Wealth Minerals was the top-gaining resource stock on the TSXV last week. It was followed by Metanor Resources, Almonty Industries, Maya Gold and Silver, and Quaterra Resources.
Last week, the S&P/TSX Venture Composite index (INDEXTSI:JX) took a bit of a fall, losing 1.53 percent, or 8.41 points, to finish at 541.5 points.
Still, several companies from the resource sector managed to do well for the week. Wealth Minerals (TSXV:WML) was the top-gaining stock, and it was followed by Metanor Resources (TSXV:MTO), Almonty Industries (TSXV:ALL), Maya Gold and Silver (TSXV:MYA) and Quaterra Resources (TSXV:QTA,OTCMKTS:QTRRF,FWB:QR2).
Wealth Minerals saw its share price rise 50 percent last week to reach $0.24. Headed by Henk Van Alphen, who co-founded Trevali Mining (TSX:TV) and Balmoral Resources (TSX:BAR), the company is focused on acquiring projects within the precious metals sector in the midst of the current downturn. Wealth Minerals completed a private placement for proceeds of $450,000 on August 17. However, there has been no further news from the company to explain last week’s rise in share price.
Canadian gold producer Metanor Resources rose 33.33 percent last week to reach $0.06 following the release of further drill results from the exploration program at its Bachelor mine in Quebec. On Tuesday, the company reported an intersection of 10.1 g/t gold over 26.2 meters; it is near surface and 925 meters south of the mine. Metanor said that a second drill rig will complete a series of short holes around that drill hole, with results to be published in coming weeks.
Tungsten-focused Almonty Industries was up 23 percent last week to end at $0.64. After much anticipation, the company finally closed its acquisition of fellow tungsten company Woulfe Mining (CSE:WOF) on September 14. However, there has been no further news from the company that would explain last week’s rise in share price.
Maya Gold and Silver
Maya Gold and Silver is focused on gold and silver assets in Morocco, with its flagship property being the Zgounder silver mine. Maya’s share price was up 16.22 percent last week to end at $0.215. On Wednesday, the company announced the finalization of a US$6-million loan from The European Bank for reconstruction and development. Funds from the loan are intended to support the modernization of Zgounder, as well as exploration and development work.
Quaterra is working to advance its copper assets in the Yerington district of Nevada, with support through an agreement with Freeport-McMoRan Nevada. The company began drilling at its Bear deposit in Yerington in August. However, there has been no further news from the company to explain last week’s rise in share price. Quaterra rose 15.38 percent to finish the week at $0.075.
Data for TSXV Top 5 articles is retrieved each Friday. Only companies with a market capitalization greater than $10 million are included.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Quaterra Resources and Trevali Mining are clients of the Investing News Network. This article is not paid-for content.
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