5 Top Weekly TSXV Stocks: Bluestone Resources Gains on Goldcorp Deal

The S&P/TSX Venture Composite Index (INDEXTSI:JX) added 0.8 percent on Friday (June 23) to end at 777.25 points.
Gains in energy and resource stocks helped to bolster the index at the end of the week. The materials group, which includes miners and fertilizer firms, added 1.1 percent, and overall eight out of the 10 categories on the index gained. Losses hit the tech and consumer staples groups, which sank 0.5 and 0.3 percent, respectively.
On the back of those factors, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:

• Bluestone Resources (TSXV:BSR)
• Newrange Gold (TSXV:NRG)
• Black Bull Resources (TSXV: BBS.H)
• Red Rock Energy (TSXV:RRK)
• Golden Dawn Minerals (TSXV:GOM)

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

Bluestone Resources

Bluestone Resources resumed trading on the TSXV on June 22 after it completed the acquisition of two projects from Goldcorp (TSX:G,NYSE:GG). Bluestone now owns the Cerro Blanco gold-silver project and the Mita geothermal project in Guatemala. The company announced the closure of the deal on May 31.
As part of the deal, Goldcorp received $20 million in cash, a 1-percent net smelter return royalty on production, plus the right to receive 3,099,160 common shares of Bluestone and 258,805 common share purchase warrants. Goldcorp will also receive another $15 million in cash within six months of the commencement of commercial production at Cerro Blanco.
Bluestone Resources’ share price gained 248 percent last week to close at $1.74.

Newrange Gold

Newrange Gold announced results from the first 10 holes completed as part of a Phase I drill program at its Palmlico gold project on June 19. The company said the program focused on the Merritt zone at the property, which is located in Nevada.
CEO Robert Carrington said the initial results show that Pamlico is a “high potential opportunity” for the firm. “I look forward to the receipt of assays for the remaining 9 holes of the Phase I Drill Program and for more information that will come from ongoing exploration work underway at Pamlico,” Carrington added.
The company’s share price performance over the course of the week indicates that his excitement is shared by investors. Newrange gained 60 percent to close last week at $0.72.

Black Bull Resources

Black Bull Resources is based in Nova Scotia and owns the White Rock mine in the province. The mine produces high-purity quartz, and the White Rock property also contains an identified resource of kaolin and mica.

The company’s most recent news came on May 29, when it released its interim report for the first fiscal quarter of the year. President and CEO Chris Every said, “while the Company’s future is uncertain with a reduced cash burn the Company can continue to seek longer-term strategic options for its resources. During the period the company also announced the completion of the 30:1 share consolidation.”
The company’s share price rose 85.71 percent over the course of last week to close at $0.13. It did not release any news during the period.

Red Rock Energy

Red Rock Energy is a uranium exploration company based in Alberta. The firm holds 26 exploration claims to a property in Northern Saskatchewan.
On June 8, the company received approval from the TSXV for its NEX reactivation and its application for graduation to Tier 2 of the TSXV. Red Rock Energy began trading under the symbol RRK on the TSXV starting on June 12.
In connection with the reactivation, the firm completed a non-brokered private placement for 20,770,332 common shares priced at $0.10 each, and raised a total of $2,077,032. The company’s share price rose 28.3 percent last week to close at $0.34.

Golden Dawn Minerals

Golden Dawn has three precious and base metals projects in BC. It released two pieces of news last week — it filed an updated preliminary economic assessment for its Greenwood gold project on June 19, and received mine permits on June 20. The mine permits are for the company’s BC-based Lexington-Grenoble mine and its Greenwood process plant.
On the back of that news, Golden Dawn’s share price rose 27.45 percent to close last week at $0.33.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday after market close 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.
Editorial Disclosure: Newrange Gold is a client of the Investing News Network. This article is not paid-for content.