5 Top Weekly TSXV Stocks: Gold Reserve Gains on First Payment from Venezuela

The S&P/TSX Venture Composite Index (INDEXTSI:JX) added 0.56 percent on Friday (June 16) to end last week at 775.91 points.
Energy stocks increased on a rise in oil prices as some producers reduced their exports. Meanwhile, the Canadian dollar gained against the US dollar as the Bank of Canada dropped hints about a rate hike coming sooner than expected.
On the back of those factors, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:

• Yellowhead Mining (TSXV:YMI)
• Gold Reserve (TSXV: GRZ)
• Trigon Metals (TSXV:TM)
• Cornerstone Capital Resources (TSXV:CGP)
• Lupaka Gold (TSXV:LPK)

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

Yellowhead Mining

On June 9, Yellowhead Mining received approval from the TSX Venture Exchange to consolidate its shares. The one-for-12 share consolidation was approved by the company’s shareholders during its annual general meeting on May 10.
In February, the company applied to list its shares on the TSXV because it was not in compliance with the continuous listing requirements for the TSX. The TSX notified Yellowhead Mining that its shares would be delisted from the exchange on March 10, 2017.
The company’s Harper Creek copper project will remain on care and maintenance until market conditions improve. If developed, it will be a 70,000-tonne-per-day open-pit mine with a 28-year life.
Last week, Yellowhead Mining’s share price gained 42.86 percent to close at $0.65.

Gold Reserve

Gold Reserve received its first payment of $40 million from Venezuela on June 16. Under the terms of a settlement agreement, the country will pay Gold Reserve a total of $1.03 billion through a series of instalments over the next two years.
The payment is for the expropriation of Gold Reserve’s Brisas gold project by the Venezuelan government. In a press release, the firm said it is still working with its Venezuelan counterparts to create a joint venture called Empresa Mixta Ecosocialista Siembra Minera
The company’s share price gained 23.13 percent to close last week at $3.46.

Trigon Metals

Trigon Metals is focused on copper exploration in Namibia. The company owns an 80-percent interest in five mining licenses in the Otavi Mountain lands, an area of the country known for its high-grade copper deposits.

On June 1, the firm closed the first tranche of a private placement, raising $485,000. Then, on June 5, the company filed a NI 43-101 technical report including an executive summary of preliminary economic assessment results for its Kombat copper project. Highlights include a mine life of nine years with reserves of copper, lead and silver at the site.
Last week, the company did not release any news; nevertheless, its share price rose 19.57 percent over the course of the week to close at $0.28.

Cornerstone Capital Resources

On June 13, Cornerstone Capital Resources provided a drilling update for its Cascabel copper-gold joint venture in Northern Ecuador. The company has already begun drilling at the site and is waiting for initial assay results. It anticipates the arrival of two additional drill rigs in July and one in August to reach a total of eight on site by year end.
Cornerstone is developing the Cascabel project in partnership with Exploraciones Novomining, an Ecuadorean company owned by SolGold (LSE:SOLG). The company’s share price rose 16.67 percent last week to close at $0.46.

Lupaka Gold

Lupaka Gold has three projects in Peru, and completed a non-brokered private placement on May 24, raising $300,000. Earlier in May, the company amended an agreement with PLI Huaura Holdings regarding a definitive pre-paid forward gold purchase agreement. The proceeds will be used to complete development and begin production at the company’s Invicta mine.
Last week, Lupaka Gold’s share price rose 12 percent to close at $0.14. It did not release any news that would explain the increase.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday after market close 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.