5 Top Weekly TSX Stocks: Corvus Gold Up 29 Percent on Drill Results

- October 15th, 2017

Last week’s other top-gaining stocks on the TSX were Pretium Resources, Columbus Gold, Northern Dynasty Minerals and Trilogy Metals.

The S&P/TSX Composite Index (INDEXTSI:OSPTXrose 76.67 points in mid-morning trading last Friday (October 13) to reach 15,818.87 points. 
According to Reuters, the index fared well throughout the week, reaching a seven-and-a-half-month high of 15,816.82 points on Wednesday (October 11). Nine of its 10 main sectors rose that day, with the materials sector adding 0.6 percent.
Against that backdrop, a number of TSX-listed stocks in the mining sector saw significant share price increases last week. The five top gainers are as follows:

  • Corvus Gold (TSX:KOR)
  • Pretium Resources (TSX:PVG,NYSE:PVG)
  • Columbus Gold (TSX:CGT)
  • Northern Dynasty Minerals (TSX:NDM,NYSEMKT:NAK)
  • Trilogy Metals (TSX:TMQ,NYSEMKT:TMQ)

Here’s a look at what moved their share prices during the period.

Corvus Gold

Corvus Gold’s main focus is its Nevada-based North Bullfrog gold project, but it also holds the Mother Lode project in the same state. Last week, the company released initial results for the first two holes drilled as part of a 2017 Phase I drill program at Mother Lode. The results outline two stacked, higher-grade zones within the deposit and represent what appears to be a “significant new discovery.”
The news sent Corvus’ share price up 29 percent to close the week at $1.28. The company was also a top-gaining stock on the TSX last week.

Pretium Resources

Pretium Resources recently declared commercial production at its Brucejack gold mine in BC, and last week it announced its Q3 production results. According to the company, it processed 261,262 tonnes of ore during the period for a total of 82,203 ounces of gold. Over the course of the quarter, the mill moved from processing ore from low-grade stockpiles and development muck to stope ore.
On the back of the news, Pretium’s share price rose 26.95 percent to end at $15.03. Its gains helped buoy the S&P/TSX Composite Index to its seven-and-a-half-month high.

Columbus Gold

Gold exploration and development company Columbus Gold is focused on French Guiana and Nevada, although it recently announced plans to spin out its US projects. According to a September press release, the plan is for its subsidiary to be listed on the TSX Venture Exchange. Shareholders will vote on the arrangement at a special general meeting on November 20, and last week Columbus confirmed October 12 as the record date for determining shareholders’ eligibility to vote at the meeting.
The company’s share price rose 24.53 percent last week to end at $0.64.

Northern Dynasty Minerals

Northern Dynasty Minerals wholly owns the Pebble Limited Partnership, which is advancing the Alaska-based Pebble project toward permitting and development. Pebble has proven contentious over the last few years, and last week the project was back in the spotlight again after CNN published an article on the impact it could have on the Bristol Bay watershed — millions of salmon spawn in the area each year.
Despite the negative press, Northern Dynasty’s share price rose 22.52 percent last week to finish at $2.61. During the period, the company also announced that it has filled two senior technical positions to lead engineering design and regulatory permitting for Pebble.

Trilogy Metals

Trilogy Metals did not release any news last week, but its share price soared 19.3 percent to close at $1.40. The company’s principal assets are the Upper Kobuk mineral projects in Alaska’s Ambler Mining District, and its last news came on October 5, when it released its Q3 fiscal 2017 financial results.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST 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.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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