Rockhaven Resources was the top-gaining mining stock last week, followed by Merrex Gold, Victoria Gold, Majestic Gold and Odin Mining.
The S&P/TSX Venture Composite index (INDEXTSI:JX) dropped 2.91 percent last week, finishing at 502.09 points.
However, several companies from the resource space still managed to do well, with junior gold miners making the biggest gains. Rockhaven Resources (TSXV:RK) was the top-gaining resource stock last week, and it was followed by Merrex Gold (TSXV:MXI), Victoria Gold (TSXV:VIT), Majestic Gold (TSXV:MJS) and Odin Mining (TSXV:ODN).
Shares of Rockhaven rose 30 percent, to $0.15, for the week on the release of an expanded inferred mineral resource estimate for the company’s Klaza property in Southern Yukon. The inferred resource now stands at 9,421,000 tonnes grading 4.48 g/t gold, 89.02 g/t silver, 0.75 percent lead and 0.95 percent zinc.
Merrex is focused on its Siribaya gold project in Mali, and has a joint venture with IAMGOLD (TSX:IMG,NYSE:IAG) for the new discovery at the Diakha zone within the project area. IAMGOLD increased its holding in Merrex to 25 percent on November 25, but there has been no further news to explain the company’s rise in share price last week. Merrex was up 21.43 percent to $0.17.
Yukon-focused Victoria gold was up 20 percent, to $0.15, last week on news that it has received the final major permit for its Eagle gold project, allowing for the construction of the mine. The Eagle project is a proposed open-pit, heap-leach operation expected to produce roughly 200,000 ounces of gold per year.
“With the final Water Use License in hand, Eagle represents a truly unique asset, being a fully permitted gold project, with First Nation support, located in Canada, capable of significant annual gold production exceeding 200,000 ozs at a low all-in-sustaining cost,” said John McConnell, Victoria’s president and CEO, in a statement.
Majestic Gold is focused on its Songjiagou project in China’s Shandong province. The company reported its third-quarter results in August, but has not reported any additional news that would explain last week’s rise in share price. Shares of Majestic were up 18.75 percent, to $0.095, for the week.
Finally, Ecuador-focused Odin Mining gained 17.46 percent for the week to close at $0.37. Backed by mining entrepreneur Ross Beaty, Odin is working to advance its Canrejos project in Ecuador despite troubles faced by other companies hoping to operate in the country. The country has been making efforts to become more friendly to mining investment as of late, and some are optimistic regarding the change.
Data for 5 Top 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.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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