Top 5 Canadian Mining Stocks This Week: American Creek Soars 85 Percent on Acquisition News

Weekly gain: 93.94 percent; market cap: C$85.32 million; share price: C$0.32

American Creek Resources is a junior exploration company with a 20 percent interest in the Treaty Creek project, located within the Golden Triangle in BC, Canada. The remainder of the project is owned by Tudor Gold (TSXV:TUD,OTC Pink:TDRRF) with a 60 percent stake, and Teuton Resources (TSXV:TUO,OTCQB:TEUTF) with 20 percent.

The current focus at the project is the Goldstorm zone. In February, Tudor announced a resource estimate showing indicated quantities of 21.66 million ounces of gold grading 0.92 grams per metric ton (g/t), 128.73 million ounces of silver at 5.48 g/t and 2.87 billion pounds of copper at 0.18 percent from 730.2 million metric tons (MT).

The most recent news from the project came on August 14, when American Creek reported that Tudor had produced assay results from the first four holes of a 10,000 meter 2024 exploration program. Highlights from the program include 4.25 g/t gold, 224.59 g/t silver and 5.96 percent copper over 6.3 meters.

American Creek saw significant gains on Friday after it announced it has entered into a definitive arrangement agreement to be acquired by Cunningham Mining. Under the terms, Cunningham will pay C$0.43 per common share of American Creek, a 274 percent premium over the company's June 5 closing price of C$0.115.

Weekly gain: 40 percent; market cap: C$13.95 million; share price: C$0.035

Patagonia Gold is a precious metals exploration, development and production company primarily focused on advancing its Cap-Oeste and Calcatrau underground projects in Argentina. Located in Santa Cruz province, Cap-Oeste hosted open-pit mining operations until 2018. While Patagonia is working on the exploration and development of the underground resource at the site, it has been able to recover gold and silver from residual leaching on site.

A 2018 resource estimate for Cap-Oeste shows measured and indicated values of 704,300 ounces of gold and 21.43 million ounces of silver from 10.56 million MT with average grades of 2.07 g/t gold and 63.2 g/t silver.

In the company’s management discussion and analysis, released on August 28, it reported production of 889 ounces of gold and 42,363 ounces of silver from Cap-Oeste during the first six months of 2024.

For its part, Calcatreu is located in Argentina’s Rio Negro province and covers approximately 90,000 hectares. A 2018 resource estimate outlines measured and indicated values of 669,000 ounces of gold and 6.28 million ounces of silver from 9.84 million MT with average grades of 2.11 g/t gold and 19.8 g/t silver.

Patagonia's latest news came on Tuesday (September 3), when it said it has reached the final stage of permitting approval for Calcatreu and has received public support and recommendations from the Secretariats of Mining and the Environment and Climate Change of Rio Negro. The final permitting decision is expected in the next two months.

Weekly gain: 38.89 percent; market cap: C$25.58 million; share price: C$1.25

Petro Victory Energy is an oil and gas developer and producer advancing properties in Brazil. The company’s assets consist of 38 fully owned licenses covering a total of 257,604 acres in Brazil’s Portiguar and Barreirinhas basins.

On Thursday (September 5), Petro Victory reported oil sales of 5,814 barrels from its Sao Joao field in Q2, a 99 percent increase in volume year-on-year. A workover campaign was completed at the asset in April.

The company's proven and probable reserves currently stand at 6.87 million barrels of oil equivalent at a net present value of US$257.7 million at a discount rate of 10 percent. The operations update also outlines a partnership with Azevedo Travassos Petroleo (ATP) to develop the Andorinha field and block 281. The partnership will see ATP fund a workover program at the CR-2 well at block 281, as well as the drilling of two in-field wells at Andorinha. Once costs are recovered, the companies will see a 50/50 split of income generated from production.

Weekly gain: 30 percent; market cap: C$32.21 million; share price: C$0.13

Mkango Resources is a rare earths exploration and development company focused on the advancement of rare earths mining and recycling projects. Shares of the company have seen gains since it reported on August 29 that HyProMag will be participating in an 8 million euro GREENE project that is intended to re-engineer rare earths permanent magnets to be more resource-efficient and offer improved magnetic performance.

GREENE is an initiative funded by the European Commission’s Horizon Europe program, and will see 15 industry and academic partners work to advance the performance of rare earths batteries for electric motors.

HyProMag is owned by Maginito, in which Mkango holds a 79.4 percent stake. The remaining 20.6 percent interest is held by CoTec Holdings (TSXV:CTH,OTCQB:CTHCF). The August 29 news was followed on Tuesday by an update indicating that Maginito has entered into a binding and exclusive agreement with Inserma Anoia for the pre-processing of hard disc drives, loudspeakers and electric motors. The company said it will provide a scalable solution for the removal and recovery of magnets contained within the electronic devices, and will provide a steady neodymium feed to HyProMag.

Weekly gain: 26.47 percent; market cap: C$55.52 million; share price: C$0.215

Panoro Minerals is a copper explorer focused on the advancement of its flagship Cotabambas project in the Apurimac region of Southern Peru. Consisting of two primary mineralized zones, exploration on the property dates back to the mid-1990s and has largely been focused on an 18 square kilometer area in the northeast portion of the property.

The most recent resource estimate for the project was published in January, and outlines indicated values of 3.75 billion pounds of copper, 3.29 million ounces of gold, 39.45 million ounces of silver and 24.02 million pounds of molybdenum from 507.3 million MT, with average grades of 0.33 percent copper, 0.2 g/t gold, 2.42 g/t silver and 0.002 percent molybdenum. The company saw gains this past week, but has not published a news release.