5 Top Weekly TSXV Stocks: Galane Gold Gains on LOI to Acquire Vantage Goldfields

The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose last week, increasing 1.09 percent on Friday (May 26) to end at 808.59 points.
According to Reuters, gains in banks and gold stocks were offset by decreases in pipeline and railway company stocks. Gold was up 0.88 percent on Friday, at $1,266.83 per ounce. Meanwhile, oil fell below $50 per barrel on the outcome of Thursday’s OPEC meeting, during which members of the organization agreed to extend production cuts by nine months.
On the back of those factors, a number of TSXV-listed mining stocks experienced significant gains. The five top gainers are listed below — as can be seen, many of them are gold-focused companies.

• East Asia Minerals (TSXV:EAS)
• Galane Gold (TSXV:GG)
• Darnley Bay Resources (TSXV:DBL)
• Comstock Metals (TSXV:CSL)
• Amex Exploration (TSXV: AMX)

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

East Asia Minerals

East Asia Minerals has three copper, gold and molybdenum exploration projects in Indonesia. In early May, the firm closed a non-brokered private placement for gross proceeds of $3.3 million. The company has not released any news since then, but last week its share price rose 50 percent to close at $0.61.

Galane Gold

Galane Gold’s share price gained 35.71 percent last week to close at $0.10. The company holds the producing Mupane gold mine in Africa, and its Galaxy asset is near production. Last Tuesday (May 23), the company entered into a letter of intent to acquire Vantage Goldfields (ASX:VGO). Later in the week, it released its Q1 financial and operating results.
CEO Nick Brodie said Q1 was challenging for Galane Gold as “unseasonably high rainfall at the Mupane property resulted in flooding at our underground mine and operational issues related to feeding wet ore to our plant.” He added, “[w]hile we managed to continue production throughout this period, albeit at a reduced rate, we did not reach our own internal targets.” Brodie also said production returned to the normal rate during Q2.

Darnley Bay Resources

Darnley Bay Resources is developing the past-producing Pine Point lead–zinc mine in the Northwest Territories. A preliminary economic assessment for the project has been completed, and the company released the latest drill results from Pine Point in early May.

The company has negotiated option agreements to acquire the Clear Lake zinc-lead-silver deposit in the Yukon and the Davidson molybdenum deposit in BC. It is also exploring the Darnley Bay gravity anomaly in the Canadian Arctic. The firm’s share price gained 33.33 percent last week to settle at 0.32.

Comstock Metals

Comstock Metals has two late-exploration-stage gold projects in Saskatchewan and the Yukon. In early May, the company released the latest drill results for its Preview SW project. The company is preparing for a summer drill program at the project, and it appears to be highly anticipated by some experts.
Comstock Metals also has a gold project in Ontario, a uranium project in Saskatchewan and a polymetallic project in Mexico. The company’s share price rose 28 percent last week to close at $0.16.

Amex Exploration

Amex Exploration has two gold projects in Quebec. Its latest news came at the start of May, when it entered into an option agreement to acquire the Gowan property near the Kidd Creek mine in Ontario. Exploration President Victor Cantore said the firm will continue to add attractive properties to its portfolio. Amex Exploration’s share price rose 24.14 percent last week to close at $0.36.
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: Comstock Metals is a client of the Investing News Network. This article is not paid-for content.