Last week’s top-gaining mining stocks on the TSXV were Golden Goliath, Strikepoint Gold, American Creek, Eloro Resources and Tower Resources.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was on the rise last week, closing at 598.74 after beginning the week at just 571.93.
Despite the uptick for the index, investors remain concerned about COVID-19, with many experts suggesting that a global economic recovery is not in the cards in the near term.
On the flip side, gold had a positive week, spending most of the period above US$1,750 per ounce as market watchers honed in on safe havens.
Against that backdrop, the companies below saw major share price moves last week:
- Golden Goliath Resources (TSXV:GNG)
- Strikepoint Gold (TSXV:SKP)
- American Creek Resources (TSXV:AMK)
- Eloro Resources (TSXV:ELO)
- Tower Resources (TSXV:TWR)
Here’s a look at what may have moved their share prices during the period.
1. Golden Goliath Resources
Golden Goliath Resources’ main assets include two gold-silver exploration projects in Ontario, as well as a property in Mexico that includes a past-producing gold-silver mine.
Last Monday (June 22), the company completed initial till sampling and other geological work at its Ontario-based Kwai project. An induced polarization geophysical survey is still happening. According to Golden Goliath, Kwai is home to a repetition of the same sequence of rocks that hosts the LP zone at Great Bear Resources‘ (TSXV:GBR,OTCQX:GTBAF) Dixie project.
The news sent Golden Goliath’s share price up 100 percent to finish last week at C$0.18.
2. Strikepoint Gold
BC- and Yukon-focused Strikepoint Gold is working to discover large ore deposits of gold, silver and/or copper; it has assets in other parts of Canada as well. The company did not release any news last week, but like Golden Goliath its share price rocketed up 100 percent to end the period at C$0.10.
3. American Creek Resources
Precious metals exploration company American Creek Resources is focused on BC. Last week, the company said that Tudor Gold (TSXV:TUD), its joint venture partner, has added a third diamond drill rig at the Treaty Creek property, located in the province’s Golden Triangle area.
Work began at Treaty Creek in May with two diamond drill rigs at the Goldstorm zone; the partners have budget for 22,500 meters of drilling, and their goal is to define the limits of the mineralization. The news sent American Creek’s share price up 72.41 percent to end at C$0.25.
4. Eloro Resources
Eloro Resources has a portfolio of gold and base metals properties in Bolivia, Peru and Quebec. Among others, the company has the option to acquire a 99 percent interest in the Bolivia-based Iska Iska property, which is a polymetallic epithermal-porphyry complex.
Last Thursday (June 25), Eloro announced that its Bolivian subsidiary has contracted Empresa Minera Villegas to begin underground drill bay preparation for a diamond drilling program that is planned for Iska Iska. Eloro expects that it will be able to start drilling once Bolivia lifts lockdown restrictions.
The announcement sent the company’s share price up 60 percent last week to C$0.80.
5. Tower Resources
Exploration company Tower Resources operates in BC, where its main assets are the Rabbit North (copper-gold), Nechako (gold-silver-copper) and More Creek (gold-silver) projects.
Last Thursday, Tower both announced and closed a non-brokered private placement for gross proceeds of $502,064. In total, it issued 8,367,732 units priced at $0.06. Shares of the company increased 53.85 percent last week to finish at C$0.10.
Data for 5 Top Weekly TSXV 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 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: Great Bear Resources is a client of the Investing News Network. This article is not paid-for content.