Territories. The company’s main area of focus is the Colomac gold project, where a recently updated inferred resource indicated 2.6 million ounces of gold.
Nighthawk released an exploration update early in the week. Sixteen of the eighteen holes dug by the company intersected gold mineralizations. Nighthawk stock was up 24.59 percent, to C$0.38.
Precious metals miner Harte Gold is currently focused on the exploration and development of its wholly-owned Sugar Zone property where it has completed a 70,000 tonne advanced exploration bulk sample.
On Thursday (September 20), Harte announced it had received all necessary operating permits from the government of Ontario to start commercial production at the Sugar Zone mine. Company stock grew by 22.67 percent, trading at C$0.460.
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: Wallbridge Mining is a client of the Investing News Network. This article is not paid-for content.