West High Yield Resources was the top gainer on the TSXV last week. It was followed by Alloycorp Mining, Goldrock Mines, Tristar Gold and Galway Gold.
The S&P/TSX Venture Composite index (INDEXTSI:JX) was on a steady decline this week, losing 6.24 percent to finish at 537.52 points. A number of other indices — including the S&P/TSX Composite index (INDEXTSI:OSPTX) and the S&P 500 (INDEXSP:.INX) — also dropped this week due to concerns over the global economy, CBC reported.
Still, there’s a bright spot in every storm, and at least a few junior mining companies were able to rise despite the broader rout in equities this week. West High Yield Resources (TSXV:WHY) was the top gainer on the Venture last week, and it was followed by Alloycorp Mining (TSXV:AVT), Goldrock Mines (TSXV:GRM), Tristar Gold (TSXV:TSG) and Galway Gold (TSXV:GLW).
West High Yield Resources
West High Yield was up 71 percent this week to close at $0.30. The company is focused on its Record Ridge magnesium property in Southeastern BC. Most recently, West High Yield closed a private placement for gross proceeds of $100,000 in July. There was no news to explain the company’s rise in share price this week.
Alloycorp is currently focused on developing its Avanti Kitsault molybdenum project near Prince Rupert, BC. One August 13, the company reported that it has transitioned engineering services to DRA Taggart. The firm is completing a front end engineering design study for the project, and it is expected to be complete in Q3. Alloycorp is also targeting completion of an updated technical report for the project by the end of 2015. The company’s share price rose 50 percent, to $0.03, over the past week, although there has been no new news to explain the rise.
The share price of Goldrock Mines (formerly Mansfield Minerals) gained 47 percent over the past week to reach $0.25. The company is focused on the development of its Lindero gold deposit in Argentina, and made its final payment on key, long-lead-time ore-crushing equipment in March. There has been no further recent news from the company that would explain this week’s share price gain.
Exploration company Tristar Gold holds the Castelo de Sonhos and Bom Jardim projects in Brazil. Tristar extended the term of roughly 19.8 million share purchase warrants this week, but there has been no additional news from the company to explain its rise in share price. Tristar Gold’s share price has gained 40.74 percent over the past week.
Finally, Galway Gold was up 26.67 percent to end the week at $0.095. Galway owns the Vetas gold-silver project, host of the El Volcán mine, which has been in operation for over 400 years. This Monday, AAV, an indirect, wholly owned subsidiary of Abu Dhabi’s Mubadala Development Company, acquired roughly 17.4 percent of Galway Gold.
Data for TSXV Top 5 articles is retrieved each Friday. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: West High Yield Resources is a client of the Investing News Network. This article is not paid for content.
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