Precious Metals

Gold Investing

Last week’s top-gaining TSXV mining stocks were Blackrock Gold, Callinex Mines, Abacus Mining, CruzSur Energy and Royal Helium.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) finished last Friday (July 24) at 691.41, higher than Monday’s (July 20) open of 681.15. 

Last week brought major price activity for both gold and silver — gold passed the crucial US$1,900 per ounce level, while silver rose above US$23 per ounce.

Experts agree that the precious metals have been buoyed by a slew of factors, including global government stimulus efforts and concerns about the coronavirus pandemic.

Against that backdrop, the companies below saw major share price moves last week:

  • Blackrock Gold (TSXV:BRC)
  • Callinex Mines (TSXV:CNX)
  • Abacus Mining & Exploration (TSXV:AME)
  • CruzSur Energy (TSXV:CZR)
  • Royal Helium (TSXV:RHC)

Here’s a look at what may have moved their share prices over the last five days.

1. Blackrock Gold

Nevada-focused Blackrock Gold has a portfolio of low-sulfidation epithermal gold-silver projects in the state. Its focus lies on its Tonopah West and Silver Cloud properties.

Last week, the company’s share price rose 195.35 percent to finish at C$1.27. On Monday, Blackrock reported initial drill results from the Victor target at Tonopah; then, on Wednesday (July 22), it announced a non-brokered private placement for gross proceeds of C$7.5 million. The placement will be led by a C$5 million investment from Canadian billionaire Eric Sprott.

2. Callinex Mines

Callinex Mines’ efforts are centered on zinc deposits in New Brunswick’s Bathurst Mining District and Manitoba’s Flin Flon Mining District. Its Nash Creek and Superjack deposits in New Brunswick and its Pine Bay project in Manitoba are the highlights of its portfolio.

Last Tuesday (July 21), Callinex began a drill campaign geared at drill testing two targets at Pine Bay. Later in the week, on Thursday (July 23), the company said it plans to start a soil sampling campaign at Nash Creek. The two pieces of news sent the company’s share price up 150.79 percent to finish at C$3.16.

3. Abacus Mining & Exploration

Exploration and development company Abacus Mining & Exploration is interested in copper and gold in the Americas, with a particular focus on Nevada. Right now it is directing most attention to the Nevada-based Willow copper-gold property, in which it can acquire up to a 75 percent ownership interest.

Last Wednesday, Abacus announced a non-brokered private placement for gross proceeds of $600,000. It plans to use the money for a geophysical program and drilling at its Jersey Valley gold property in Nevada, as well as for general working capital. The news sent the company’s share price up 104.76 percent to C$0.22.

4. CruzSur Energy

International oil and gas company CruzSur Energy has honed in initially on Colombia and Argentina.

Last Friday, CruzSur announced that while it was re-entering the Aruchara well (drilled in 1980) to repair a gas leak, it found a large amount of natural gas that had been burned in the flare stack. The company said it has controlled the leak, and noted that the Colombian authorities were informed about the re-entry. CruzSur’s share price rose 100 percent last week to finish at C$0.50.

5. Royal Helium

With assets in Southern Saskatchewan, Royal Helium bills itself as one of Canada’s largest helium leaseholders. Last Monday, the company announced the appointment of Sylvain Laberge to its board of directors. Laberge will play a “key role” in Royal Helium’s corporate strategy as it moves to begin drilling.

Its share price rose 90.24 percent last week to close at C$0.39.

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.


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