5 Top Weekly TSXV Stocks: Novo Resources Gains on Gold Discovery

The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.27 percent on Friday (June 14) to end at 754.97 points.
The Canadian dollar was up to $0.79 against the greenback just days after the Bank of Canada raised interest rates for the first time in seven years. Gold gained about 1 percent as the US dollar fell on the back of flat US inflation data and a fall in retail sales in June. Energy stocks rose on firming oil prices.
Against that backdrop, a number of  TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:

• Novo Resources (TSXV:NVO)
• Africa Hydrocarbons (TSXV:NFK.H)
• Montero Mining and Exploration (TSXV:MON)
• Sirios Resources (TSXV:SOI)
• Asian Mineral Resources (TSXV:ASN)

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

Novo Resources

Last Wednesday (July 12), Novo Resources announced the discovery of gold nuggets at its Purdy’s Reward prospect, noting that it has collected a bulk sample for testing purposes. Purdy’s Reward is part of the firm’s Karratha gold project in Western Australia, and Novo is exploring it with Artemis Resources (ASX:ARV), its joint venture partner.
Earlier in July, the company signed a memorandum of understand with Japanese firm Sumitomo (TSE:8053) to develop its Beatons Creek project in Western Australia. Although Novo is primarily focused on projects in the Pilbara region of Western Australia, it also owns a property in Nevada. The company’s share price gained 67.47 percent to close last week at $1.35.

Africa Hydrocarbons

Africa Hydrocarbons is an exploration-stage company focused on developing petroleum and natural gas projects in North Africa. On June 27, the company consolidated its share capital on a 20-for-one basis.
The company has released few updates lately about its projects or activities. It used to have an interest in the Bouhajla project located in Tunisia, but sold it to DualEx Energy in 2015. DualEx has since changed its name to Return Energy (TSXV:RTN). Last week Africa Hydrocarbons’ share price rose 66.67 percent to close at $0.55.

Montero Mining and Exploration

Montero announced an eight-to-one share consolidation on July 13. Shareholders approved the consolidation at a meeting on June 30; another outcome of the meeting was the company’s announcement that it has reached agreements to settle an aggregate of $820,270 in debt.

Montero has rare earths and phosphate projects in Tanzania and South Africa. Its primary asset is an 82-percent interest in the Wigu Hill property in Tanzania, where high-grade rare earths have been identified through drilling, sampling and trenching efforts. The company’s share price rose 56.25 percent to close at $0.25 last week.

Sirios Resources

Sirios Resources’ flagship project is its Quebec-based Cheechoo-Eleonore-Trend gold project, which is made up of 145 claims adjacent to Goldcorp’s (TSX:G,NYSE:GG) Eleonore gold mine. The company has not released any news since the beginning of June, when it announced the discovery of four gold anomalies at Cheechoo-Eleonore-Trend. Sphinx Resources (TSXV:SFX) is Sirios’ partner on the project.
Although it did not put out any news, Sirios’ share price rose 37.93 percent over the course of last week to close at $0.42

Asian Mineral Resources

Asian Mineral Resources owns the Ban Phuc nickel mine in Vietnam, which began producing in mid-2013. Its most recent news came in April, when it entered into a net smelter royalty agreement with Cobalt 27 Capital (TSXV:KBLT), a company aiming to offer investors access to physical cobalt.
Though the company has released no news since then, its share price rose 33.33 percent to close at $0.02.
Data for 5 Top Weekly 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 $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.