5 Top Weekly TSXV Stocks: Mineral Mountain Makes Progress

- October 20th, 2019

The top gainers on the TSXV last week were Goldbank Mining, Mineral Mountain, Molori Energy, GoldSpot Discoveries and Gensource Potash.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell at the end of last week by 1.51 points to 542.56 — slightly above where it was the same time the week before.

In global news, eyes were on Turkey with its rapid invasion of Northern Syria and the associated fallout, while US politics was even more consumed by talk around US President Donald Trump’s possible impeachment. Meanwhile, the UK still doesn’t have a Brexit deal.

In commodities, gold was plodding along at US$1,487.20 an ounce last Friday (October 18), while copper was up slightly at US$2.62 an ounce and oil was flat at US$53.58 a barrel.

Looking at how resource stocks are doing, here are the top five gainers on the TSXV from last week:

Read on to find out more about what each company has been up to lately.

Goldbank Mining

Vancouver-based explorer and developer Goldbank Mining has assets in the Yukon, where it is focused on the Leota gold project in the Klondike region. It also owns the Hasenfuss quartz project.

The most recent news to do with Goldbank was released on October 4 on SEDAR and details the C$100,000 purchase of a million shares of Goldbank by Blizzard Finance, which now owns 12.85 percent of all issued and outstanding shares in the company. Goldbank has not shared any updates since then.

Despite the lack of news, the company’s shares were trading up by 72.73 percent by the end of last week, reaching C$0.19 by Friday.

Mineral Mountain Resources

Vancouver-based company Mineral Mountain Resources describes itself as an advanced explorer with a focus on the development of gold projects with “camp-scale” potential within mining-friendly regions of the US. Its key project is the Standby project, located near Rochford (the project’s formal name on the company website) in South Dakota.

On October 11, the company reported that a deep trunk hole drilled at Standby with the intention of intersecting two previously known gold zones was progressing well.

At the close of last week, Mineral Mountain Resources was trading at C$0.28 — up by 64.71 percent over the previous five days of trading.

Molori Energy

Molori Energy is an oil and gas company with assets in the Texas Panhandle. According to the company’s documents on SEDAR, Molori suspended all production operations due to market volatility in Q4 2018, and has yet to restart production as of the company’s management discussion and analysis document published on September 30 — again, on SEDAR.

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The company has been reporting net losses since, and has not posted any news.

Again, despite the lack of news, the company was well up on the TSXV last week, with its shares gaining 52 percent to reach C$0.38.

GoldSpot Discoveries

GoldSpot Discoveries is a technology company that uses artificial intelligence and machine learning to reduce capital risk and increase success in the resource and investment sectors.

Last Tuesday (October 15), the company reported that it is successfully using deep learning to generate accurate geological maps of the area around Yamana Gold’s (TSX:YRI,NYSE:AUY) El Penon mine in Chile.

GoldSpot was trading at C$0.125 on Friday, up 38.89 percent over the previous week’s trading.

Gensource Potash

Gensource Potash is, as expected, a potash-focused firm with assets in potash hotspot Saskatchewan. Its business model is based on providing a more economic supply of potash fertilizers.

Last Friday, the company announced that it has agreed on a lead arranger for a senior debt component for the Tugaske project in Saskatchewan. The lead arranger will be the KfW IPEX-Bank from Germany.

Gensource was trading at C$0.15 by the end of last week, up by 36.36 percent.

Data for 5 Top 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 C$10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: GoldSpot Discoveries is a client of the Investing News Network. This article is not paid-for content. 

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