The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.44 percent on Friday (July 21) to end at 761.18 points.
Oil price weakness weighed on energy stocks that day, but gaining gold miners largely offset their losses. Also on Friday, the Canadian dollar rose after Statistics Canada released data showing that retail sales increased for the third month in a row in May.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains. The five top gainers last week are as follows:
- Trigon Metals (TSXV:TM)
- Virginia Energy Resources (TSXV:VUI)
- NuLegacy Gold (TSXV: NUG)
- Galway Metals (TSXV:GWM)
- East Asia Minerals (TSXV:EAS)
Read on for a brief overview of those companies and what moved their share prices last week.
On Wednesday (July 19), Trigon Metals announced a private placement and the appointment of a new chairman. The firm hopes to raise up to $1,000,000 and will use part of the proceeds for the exploration and development of its Kombat copper–silver project in Namibia. Kombat is a past-producing mine that closed in 2008.
In May, Trigon reported that the site has an inferred mineral resource of 6.905 million tonnes grading 2.78 percent copper, 1.14 percent lead and 19.11 g/t silver. It has completed a preliminary economic assessment that considers both open-pit and eventual underground mining at Kombat.
The company’s share price gained 54 percent last week to close at $0.35.
Virginia Energy Resources
Virginia Energy Resources owns the Coles Hill uranium project in Virginia, which contains an estimated 119 million pounds of uranium. The company has been unable to move forward at the site as there is a moratorium on uranium mining in the state.
NuLegacy Gold announced the discovery of a new anomaly at its Red Hill property last week. Called Western Slope, the anomaly has similar characteristics to the company’s Iceberg gold deposit; it is also located 1 kilometer west of Iceberg and runs parallel to it. Red Hill is also home to the Avocado deposit.
The news sent NuLegacy’s share price up 33.33 percent to close last week at $0.22.
Galway Metals announced assay results from 31 drill holes at its Clarence Stream gold property in New Brunswick last week. “The new strong results are significant because they appear to extend the North Zone 1,250 metres to the southeast and then east,” said President and CEO Robert Hinchcliffe.
- 14.6 g/t gold over 10.2 meters, including 37.3 g/t gold over 1.1 meters, 36.1 g/t gold over 1 meter and 31.7 g/t gold over 1 meter at a vertical depth of 41 meters.
- 7.3 g/t gold over 4.6 meters, including 12.4 g/t gold over 2.6 meters at a vertical depth of 55 meters.
- 16.6 g/t gold over 2.1 meters, including 32.7 g/t gold over 1 meter starting at a vertical depth of 28 meters.
The firm’s share price rose 32.69 percent over the course of last week to close at $0.33.
East Asia Minerals
On July 17, East Asia Minerals granted 250,000 stock options to consultants and independent directors at the company. A release states, “each option entitles the holder to purchase one common share of the company at an exercise price of $0.28 for a five-year period.”
The company recently restarted operations at its Sangihe gold project in Indonesia, and released an updated resource estimate for the property in June. In total East Asia Minerals has three projects in Indonesia. The firm’s share price rose 29.63 percent to close at $0.35 last week.
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.