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Last week, a number of junior resource companies on the Toronto Venture Stock Exchange experienced gains in share prices. Below are the five with the greatest increases.
Bacanora Minerals gained 63.64 percent last week to trade at $0.72 on the back of the company’s May 5 update on exploration at the Sonora lithium project in Mexico. According to the news release, exploration at the Sonora project has revealed new clay exposures at several sites. Lithium-focuses Bacanora is also working on finding engineering companies to design a lithium carbonate plant at the site that would produce between 35,000 tons and 50,000 tons of lithium carbonate annually.
Oceanic Iron Ore Corp (TSXV:FEO)
Oceanic Iron Ore Corp. rose 35.71 percent last week to trade at $0.10. Oceanic works on developing the Ungava Bay iron properties in Nunavik, Quebec including the Hopes Advance, Morgan Lake and Roberts Lake projects. According to Oceanic’s website, all three areas were explored in the 1950s and 1960s through sampling, drilling and metallurgical work. Oceanic has done its own exploration, and has determined the proven and probable resources at Hopes Advance amount to 506,675,000 concentrate tons of iron at 32.2 percent purity.
Petro One Energy Corp (TSXV:POP)
Canadian oil exploration and development company, Petro One Energy, was up 25 percent last week to trade at $0.25 following some positive news last week. Petro One and joint venture partner Goldstrike Resources Ltd (TSXV:GSR) announced that two vertical wells have indicated resources of some 124,800 barrels of light Viking oil at the J5 Milton Saskatchewan property. The company’s main assets are concentrated near infrastructure and other existing oil production, primarily in Manitoba and Saskatchewan. Petro One’s strategy is to make its oil land as valuable as possible and to acquire undervalued assets in the space as well.
I-Minerals Inc (TSXV:IMA)
I-Minerals climbed 23.08 percent last week to trade at $0.32. The company is in the development stages with two deposits on its Helmer-Bovill project in north-central Idaho. There are two types of deposits at the site: unweathered Thatuna granodiorite and weathered Thatuna granodiorite. These two deposits combined will yield feldspar, quartz, kaolinite, halloysite and potassium feldspar deposits. Most of these minerals have significant industrial applications in many fields, which the company believes will create remarkable value for its shareholders, according to its website.
Taipan Resources (TSXV:TPN)
Taipan Resources gained 20.99 percent last week to trade at $0.49. The company is the fourth-largest acreage holder in Kenya, according to its website, with multiple exploration sites in various basins. The estimated total net mean prospective resources of all its projects combined is 850 million barrels of oil equivalent. The company is currently drilling in some of its project sites, and plans to drill wells in several others in the near future.