5 Top Weekly TSXV Stocks: Bonterra Gains on Gold Zone Discovery

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed up 6.99 points on Friday (November 17) to end the week at 799.35 points. 
The Canadian dollar was down during mid-morning trading, sitting at 78.05 cents US from Thursday’s average price of 78.46 cents US.
The December gold and copper contracts were both up slightly, with oil prices headed for their first week of losses in six weeks. Prices were battered by rising concern over Russia’s support for extending crude output cuts.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:

• Quantum Minerals (TSXV:QMC)
• Elcora Advanced Materials (TSXV:ERA)
• Bonterra Resources (TSXV:BTR)
• Power Metals (TSXV:PWM)
• Arctic Star Exploration (TSXV:ADD)

Read on for a brief overview of those companies and what moved their share prices last week.

Quantum Minerals

Quantum Minerals announced a private placement of up to $1,625,000 last Thursday (November 16), commenting that it intends to use the net proceeds for working capital and to advance its Manitoba-based Irgon lithium project. The news sent Quantum’s share price up 72.09 percent to close at $0.74 last week.
The company has a number of other properties in the province as well, including two VMS assets and the Carrot River gold project.

Elcora Advanced Materials

Elcora Advanced Materials describes itself as a vertically integrated graphite and graphene company. It mines, processes and refines graphite, and targets its products at high-end graphite markets.
The company last released news in July, when it said it was developing and testing non-toxic graphene coatings for marine vessels. Last week, its share price jumped 41.18 percent to close at $0.36.

Power Metals

Last Thursday, Power Metals said it is nearing completion of a 5,000-meter drill program, and has drilled 44 holes out of a total of 49 planned at its Case Lake lithium property. The firm announced it will conduct another drill program in January 2018.
Early drill results include:

• PWM-17-08: 1.94 percent Li2O and 323.75 ppm tantalum over 26 meters
• PWM-17-09: 1.23 percent Li2O and 148 ppm tantalum over 16 meters
• PWM-17-10: 1.74 percent Li2O and 245.96 ppm tantalum over 15.06 meters

Case Lake is the company’s sole project and is located in Northeastern Ontario. Power Metals’ share price rose 31.76 percent over the course of last week to close at $0.56.

Bonterra Resources

Bonterra Resources identified a fifth new parallel gold zone at its Gladiator gold deposit last Thursday. The firm said it is “aggressively” completing its 2017 resource development program, which will consist of 50,000 meters of drilling from four on-site rigs. Bonterra also said multiple holes are in the lab with assay results pending; it expects to expand to six drill rigs during the 2018 winter season.
The company’s share price rose 26.92 percent over the course of last week to close at $0.05.

Arctic Star Exploration

Also last Thursday, Arctic Star Exploration closed an agreement to acquire Finnish company Foriet. As a result of the deal, Arctic Star will gain the Timantti diamond project, which consists of two diamond-bearing kimberlites known as Black Wolf and White Wolf.
On the back of the news, the company’s share price rose 24 percent over to close at $0.15.
Data for 5 Top Weekly TSXV 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, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.