Top stocks last week on the TSXV were nothing but gold, gold, gold (again), with all five gainers exploring or developing gold projects.
At the tail end of last week, the S&P/TSX Venture Composite Index (INDEXTSI:JX) ended on a little bit of a high, jumping 5.32 points, or 0.87 percent to 613.72 on Friday (February 15).
In the commodities sector, gold hit a two-week high on the same day, with analysts noting that sentiments remained bearish on the precious metal.
Over in base metals, nothing much happened to prices which stayed generally flat, though First Quantum Minerals (TSX:FM) flicked the switch on its shiny new Cobre Panama copper project which will feed an extra 150,000 tonnes of the red metal into a thirsty market by years end.
Like last week, investor interest in gold was very high this week — with all five top gainers on the TSXV out and about hunting for gold.
The top five gainers over the last week on the TSXV were:
- Savary Gold (TSXV:SCA)
- AXMIN (TSXV:AXM)
- Galway Metals (TSXV:GWM)
- Amex Exploration (TSXV:AMX)
- Cartier Resources (TSXV:ECR)
Savary Gold is a Canadian gold explorer with interests in two properties in Burkina Faso, which is also the primary base of operations of SEMAFO (TSX:SMF), which recently cut the ribbon on its Bangou project.
SEMAFO matters here because this week it signed a non-binding letter of intent to take over Savary for C$22.7 million.
In the release, Savary pointed to SEMAFO’s maiden inferred mineral resource estimate for its Bantou zone — which happens to be contiguous to Savary’s Karankasso project, explaining SEMAFO’s interest.
On the TSXV, the markets responded well over the week, with Savary’s share price increasing by 80 percent to C$0.09 by Friday.
Another gold explorer in Africa, AXMIN has interests in Senegal and the Central African Republic — where the Passendro project is its flagship.
In a release dated January, but made available online in February, the company’s CEO and Chairman Lucy Yan said a big focus for the company in 2019 would be developing Passendro into an operational asset.
Good timing then, as this week the government in the Central African Republic announced a peace agreement with armed groups in a bid to quell unrest in the country which has been plagued by its current civil war since 2012.
On the TSXV, AXMIN’s share price increased by 56.52 percent over the week to C$0.36.
Despite the name, Galway is focused on gold exploration in Canada.
On Wednesday Galway announced it had intersected 7.3 grams per tonne (g/t) gold over 36.7metres at a new gold discovery at its Clarence Stream gold project in New Brunswick.
Investors liked that, with Galway’s share price increasing by 32.73 percent to C$0.365 over the week — with most of that gain happening right after the news was dropped.
Yet another gold explorer, Amex Exploration is focused on developing assets in Quebec, where it has interests in four properties.
On Wednesday, the company announced a C$5 million private placement in a bid to raise funds for ongoing drill programs at its flagship Perron property which it took full control of it 2017.
In Toronto, Amex was up 32.39 percent to C$0.94.
Another gold explorer with news this week, Cartier reported it had cut 10.6 g/t gold over 6 metres in a new zone at its Chimo mine in Quebec.
The company said that phase 2 drilling was underway at Chimo, with the new results drilled not far from existing infrastructure at the mine.
On the TSXV, Cartier’s share price increased to C$0.145 — a jump of 26.09 percent.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView. Only companies with market capitalizations greater than C$10 million prior to the week’s gains are included. Companies within the basic materials and energy sectors are considered.
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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.