The Conversation (1)
Roger A. J. Aquin09 Sep, 2019
The top gainers on the TSXV last week were Gatling Exploration, CGX Energy, Prime Mining, Mako Mining and Mangazeya Mining.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose by 3.6 points last Friday (September 6) to reach 589.86 — an increase of 0.61 percent.
News around the world was again centered around recession fears, with US job growth slowing in August. Meanwhile, the UK has been a merry shambles as Brexit Prime Minister Boris Johnson lost his majority, was defeated in successive votes on the floor of the Commons and is currently fighting for a snap election ahead of the October 31 deadline for the UK’s exit from the Union.
In commodities, gold took a dip at the end of the week, falling back towards US$1,500 an ounce, while copper is still in the doldrums as the base metals prove themselves over and over to be the most vulnerable to trade war shenanigans — even with nickel’s gains amid Indonesian resource nationalism.
Speaking of resources, here are the top five gainers in the resources sector on the TSXV from last week:
- Gatling Exploration (TSXV:GTR)
- CGX Energy (TSXV:OYL)
- Prime Mining (TSXV:PRYM)
- Mako Mining (TSXV:MKO)
- Mangazeya Mining (TSXV:MGZ.H)
Read on to find out about what each company has been up to lately.
Gatling Exploration
Gatling Exploration is a Canadian gold explorer with assets in Ontario, where it has a 100 percent interest in the Larder project, 35 kilometers east of Kirkland Lake in the northeast of the province.
Besides a recent rash of promotional news, such as a 360 degree tour of its site and plans to attend the Precious Metals Summit in Colorado, Gatling most recently reported high-grade surface samples at the Kir Vit zone at Larder.
On the TSXV last Friday, Gatling Exploration was trading at C$0.64 — an increase of 64.1 percent over the previous five days of trading.
CGX Energy
Oil and gas explorer CGX Energy has assets in the Guyana-Suriname Basin of South America, where it holds three licenses, two offshore and one onshore.
The company says the basin is a good place to be working, claiming it is 15th in the world for undiscovered oil and gas potential, with 117 fields that have over a million barrels of recoverable oil, 24 fields with over 100 million barrels and six fields with over 500 million barrels.
The most recent news from the company was a release on August 28 saying that it is not aware of any material undisclosed information that could explain its share price increase over the last few weeks.
CGX was currently trading at C$0.95 last Friday, up by 41.79 percent compared to the Friday before.
Prime Mining
Prime Mining bills itself as a near-term gold producer, with its asset — the Los Reyes project in Sinaloa, Mexico — having produced the precious metal historically.
News for the company recently was about a resumption of trading on stock market, with Prime Mining resuming trading on the TSXV on Wednesday (September 4).
The company was trading at C$0.45 by last Friday, an increase of 40.63 percent.
Mako Mining
Sticking with the Americas theme this week, Mako Mining’s primary asset is in Nicaragua, where it has its San Albino gold project.
Last Wednesday, the company announced that infill drilling at the project has intersected 60.72 grams per tonne of gold over 3.1 meters.
The results got some interest, with Mako trading up by 38.71 percent last Friday, reaching C$0.22 by the end of the week.
Mangazeya Mining
Finally breaking the Americas theme, Mangazeya Mining has three non-ferrous and precious metals deposits in the Zabaykalsky Krai of the Russian Far East.
The company’s most recent news was on August 29, when it released its production results for the year so far, along with its financial statements and MD&A quarterly highlights.
In Toronto, Mangazeya was trading up by 33.33 percent last week at C$0.04.
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$10 million prior to the week’s gains are included. Companies within the basic materials and energy sectors are considered.
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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.
