Last week’s other top-gaining mining stocks on the TSXV were Garibaldi Resources, Rusoro Mining, Romios Gold Resources and Altai Resources.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 0.13 percent as of 10:30 a.m. PST on Friday (March 16), sitting at 829.13 points.
The Canadian dollar was down at 76.4 cents US that day from an average of 76.73 cents US on Thursday (March 15).
The April crude contract rose five cents to US$61.24 per barrel, while in contrast the April gold contract lost $6.70 to reach $1,310.10 an ounce.
Earlier in the week, Bank of Canada Governor Stephen Poloz said Canada is in a “sweet spot,” adding that the economy has plenty of untapped capacity that will keep inflation in check and allow interest rates to rise gradually.
Against that backdrop, a number of TSXV-listed mining stocks experienced share price gains last week. The five top gainers were as follows:
- NV Gold (TSXV:NVX)
- Garibaldi Resources (TSXV:GGI)
- Rusoro Mining (TSXV:RML)
- Romios Gold Resources (TSXV:RG)
- Altai Resources (TSXV:ATI)
Read on for a brief overview of those companies and what moved their share prices last week.
Last week, NV Gold re-entered hole ARC-6C at its ATV gold project, announcing plans to extend it by 600 meters. CEO John Watson said the “completion of the hole is anticipated to take several weeks.”
The firm also announced a non-brokered private placement for gross proceeds of up to C$390,000. NV Gold’s share price rose 118.75 percent to close at $0.67 last week.
In February, Garibaldi Resources began an exploration campaign at its Nickel Mountain property.
“Given the tremendous success with geophysics at Nickel Mountain in 2017, as demonstrated by compelling drilling results and a unique discovery in this camp, we’re excited by what we may learn from this expanded program covering the entire trend,” said Steve Regoci, Garibaldi’s president and CEO.
The company has not released any further updates, but its share price rose 39.72 percent to close at $2.80 last week.
On March 14, Rusoro Mining won a US court ruling confirming an arbitration award. The ruling upholds the order for Venezuela to compensate Rusoro in the amount of US$967.77 million, plus interest. With interest, the total amount due today is in excess of US$1.3 billion.
The company’s share price rose 37.5 percent over the course of last week to close at $0.12.
Romios Gold Resources
In late February, Romios Gold Resources announced the completion of airborne surveys over three of the exploration targets on its Newmont Lake property in BC’s Golden Triangle region.
The company has not yet released the results, but plans to undertake diamond drilling on the most promising targets identified by this survey and past field work starting this summer.
Romios Gold saw its share price rise 36.36 percent over the course of last week to close at $0.08.
Altai Resources is a natural gas, oil and gold company. Altai holds a 100-percent interest in the Sorel-Trois Rivières natural gas property in the heart of the St. Lawrence Lowlands Utica shale gas play in Quebec. The company’s share price gained 34.43 percent over the week to close at $0.43.
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.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.