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Wealth Minerals rose 66.67 percent last week to trade at $0.20 on the TSXV. Other gainers on the exchange were Tinka Resources, Merrex Gold, Athabasca Minerals and Commerce Resources.
Last week a number of commodities got hammered following the release of US jobs data, but several companies listed on the TSXV nevertheless managed to perform well.
Wealth Minerals (TSXV:WML) led the pack with a gain of 66.67 percent, and it was followed by Tinka Resources (TSXV:TK), Merrex Gold (TSXV:MXI), Athabasca Minerals (TSXV:ABM) and Commerce Resources (TSXV:CCE).
Here’s a quick look at what factors influenced those companies last week.
Wealth Minerals
Shares of Canadian junior mineral resource exploration company Wealth Minerals grew 66.67 percent last week to trade at $0.20. On February 2, Balmoral Resources (TSX:BAR), another Canadian resource development organization, optioned two Quebec properties to Wealth.
The deal allows Wealth to gain a 51-percent share in the properties if it spends $2.2 million on exploration during the next three years, and gives Balmoral 14 percent of currently outstanding Wealth shares. If Wealth increases the amount it spends to $5 million, Balmoral has agreed to give the company a 75-percent stake in the projects.
Tinka Resources
Tinka Resources has two projects in Central Peru, and encountered “strong, near-surface, oxidized, silver mineralization over substantial thicknesses” at one of them during a recent drill program.
The company traded at $0.26 last week for a gain of 33.33 percent, but did not release news that would explain this change.
Merrex Gold
Shares of Merrex Gold spiked 31.25 percent to trade at $0.11 last week. The company is a stakeholder in the Siribaya gold project in Mali, West Africa and in the Jubilee zinc–lead project in Nova Scotia.
On February 2, Merrex approved a $3.8-million work plan and budget for Siribaya, and announced that drilling has commenced on the site. The company should be able to provide a resource estimate for the project by the end of 2015.
Athabasca Minerals
Last week, Athabasca Minerals rose 23.17 percent to trade at $1.01. The Alberta-based exploration and management company operates the largest open-pit gravel pit in Canada and mines a variety of other mineral deposits in the Northeastern Alberta region.
There was no recent news to explain the rise.
Commerce Resources
Commerce Resources focuses its exploration and development efforts on rare earths and rare metal deposits.
The company’s share price shot up 23.08 percent to trade at $0.16 last week after it announced crew and equipment mobilization at its Quebec-based Ashram rare earth deposit project. The new drill program will provide greater resource confidence, and will help Commerce complete its prefeasibility study on the project. Drilling should be completed by April or May of this year.
Data for TSXV Top 5 articles is retrieved each Friday and reported on Monday. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included.