The S&P TSX Composite index closed Friday at 13,339.74 points after reaching an October 2013 low earlier in the week.
The S&P TSX Composite index (INDEXTSI:OSPTX) closed Friday at 13,339.74 points after reaching an October 2013 low earlier in the week. During Q3, it sank a total of 8.6 percent, as per Reuters.
Nevertheless, some TSX-listed stocks saw gains last week. The top gainer was Avnel Gold Mining (TSX:AVK), and it was followed by RTG Mining (TSX:RTG,ASX:RTG), Orbite Technologies (TSX:ORT), Mountain Province Diamonds (TSX:MPV,NASDAQ:MDM) and Pretium Resources (TSX:PVG,NYSE:PVG). Here’s a look at what moved those companies’ share prices during the period.
Avnel Gold Mining
Avnel Gold rose 14.29 percent last week to end at $0.24; however, it did not release any news that would explain its share price gain.
Most recently, the company, which is focused on developing its Mali-based Kalana Main gold project, announced the completion of a 30,143-meter drill program there. According to Chairman and CEO Howard Miller, each of the three goals of the program was accomplished. Avnel next plans to release an updated mineral resource estimate and definitive feasibility study for Kalana Main.
(Editor’s note: Though Avnel released no news last week, on October 5 it put out the updated mineral resource estimate for Kalana Main. It points to a measured plus indicated mineral resource of 2.81 million ounces at a diluted grade of 2.85 g/t gold and uses a gold price of $1,100 per ounce.)
Dual-listed RTG tied with Orbite Technologies to post the second-largest gain on the TSX last week. The company rose 12.5 percent to reach $0.45.
Like Avnel, RTG released no news that would explain its share price gain. It last put out news in August, when it announced the discovery of “significant high grade gold and copper intercepts in the North Mineralized Zone” at its Philippines-based Mabilo project. In addition to working at Mabilo, RTG is exploring at its Bunawan project, also in the Philippines.
As mentioned, Orbite also rose 12.5 percent last week, closing at $0.27. Unlike Avnel and RTG, Orbite did release news last week, stating on September 28 that the Canadian Intellectual Property Office has found its Canadian fly ash monetization patent allowable.
CEO Glenn Kelly commented, “[f]ly ash monetization represents a significant opportunity that we intend to seize and exploit as a key element of our global growth strategy.” The company also received two other patents that day.
Mountain Province Diamonds
Mountain Province Diamonds’ share price rose 11.36 percent last week, hitting $4.02. The company, which is developing its Northwest Territories-based Gahcho Kue diamond project with De Beers, did not release any news that would explain the rise. It last reported in July that Gahcho Kue was 62 percent complete at the end of May. The project is expected to start production in the second half of 2016.
Analyst favorite Pretium gained 10.49 percent last week to hit $8.53. The rise came on the release of a fourth set of results from underground infill drilling at Valley of the Kings, located at its British Columbia-based Brucejack project.
Highlights include 74.62 g/t gold uncut over 18 meters, including 2,570 g/t gold uncut over 0.5 meters, in hole VU-466. Overall, “[r]esults continue to confirm the style and grade distribution of the gold mineralization in the area currently being tested.”
Data for TSX Top 5 articles is retrieved each Friday after market close. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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