Last week’s other top-gaining stocks on the TSXV were Sama Resources, Orsu Metals, Millennial Lithium and Condor Resources.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.64 percent on Friday (October 13) to end at 795.73 points.
Energy and resource companies gained alongside oil and gold prices to boost the TSXV into positive territory. Gold rose in part due to the release of minutes from the US Federal Reserve’s September meeting, which sparked debate over whether another increase is warranted 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:
- Rugby Mining (TSXV:RUG)
- Sama Resources (TSXV:SME)
- Orsu Metals (TSXV: OSU)
- Millennial Lithium (TSXV:ML)
- Condor Resources (TSXV:CN)
Read on for a brief overview of those companies and what moved their share prices last week.
On October 10, Rugby Mining began exploration field work at its Otways gold project in Western Australia’s Pilbara region. The news sent its share price up 36.76 percent to close at $0.45 last week.
According to the company, the area is known for its gold potential, and is situated near a number of Novo Resources’ (TSXV:NVO) properties. “Rugby’s granted tenements have both gold workings and gold anomalies which we will investigate. We expect to complete preliminary prospecting in the coming weeks,” said CEO Paul Joyce.
Rugby also has copper and gold projects in Colombia, plus another gold project in the Philippines.
Sama Resources reported last week that SRG Graphite (TSXV:SRG) has engaged Met-Chem to undertake a preliminary economic assessment (PEA) for SRG’s Lola graphite project in Guinea, West Africa. Sama owns a 43.93-percent interest in SRG, and the PEA is expected to be released in December 2017.
Sama’s main focus is its Samapleu nickel-copper-palladium project in West Africa. The firm has proposed an open-pit operation at the site and has scheduled a drill program for Q4 2017 to test targets.
The company’s share price rose 29.73 percent to close at $0.24 last week.
On October 11, Orsu Metals sold its Karchiga copper project in Kazakhstan for $6 million. The company is focused on developing the Sergeevskoe gold project, which it has had a 30-percent stake in since March. Orsu’s share price rose 26.67 percent over the course of last week to close at $0.19.
Millennial Lithium announced last week that it has completed payments and executed the transfer deed to acquire the core mining properties for its flagship Pastos Grandes project. The firm currently controls four lithium projects in Argentina: Pastos Grandes, Cauchari East, Cruz and Pocitos West.
In an October 2 update, the company said there are four drill rigs now operating at Pastos Grandes. Millennial’s share price rose 26.03 percent last week to end the period at $1.85.
Condor Resources is exploring for base and precious metals at its various properties in Peru. Its most recent news came on October 6, when it provided updates on drilling at its Soledad and Ocros proejcts.
In September, company President and CEO Lyle Davis said the firm is anticipating a drill permit for its Chavin project, commenting “we hope to have a third drill program underway before year end.” The company’s share price rose 23.53 percent last week to close at $0.11.
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.