5 Top Weekly TSXV Stocks: Northern Shield Rises 58 Percent on Gold Assays

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week at 472.92, up slightly from its Monday (April 27) start of 463.21. 

Major markets last week were hurt as US President Donald Trump brought up tariffs against China once again, igniting fresh fears of a trade war with the Asian nation.

It’s possible that the TSX Venture Exchange was boosted by strength in gold. Although the yellow metal ended April on a low note, it was still trading at about US$1,700 per ounce on Friday (May 1).

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:

• Sintana Energy (TSXV:SEI)
• Northern Shield Resources (TSXV:NRN)
• Foran Mining (TSXV:FOM)
• Arizona Metals (TSXV:AMC)
• Labrador Gold (TSXV:LAB)

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

1. Sintana Energy

Oil and gas explorer Sintana Energy is focused on its portfolio of assets in Colombia’s Magdalena Basin. Magdalena is one of Colombia’s most explored basins, with discoveries mainly in the Paleogene section.

Sintana has not released any news since February 3, when it granted stock options to people involved with the company. Even so, its share price rose 75 percent last week to close at C$0.11.

2. Northern Shield Resources

Northern Shield Resources’ goal is to generate exploration targets and then conduct grassroots exploration. Its main property is Shot Rock in Nova Scotia, which it acquired in 2018; the company has the option to earn an 80 percent interest in the project.

Last Wednesday (April 29), Northern Shield announced that it has received all drill core assays from the first drill program at Shot Rock; they include high-grade gold intercepts of up to 22 grams per tonne (g/t) gold, and are the highest gold grades to date from the property. The company’s share price jumped 58.33 percent on the news to close at C$0.10 last week.

“The Company now feels it can move forward confidently, following-up on the higher grades and the correct structures, which we believe will quickly and significantly expand the gold bearing zones,” said Ian Bliss, president and CEO of Northern Shield.

3. Foran Mining

Zinc–copper exploration and development company Foran Mining is working to advance its flagship McIlvenna Bay asset in Saskatchewan toward production. According to the company, McIlvenna Bay is one of Canada’s largest undeveloped volcanogenic massive sulfide deposits.

Last Tuesday (April 28), Foran closed a non-brokered private placement for gross proceeds of $710,000; it issued 7,100,000 units priced at $0.10 per unit. The company said it was oversubscribed by $210,000. Also last week, Foran filed the technical report for its recent prefeasibility study for McIlvenna Bay.

Foran’s share price rose 47.83 percent last week to end at C$0.17.

4. Arizona Metals

Arizona Metals has two core assets: the Kay mine property and the Sugarloaf Peak property, both located in Arizona. The former is a volcanogenic massive sulfide deposit, and the latter is a gold target.

On Wednesday last week, Arizona Metals released assay results from the first drill hole completed at the Kay mine property’s South zone. The company reported that hole KM-20-09 intersected 6.1 meters grading 7.8 g/t gold equivalent, including 4.4 meters grading 9.3 g/t gold equivalent, and also including 1.1 meters grading 16 g/t gold equivalent.

According to the company, only one hole was drilled in Kay’s South zone before work was called off due to COVID-19; seven holes were drilled in the North zone. Arizona Metals’ share price rose 47.62 percent last week to reach $0.62.

5. Labrador Gold

Labrador Gold’s latest acquisition is the Kingsway gold project in Newfoundland, which is located along strike of a recent discovery made by New Found Gold. Labrador Gold also holds the Ashuanipi and Hopedale properties in Labrador, where exploration has revealed regional-scale gold anomalies.

Notably, the company’s management team includes Shawn Ryan as technical advisor; Ryan is known for his success at White Gold (TSXV:WGO) in the Yukon. Labrador Gold did not release any news last week, but its share price rose 38.46 percent to finish at C$0.18.

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: White Gold is a client of the Investing News Network. This article is not paid-for content.