5 Top Weekly TSXV Stocks: Tuktu Resources Rises 70 Percent on Light Oil Discovery

Weekly gain: 70 percent; market cap: C$10.14 million; share price: C$0.085

Tuktu Resources is an oil and gas development company focused on expanding its footprint in the foothills of Southern Alberta, Canada. The company started working in the region in December 2022, when it entered into a purchase agreement for a 19 section land package on the eastern edge of the Alberta thrust belt that included a single well. Tuktu has since expanded its holdings in the region to 26.4 sections and 20 horizontal well locations.

In its 2023 results, released on April 25, the company reported proven and probable oil and gas reserves of 127.6 million barrels of light and medium oil and 8.99 million cubic feet of natural gas.

The most recent news from Tuktu came this past Tuesday (July 30), when it announced that testing at an oil zone in the region’s deep basin, for which it recently closed its farm-in agreement, resulted in a successful light oil discovery.

According to Tuktu, “This discovery more than triples Tuktu’s oil production and delineates a new oil fairway.” During the final seven hour period of testing, the well produced at rates between 327 and 383 barrels of oil per day.

Samples have been submitted for further analysis, and the company said it will also provide updates on the well’s performance over the next one to three months.

Weekly gain: 66.67 percent; market cap: C$25.53 million; share price: C$0.20

Mogotes Metals is an explorer working to advance its Filo Sur copper-gold-silver project, which straddles the border between Argentina and Chile in the Vicuña copper district. The company began trading on the TSXV on June 11.

The Argentinean portion of the site, representing the bulk of the land package at 8,118 hectares, is currently the subject of an earn-in agreement with Golden Arrow Resources (TSXV:GRG,OTCQB:GARWF), a member of the Grosso Group. Under the deal, Mogotes has the ability to acquire an 80 percent share of the property in exchange for C$5 million in exploration expenditures and C$1.75 million in payments on or before May 4, 2027.

Shares of Mogotes saw gains this past Wednesday after the company announced assay results from rock chip and trench channel samples. Rock chip samples returned grades up to 1.32 grams per metric ton (g/t) gold and 94.3 g/t silver, while trench samples returned average results of 0.23 g/t gold, 1.4 g/t silver, 620 parts per million (ppm) copper and 461 ppm zinc. Magotes said further exploration of the area will help to provide drill targets.

Weekly gain: 41.67 percent; market cap: C$24.59 million; share price: C$0.34

Golconda Gold is a gold production company with mining operations in New Mexico, US, and South Africa.

The company acquired the Galaxy mine near Barberton, South Africa, in 2015. It is one of the oldest mines in the country. Golconda expanded its holdings to the US in May 2021, when it acquired the Summit mine and Banner mill, located in Grant County, New Mexico. The site has hosted mining activities since the late 1800s.

In mid-May, Golconda announced it had begun mining the Princeton Top deposit at Galaxy, a move it said will help it achieve its goal of doubling gold production in 2024.

Its most recent news came on May 29 with the release of its Q1 financial and operating results. Golconda increased its production in Q1, during which time it processed 1,095 metric tons of concentrate at an average grade of 42.8 g/t gold for 1,507 gold ounces. The amount represents an increase of 15 percent over the 1,314 ounces produced in the previous quarter. The company also said it generated C$2.2 million from the sale of 1,099 ounces of gold.

Golconda did not release news this past week, but still saw a large increase in its share price.

Weekly gain: 41.51 percent; market cap: C$84.52 million; share price: C$0.75

Falcon Energy Materials, which changed its name from SRG Mining at the beginning of July, is a minerals development company working to advance its Lola graphite project in the Republic of Guinea.

The site's main deposit consists of over 8.7 kilometers of strike length, an average width of 370 meters and an average depth of 32 meters. In a feasibility study from February 2023, the company reported total proven and probable reserves of 42.06 million metric tons with grades of 4.17 percent carbon graphite. The study also determined a pre-tax net present value of US$389 million at an 8 percent discount with an internal rate of return of 33 percent.

The most recent news from the company came this past Monday (July 29), when it announced it would commence trading under its new stock symbol, FLCN, on Wednesday.

Weekly gain: 40 percent; market cap: C$15.02 million; share price: C$0.035

Purepoint Uranium is a uranium exploration company working to advance several projects in the Athabasca Basin in Northern Saskatchewan, Canada. Its most recent news came on July 9, when it provided an update on geophysical programs at the company’s Russell South, Tabbernor and Smart Lake projects.

In the announcement, the company said it had completed two surveys at Russel South that were intended to help identify high-priority drill targets. To date, five target areas have been identified on the 13,320 hectare site, which sits adjacent to Cameco’s (TSX:CCO,NYSE:CCJ) past-producing Key Lake uranium mine.

Additionally, the company said it had commenced three surveys at the Tabbernor project; they will cover 7,549 line kilometers targeting the Tabbernor fault system with the goal of providing high-resolution data to define drill targets. The fault system at Tabbernor aligns with eight of the largest uranium discoveries in the Athabasca Basin.

The company also announced that survey work at Smart Lake will be completed before the end of the year following postponements due to adverse weather on site. The surveys will target drill target discovery, with results being used to plan a winter drill program. Purepoint owns 27 percent of Smart Lake in a joint venture with Cameco.