Lithium Americas took the top spot this week on the TSX, climbing 21.88 percent to reach $0.39. It was followed by Treasury Metals, Marathon Gold, Chalice Gold Mines and Oban Mining.
The S&P/TSX Composite index (INDEXTSI:OSPTX) fell Friday by 117.52 points, or 0.9 percent, to 14,645.11 points. Eight out of 10 industries on the index sank during the day, with trading volumes about double the 30-day average. According to Reuters, that action was the result of a “quarterly phenomenon known as quadruple witching.”
The top gainer on the TSX this past week was Lithium Americas (TSX:LAC). It was followed by Treasury Metals (TSX:TML,OTCMKTS:TSRMF), Marathon Gold (TSX:MOZ), Chalice Gold Mines (TSX:CXN,ASX:CHN) and Oban Mining (TSX:OBM). Here’s a look at what moved those companies’ share prices.
Lithium Americas took the top spot this week on the TSX, climbing 21.88 percent to reach $0.39. The company is headquartered in Toronto and explores and evaluates lithium, potassium and other mineral resources in South America. Its principal property is the Cauchari-Olaroz lithium project in Jujuy, Argentina.
While the company released no news this week, it announced last month the proposed commercialization of its Cauchari-Olaroz project. The proposed commercialization is in the form of an agreement with steelmaker POSCO (NYSE:PKX), a company that has gained popularity for its innovative, high-efficiency lithium extraction technologies.
Treasury Metals claimed the second spot on top gainers list this week, seeing an increase of 17.95 percent before settling at $0.46. The gold exploration and development company is focused on its 100-percent-owned Goliath gold project in Northwestern Ontario; according to the company, it’s slated to become one of Canada’s next producing gold mines.
Like Lithium Americas, Treasury released no news this week.
Marathon Gold is a Toronto-based company focused on its 100-percent-owned Valentine Gold Camp in Central Newfoundland. The company’s share price gained 16.67 percent this week to close at $0.32.
Earlier in the week, the company filed a technical report and resource estimate for new resources at the camp. “The growing resource total at the Valentine Gold Camp confirms our belief that we have just scratched the surface of this property’s potential,” said Philip Walford, president and CEO of the company. “The new Marathon deposit was discovered in the fall of 2014. Just seven months after the start of prospecting we have been able to quantify a resource on a high grade potentially low cost open pit deposit.”
Chalice Gold Mines
This is the second week in a row that Chalice Gold Mines has been a top gainer. This week, the Australia-based company saw a share price increase of 15.38 percent to reach $0.15. Like last week, the company released no news to explain the increase. However, in May Chalice announced that its first diamond drilling program will commence in mid-June.
Oban Mining rounds out the top five this week having gained 15 percent to hit $0.12. Oban is focused on the acquisition, exploration and development of precious metals properties in Canada.
Last week, the company announced plans to merge with four other gold companies: Eagle Hill Exploration (TSXV:EAG), Temex Resources (TSXV:TME), Ryan Gold (TSXV:RYG) and Corona Gold (TSX:CRG). The goal is to establish a leading Canada-focused gold exploration and development company.
“This is an exciting new chapter in Canadian mining,” said John Burzynski, chairman of Oban, at the time. “Post-consolidation, New Oban brings together major exploration assets in Ontario and Quebec under experienced management in a well- capitalized vehicle, with over $65 million in cash and a significant global gold resource. We are particularly excited to have Dundee Corp. and Osisko as key shareholders in the resultant company, by virtue of their respective existing holdings in four of the companies involved in the combination and Osisko’s investment in the new vehicle.”
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.