5 Top Weekly TSXV Stocks: Drill Program Update Sends QMX Gold Soaring

The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.43 percent this past Friday (July 28), ending the week at 772.57 points.
Statistics Canada data released that day revealed that the country’s GDP increased by 0.6 percent from May to April — triple the 0.2 percent economists had predicted.
The positive news boosted the Canadian dollar, which was up 0.83 percent against the US dollar as of mid-morning trading. That better-than-expected economic performance will undoubtedly add to the Bank of Canada’s case for raising interest rates later this year.

Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:

• QMX Gold  (TSXV:QMX)
• Novo Resources (TSXV:NVO)
• Asian Mineral Resources (TSXV:ASN)
• NV Gold (TSXV:NVX)
• Garibaldi Resources (TSXV:GGI)

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

QMX Gold

Last week was a busy one for QMX Gold, which said in a drill program update that it has confirmed gold veins at the Bonnefond South Plug area of its Quebec land package. So far 1,025 meters of the 4,500-meter drill program have been completed
Also last week, QMX closed the sale of its Quebec-based Aurbel East property to Probe Metals for $1,000,000; Aurbel East was a non-core asset for the company. At the end of the period, the company’s share price was up 87.8 percent at $0.38.

Novo Resources

Novo Resources’ share price rose 58.93 percent over the course of last week to close at $2.72. On Wednesday (July 26), the company said it was unaware of “any undisclosed material change relating to the Company or its operations that would account for the recent increase in market activity.”
The firm is developing gold projects in the Pilbara region of Western Australia, and discovered gold nuggets at its Purdy’s Reward prospect earlier this month.

Asian Mineral Resources

East Asia Minerals’ share price rose 33.33 percent last week to end at $0.02, but it did not release any news that would explain the increase.

The firm has three copper, gold and molybdenum exploration projects in Indonesia. Most recently, on July 13, East Asia Minerals released an updated resource estimate for the Binebase-Bawone gold deposit at its Sangihe project in Indonesia. Gold oxide and sulfide mineralization are both present at the deposit.

NV Gold

NV Gold’s share price rose 32.69 percent over the course of last week to close at $0.33. It has not released any recent updates, but it closed a private placement earlier this month, raising C$61,950.
The gold-focused company said proceeds will be used to acquire new properties, advance existing properties and for general working capital. Eric Sprott, through his corporation, acquired a 12.5-percent interest in the company on a non-diluted basis; assuming all share purchase warrants are exercised he will ultimately hold about 17.6 percent of the company.

Garibaldi Resources

On July 27, Garibaldi Resources announced a new surface discovery at its E&L Nickel Mountain project after following up on its first of four VTEM conductor targets. The news sent the company’s share price up 31.43 percent to close at $0.27 last week.
The company said widespread pyrrhotite-chalcopyrite mineralization was identified on surface in gabbroic rocks that outcrop over a broad area at previously unexplored Anomaly A. Anomaly A is located about 6 kilometers north-northeast of the historic E&L nickel-copper mineralized zones, where more drilling will start soon.
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.