5 Top Weekly TSX Stocks: Cardinal Resources Up as Takeover Battle Continues

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trending up early last Friday (July 17) at 16,118.29, and ultimately closed the week at 16,132.1. 

The index was rising on the back of energy and materials stocks as the gold price continued to climb.

An increase in coronavirus cases pushed safe haven assets higher, with gold trading above US$1,800 per ounce that day. Meanwhile, after breaking the US$6,500 per tonne level at the start of the week, copper was down at US$5,385 by Friday.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

• Maya Gold and Silver (TSX:MYA)
• Karora Resources (TSX:KRR)
• Marimaca Copper (TSX:MARI)
• Corvus Gold (TSX:KOR)
• Cardinal Resources (TSX:CDV)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Maya Gold and Silver

Maya Gold and Silver is focused on precious, base and strategic metals assets Morocco. The company’s flagship projects are the Zgounder silver mine and the Boumadine polymetallic deposit.

Last Tuesday (July 14), the company started the first phase of an exploration program at Zgounder. As a result of the news, the company’s share price jumped 33.33 percent to end the week at C$1.72.

2. Karora Resources

Karora Resources is a multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation and development of precious metals properties. Karora’s primary operations are the Beta Hunt underground mine and the Higginsville gold operations, including the Higginsville open-pit mines and the 1.4 million tonne per year Higginsville mill.

It was a busy week for Karora, which announced Eric Sprott’s increased investment in the company and reported that gold production for the latest quarter hit 24,078 ounces. Last week, Karora’s share price was up by 28.3 percent to reach C$0.68.

3. Marimaca Copper

Formerly Coro Mining, Marimaca Copper announced its name change on May 27. The company’s name now aligns with its flagship development asset in Chile, the Marimaca project, which it says is one of the largest copper discoveries in Northern Chile.

Last Tuesday, the company released the results of a high-resolution, drone-mounted magnetic survey at Marimaca; it indicates strong potential for sulfide mineralization beneath the Marimaca oxide deposit. Shares of the company jumped 25.27 percent to end the week at C$2.33.

4. Corvus Gold

Junior exploration and development company Corvus Gold is currently focused on advancing and maturing its solely owned gold project, the North Bullfrog property.

Last Thursday (July 16), Corvus received positive drilling results from its new Lynnda Strip target. Last week, Corvus Gold saw its share price increase 20.25 percent to C$3.92.

5. Cardinal Resources

Cardinal Resources is a West African gold-focused exploration and development company that holds interests in tenements within Ghana, West Africa. The company is focused on the Namdini gold project.

Last Wednesday (July 15), the company received an unconditional takeover offer from Nordgold, its largest shareholder; Nordgold informed Cardinal that it wants to acquire the remaining 81.29 percent stake it doesn’t already own in Cardinal Resources.

Cardinal has advised shareholders to take no action at this time. Earlier this year, China’s Shandong Gold Mining (SHA:600547), the country’s largest gold producer, launched an off-market takeover offer for Cardinal that was unanimously recommended by Cardinal’s board of directors. As a result of the news last week, shares of the company increased 19.64 percent to end at C$0.67.

Data for 5 Top Weekly TSX 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$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.