5 Top Weekly TSXV Stocks: Fosterville South Rises on Gold Assays

Precious Metals
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Last week’s top-gaining mining stocks on the TSXV were Finlay Minerals, Fosterville South Exploration, Dajin Lithium, Satori Resources and Recharge Resources.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) faced downward momentum last week, falling from an opening level of 925.76 to close at 921.29.

In the metals space, gold faced what market commentators described as a “flash crash,” dropping to around the US$1,700 per ounce level for a short period of time. It finished the week at about US$1,780.

The activity came after stronger-than-expected US jobs numbers, followed by new data on inflation.

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

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

1. Finlay Minerals

Finlay Minerals is focused on the exploration and development of high-value base and precious metals deposits in Northern BC, an area that is familiar to the company’s management team. Its properties are called Silver Hope, ATTY and PIL, and all three are located in that region.

The company filed a disclosure form on SEDAR last Tuesday (August 10), but other than that did not release any news for the period. Finlay Minerals’ share price rose 71.43 percent last week to hit C$0.18.

2. Fosterville South Exploration

With three high-grade gold projects in the Fosterville area of Australia, Fosterville South Exploration is focused on exploration near Kirkland Lake Gold’s (TSX:KL,NYSE:KL,ASX:KLA) Fosterville mine.

Last Monday (August 9), Fosterville South reported that initial drilling at the Reedy Creek goldfield returned high-grade gold assays during reconnaissance reverse-circulation drilling of a previously undrilled geochemical anomaly. Its share price increased 63.16 percent to finish last week at C$1.55.

3. Dajin Lithium

Exploration company Dajin Lithium has brine-based lithium projects in Argentina and Nevada. Its assets include Salinas Grandes in Argentina, as well as Teels Marsh and Alkali Lake in Nevada.

There was no fresh news from Dajin last week, but its share price leaped 54.55 percent to end at C$0.09.

4. Satori Resources

Gold-focused explorer Satori Resources’ main property is the past-producing Tartan Lake gold mine project in Manitoba’s Flin Flon greenstone belt. It also holds the Ontario-based New Delhi gold project.

Last Wednesday (August 11), Satori reported final results from Phase I drilling at Tartan Lake. According to the company, it has extended the asset’s main zone by 200 meters, intersecting 6.9 grams per tonne gold over 5 meters. Its share price jumped 50 percent on the news to finish at C$0.17.

5. Recharge Resources

Recharge Resources says it is exploring for battery metals to meet demand from the electric vehicle and fuel cell vehicle markets. Under a July 28 agreement, the company plans to acquire Battmetals Resources, which holds the BC-based Murray Ridge and Pinchi Lake nickel projects. Battmetals also holds the Georgia Lake North and West lithium properties in Ontario.

Last week, Recharge launched a new website and announced a five-for-one stock split of its common shares. The company’s share price rose 35 percent to close the period at C$0.14.

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.

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

Editorial Disclosure: Finlay Minerals is a client of the Investing News Network. This article is not paid-for content.

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