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Despite the tumultuous markets, junior resource companies on the TSX Venture are still managing to make some gains. Tintina Resources takes the lead with a 36 percent gain last week.
Tintina Resources Inc. (TSXV:TAU)
Tintina Resources was up 36 percent or $0.06 last week to trade at $0.17. Accounting for the move was news from earlier this month, wherein the company closed a transaction with Sandfire Resources NL (ASX:SFR) in which Sandfire purchase a 36-percent stake in Tintina Resources. Pursuant to the agreement, Sandfire has the option to obtain a 53-percent stake in Tintina if it exercises all available warrants. The capital raised by this transaction will allow Tintina to continue its progress on the Black Butte copper project in Montana with such activities as a feasibility study and obtaining a mine operating permit, according to a release from Tintina.
Euromax Resources (TSXV:EOX)
Also making gains last week was Euromax Resources who gained 27.66 percent or $0.08, closing at $0.30 per share. The company has two advanced-stage gold and base metal properties in southeastern Europe, according to its website. The company has two projects, one, the Ilovitza copper-gold project, in Macedonia, and the KMC copper-gold exploration target in Serbia. Both are located in the Carpathian Arc, which is known to be highly prospective for both gold and base metals. Euromax has not released news since late July when it filed its NI 43-101 technical report for Ilovitza.
Silvermet (TSXV:SYI)
Silvermet owns a kiln in Iskenderun, Turkey, where it produces zinc and lead from electric arc furnace dust. Electric arc furnace dust is a byproduct of steel production, and as Turkey is Europe’s second-largest steel producer, the company is in a prime spot to take advantage of this byproduct mining. Silvermet expects to produce 50 million pounds of contained zinc via electric arc furnace dust per year, enabling the company to start looking into expansion plans. Last week, Silvermet gained 22.22 percent or $0.02 to trade at $0.11 per share.
Eagle Hill Exploration (TSXV:EAG)
Eagle Hill Exploration gained 16.67 percent or $0.01 last week to close at $0.04 per share. The Canadian mineral exploration company focuses on its Windfall Lake gold deposit, which is located in Quebec in an area known for copper and gold production. As such, the area is also known for good infrastructure that supports exploration and mining alike. Eagle Hill released itsthird-quarter financial results last week, revealing more than $37 million in total assets and working capital of $1.96 million.
Petro One Energy Corp. (TSXV:POP)
Petro One Energy Corp is in the business of taking undervalued oil opportunities, drilling and developing them to maximize their value and selling them. Last week, the company confirmed it had raised a total of $4 million in private placement funding, which is currently pending closing. This funding is from an agreement with Korea Myanmar Development Company Ltd. Petro One Energy will work with the company to develop its oil properties, according to the news release. Petro One Energy gained 13.46 percent or $0.08 last week, closing at $0.59 per share.