5 Top Weekly TSXV Stocks: GoldON Receives Permits, Rises Over 50 Percent

The S&P/TSX Venture Composite Index (INDEXTSI:JX) finished last week at 462.64 points, up from Monday’s (April 20) start of 445.31.

The five day period was an interesting one for the resource space, with West Texas Intermediate crude plunging into negative territory for the first time ever. The steep drop was largely expected to be temporary, although oil prices continue to face headwinds.

Other markets were more positive, with gold staying above US$1,700 per ounce for most of the week and some countries around the world preparing to ease coronavirus restrictions.

Against that backdrop, a number of junior miners were able to post gains. Last week’s five top-rising resource stocks on the TSXV are as follows:

• Northern Superior Resources (TSXV:SUP)
• GoldON Resources (TSXV:GLD)
• African Gold Group (TSXV:AGG)
• G2 Goldfields (TSXV:GTWO)
• Aurcana (TSXV:AUN)

Here’s a look at what may have moved their share prices during the period.

1. Northern Superior Resources

Northern Superior Resources is focused on gold projects in Ontario and Quebec. Its goal is to use its geoscientific database to advance assets from discovery to the point that they can be sold, optioned or joint ventured. The company’s two main assets currently are Croteau Est and Ti-pa-haa-kaa-ning.

Northern Superior did not release any news last week, but its share price jumped 65.96 percent to end at C$0.39. Its latest news came on April 15, when it announced a new appointment to its board of directors.

2. GoldON Resources

GoldON Resources aims to acquire and hold projects during the value creation phase of discovery, then find partners to advance them via option or joint venture. It is focused mainly on gold in Ontario.

Last Wednesday (April 22), GoldON received exploration permits for its Bruce Lake gold project in Ontario. The permits are valid until February 11, 2023, and cover mechanized stripping, line cutting, ground geophysical surveys and diamond drilling. GoldON has an option to acquire a 100 percent interest in Bruce Lake, which is located 1 kilometer southeast of Great Bear Resources’ (TSXV:GBR,OTCQX:GTBDF) Dixie property; it also borders Great Bear’s Pakwash property.

GoldON’s share price rose 60.98 percent last week to end at C$0.66.

3. African Gold Group

African Gold Group’s primary asset is the Mali-based Kobada gold project, where it is working toward completing a definitive feasibility study in Q2 of this year.

The company shared two press releases last week. On Tuesday (April 21), it released the final drill results from a drill program at Kobada, commenting that since September 2019 it has completed 11,428 meters of diamond core drilling. On Friday (April 24), African Gold Group closed the second and final tranche of its previously announced C$3 million non-brokered private placement financing of common shares.

The company’s share price ended up 52.63 percent last week at C$0.29.

4. G2 Goldfields

G2 Goldfields describes itself not as a prospect generator, but as a resource generator. It has a portfolio of projects in both Canada and Guyana, and its goal is to take them from the exploration to resource stage while also acquiring new assets.

Last week, the company reported high-grade intercepts from its Guyana-based Oko-Aremu project. G2 Goldfields highlighted hole OKD-29 as the deepest drilled yet and said it encountered two significant zones of mineralization: 49 g/t gold over 2.7 meters and 11.5 g/t gold over 3.2 meters.

G2 Goldfields’ share price rose 52.17 percent last week to finish at C$0.70.

5. Aurcana

Aurcana owns the past-producing Revenue-Virginius silver mine in Colorado and the Texas-based Shafter silver project. Last week, the company both announced and closed a non-brokered private placement for C$2.52 million. A total of 9,337,407 units were issued at a price of C$0.27 each. The proceeds will be used to advance Revenue-Virginius, and for working capital and general and administrative expenses.

The company’s share price finished last week at C$0.44, up 51.72 percent.

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.