5 Top TSX Stocks: Sabina Boosted 19.57 Percent on New Zone Discovery

Last Friday, the S&P TSX Composite index (INDEXTSI:OSPTX) closed up 9.13 points at 13,838.1 points. That’s down 0.9 percent fom last week’s close. 
Nevertheless, some resource stocks fared well. The top gainer on the TSX last week was Sabina Gold & Silver (TSX:SBB), and it was followed by EMED Mining Public (TSX:EMD,LSE:EMED), Pilot Gold (TSX:PLG), Banro (TSX:BAA,NYSEMKT:BAA) and Orbite Technologies (TSX:ORT,OTCMKTS:EORBF). Here’s a look at what moved those companies’ share prices during the period.

Sabina Gold & Silver

Last week, Sabina Gold & Silver’s share price jumped 19.57 percent to close at $0.55. The company’s flagship projects are located in Nunavut, and on October 13 it announced grab sample assay results from Back River, one of those projects.
Work at Back River is currently focused on the George and Goose deposits, and the assays reported last week point to a new near-surface, high-priority banded iron formation drill target at Goose. Furthermore, assays from the Kogoyok target have returned gold values including 33.86 g/t, 28.1 g/t and 18.23 g/t.

Commenting on the news, Bruce McLeod, president and CEO of Sabina, said, “[t]he discovery of this new zone of outcropping mineralization is likely the most significant surface discovery on the project since the early days of prospecting in the 80’s. Kogoyok is within 2km of the proposed plant site at Goose and shares the same geological characteristics as the other major known deposits in the Back River District.”

EMED Mining Public

Exploration and development company EMED Mining Public’s main goal is to restart the Rio Tinto copper project in Spain. It believes that the project presents an opportunity to bring a major copper mine back into operation at a “relatively low total cost.”
Last week, the company’s share price rose 18.75 percent to reach $0.10. On October 13, EMED released the results of its extraordinary general meeting, noting that all resolutions proposed were passed.

Pilot Gold

Pilot Gold hasn’t released any news since September, but last week its share price rose 17.5 percent to reach $0.47. The company is currently advancing gold and copper-gold projects in both Nevada and Turkey, and places a strong emphasis on experienced management, high-quality assets and sustained growth.

Banro

Canadian gold miner Banro saw its share price rise 17.39 percent last week to close at $0.27. It started commercial production at its Twanziga gold mine in 2012, and is currently commissioning Namoya, its second gold mine. Banro holds a number of other projects as well, and all are located in the Democratic Republic of the Congo.
In terms of what spurred the company’s gain, Banro released its Q3 operating results on October 13, noting that its Twanziga and Namoya mines together put out 46,981 ounces of gold during the period; that’s a 5-percent rise from the previous quarter. Year-to-date the mines have produced 137,028 ounces of gold.

Orbite Technologies

Orbite Technologies rose 17.19 percent last week to reach $0.38, releasing a slew of news during that time. On October 15, it shipped additional 5N+ high-purity alumina samples to seven prospective customers, noting that six of the seven have not previously received its high-purity alumina. The next day, Orbite redeemed all of its outstanding 2012 debentures in the aggregate principal amount of $25 million, plus accrued interest.
The company’s overall goal is to become a key player in the minerals processing industry.
 
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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