TSXV Top 5: Euromax Prefeasibility Boosts Share Price

Last week, the share prices of a number of junior resource companies on the TSX Venture Exchange increased.

The five that saw the greatest increases were Euromax Resources (TSXV:EOX), Bacanora Minerals (TSXV:BCN), Midland Exploration (TSXV:MD), Nighthawk Gold (TSXV:NHK) and Avanti Mining (TSXV:AVT).

Euromax Resources 

Euromax, which explores for and mines gold and other metals, gained 173.33 percent to trade at $0.41 last week.

The company recently announced a prefeasibility study for its 100-percent-owned Ilovitz gold-copper porphyry project in Macedonia. According to the study, the project contains 2.45 million ounces of gold and 905 million pounds of copper. There are 209 million tonnes of sulfide at an average grade of 0.34 grams per tonne gold, along with 0.2-percent copper. The mine is expected to have a life of 23 years, and Euromax is currently preparing to begin mining the site.

Bacanora Minerals

Last week, Bacanora, a company that is exploring for mineral deposits in Mexico, gained 45.76 percent to trade at $0.86. The increase may have been be due to Rare Earth Minerals raising its stake in the company, as it has done previously. Rare Earth now owns 11.27 percent of Bacanora after spending an additional $551,182.36.

“We continue to steadily increase our strategic shareholding in Bacanora Minerals, as we seek to increase REM’s exposure to the Sonora Lithium Project in Mexico,” David Lenegas, chairman of Rare Earth Minerals, said in a statement.

Midland Exploration

Midland Exploration, whose focus is on acquiring and exploring mineral properties, gained 27.14 percent last week to trade at $0.89.

The company has completed more than 2,300 meters of drilling in Abitibi, James Bay and the Labrador Trough in Quebec, Canada. Its projects in Abitibi include Maritime-Cadillac, which contains 2.1 million tonnes in proven and probable reserves at a gold grade of 6 grams per tonne for 395,000 ounces of gold. Midland also owns the Patris project, which encompasses 218 claims covering a surface area of approximately 34.75 square kilometers.

Nighthawk Gold

Nighthawk Gold, a Canadian exploration-stage company specializing in gold, last week gained 25 percent to trade at $0.50 a share. The company has entered into an agreement for a $5-million private placement for a collection of flow-through units priced at $0.40 per unit. Each unit contains one common share of Nighthawk and one-half of one common share purchase warrant.

For this deal, Nighthawk has confirmed it will pay a syndicate of agents led by Primary Capital that have agreed to act on a best efforts agency basis regarding these flow-through units. Nighthawk will pay these agents a commission of 6 percent of the aggregate gross proceeds from the sale of the flow-through units.

Avanti Mining

Avanti Mining, which is currently redeveloping the Kitsault molybdenum mine in British Columbia, Canada, gained 25 percent to trade at $0.13 last week. On June 2, Avanti provided results from its annual shareholders’ meeting, at which it was decided that the company’s number of directors will be fixed at five. The five directors are: Gordon J. Bogden, Jasper Bertisen, Peter Roberts, Mark A. Smith and Robert Francis. The chairman will be Smith.

“On behalf of the board of directors, I wanted to thank Messrs. Nelsen and Ali as co-founders of the business, for their contribution over the years that helped move Avanti Mining and the Kitsault Mine Project forward​,” said Smith in a press releease.