5 Top Weekly TSXV Stocks: Oceanus Resources Gains on High-grade Drill Results

The S&P/TSX Venture Composite Index (INDEXTSI:JX) experienced a minor decline of 0.01 percent on Friday (June 9) to end at 791.2 points.
A Friday report from Statistics Canada showing increased job growth bolstered market confidence. According to The Globe and Mail, job growth accelerated in May at its fastest pace in eight months. Meanwhile, average hourly wages were up 1 percent from the previous year, which economists said is slow, but an improvement.
Bank of Canada Governor Stephen Poloz noted on Thursday (June 8) that the Canadian economy has shown more signs of strength in recent months. Most economists expect the Bank of Canada to raise interest rates next year given uncertainty about US trade policies.

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:

• VanadiumCorp Resource (TSXV:VRB)
• American Creek Resources (TSXV:AMK)
• Oceanus Resources (TSXV:OCN)
• Meridian Mining (TSXV:MNO)
• Galway Metals (TSXV:GWM)

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

VanadiumCorp Resource

VanadiumCorp Resource announced last Friday that it has begun sample production of vanadiferous titanomagnetite (VTM) concentrate in partnership with Electrochem Technologies & Materials.
The two companies signed an MOU in February to work toward producing vanadium electrolyte directly from VTM concentrate; the plan is for the vanadium electrolyte to be used in vanadium redox flow batteries. On the back of the news, VanadiumCorp’s share price gained 56.25 percent to close at $0.13.

American Creek Resources

American Creek Resources holds 12 gold and silver properties in BC, including sites in the province’s Golden Triangle. It did not release any news last week, but its share price nevertheless gained 37.5 percent to end at $0.06.
Most recently, the company closed an oversubscribed non-brokered private placement on May 30. It intended to raise $300,000, but issued more units once that goal was met; altogether American Creek raised $625,000.

Oceanus Resources

Oceanus Resources’ El Tigre property is located in Mexico. The firm released its latest drill results for the project last Wednesday (June 7), noting that it found high-grade gold and silver mineralization in the Protectora vein. Since last year, Oceanus has completed 62 drill holes at El Tigre; it plans to release a resource estimate for the project by the end of June.
Last week’s news sent the company’s share price up 35.71 percent to close at $0.29.

Meridian Mining

BMC is Meridian’s flagship asset in Brazil, and has been producing manganese since 2007. The company is engaged in geological work to identify manganese veins and other minerals on the property to support longer-term production.
On May 30, Meridian Mining provided an exploration update for its Bom Futuro tin joint-venture project, also in Brazil. The company’s share price rose 27.08 percent last week to close at $0.61.

Galway Metals

Galway Metals has an option agreement to acquire a 100-percent undivided interest in the Clarence Stream gold project, which it considers its flagship project. On May 31, the firm announced that it has contracted SRK Consulting to produce a resource estimate for Clarence Stream.
In addition to Clarence Stream, Galway has a 100-percent interest in the past-producing Estrades mine in Quebec, plus the adjacent Casa Berardi Break gold-bearing fault system. The company did not release any news last week, but its share price rose 25 percent to close at $0.35.
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.