Last week’s other top-gaining mining stocks on the TSXV were VVC Exploration, Eloro Resources, Galway Metals and Tinka Resources.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed at 556.44 last Friday (June 5), down from its Monday (June 1) open of 559.14.
The end of the week brought the release of the latest US jobs numbers, which surprised to the upside.
Although Canada’s Venture Composite closed lower for the week, it rose on Friday along with other global indexes on hopes that a worldwide economic recovery may happen sooner than expected. Safe haven gold took a hit, while oil prices enjoyed momentum.
Against that backdrop, the companies below saw major share price moves last week:
- Orsu Metals (TSXV:OSU)
- VVC Exploration (TSXV:VVC)
- Eloro Resources (TSXV:ELO)
- Galway Metals (TSXV:GWM)
- Tinka Resources (TSXV:TK)
Here’s a look at what may have moved their share prices during the period.
1. Orsu Metals
Exploration and development company Orsu Metals is focused on its 90 percent owned Sergeevskoe gold project in Russia’s Mogocha District in the Zabaikal’skiy Region.
Last Wednesday (June 3), the company reported assay results from Sergeevskoe, with highlights being 2.96 grams per tonne gold over 24 meters and 4.22 g/t gold over 11 meters. In total, 1,721 meters across 18 drill holes were completed at the property.
The news sent Orsu’s share price up 50 percent last week to reach C$0.27.
2. VVC Exploration
VVC Exploration’s main asset is its Mexico-based Gloria project, a sedimentary-hosted copper project. The company also has other projects in Mexico, plus a project in Canada.
The company’s latest news came last Thursday (June 4), when it issued a number of updates. Among other things, VVC said it will reopen Gloria once the Mexican authorities have given permission. The news sent VVC’s share price up 50 percent to hit C$0.03 by the end of last week.
3. Eloro Resources
Eloro Resources has a portfolio of gold and base metals properties in Bolivia, Peru and Quebec. Among others, the company has the option to acquire a 99 percent interest in the Bolivia-based Iska Iska property, which is a polymetallic epithermal-porphyry complex.
Last week, Eloro announced a non-brokered private placement of up to 5 million units priced at $0.30 each for proceeds of up to $1.5 million. Its share price increased 50 percent to finish last week at C$0.57.
4. Galway Metals
Galway Metals is focused on two “previously misunderstood” projects in Canada: the Clarence Stream high-grade gold project in New Brunswick and the Estrades gold, zinc, copper and silver volcanogenic massive sulfide property in Quebec.
The company released a slew of news last week. On Monday (June 1), it shared assay results from Clarence Stream, with highlights including 6.2 grams per tonne gold over 38.5 meters, and 1.4 grams per tonne gold over 85 meters. Later in the week, Galway announced a $12.25 million best-efforts private placement financing; it later upsized it to $17.35 million.
The news sent Galway’s share price up 42.5 percent last week to close at C$0.57.
5. Tinka Resources
Tinka Resources is developing its Ayawilca project, located in Central Peru’s silver-lead-zinc belt.
The company has not issued an update since May 11, when it announced the recovery of an employee who had tested positive for COVID-19 and commented on the extension of Peru’s state of emergency until May 24. Last week, Tinka’s share price climbed 40.74 percent to reach C$0.19.
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: VVC Exploration is a client of the Investing News Network. This article is not paid-for content.