5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Hits New Record High

Weekly gain: 50 percent; market cap: C$31.04 million; share price: C$0.195

Westhaven Gold is working to advance four gold projects along the Spences Bridge Gold Belt located near Kamloops, BC. The four projects — Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North — cover 37,000 hectares along the belt, which hosts similar geology to others that contain epithermal-style gold-silver mineralization.

The most advanced of its projects, Shovelnose, is located on the northern end of the trend. To date, the company has drilled 465 holes covering 161,597 meters; it also completed a preliminary economic assessment in July 2023.

In the assessment, the company reported a base-case after-tax net present value of C$222 million, with an internal rate of return of 32.3 percent and a payback period of 2.6 years following the start of production.

The resource estimate for the project outlines indicated resources of 612,000 ounces of contained gold and 3.27 million ounces of contained silver from 2.98 million metric tons (MT) of ore with average grades of 6.38 grams per MT (g/t) gold and 34.1 g/t silver. The project also hosts inferred resources of 166,000 ounces of gold and 725,000 ounces silver from 1.33 million MT with average grades of 3.89 g/t gold and 16.9 g/t silver.

The company did not release news last week, but has seen gains in its share price alongside the price of gold.

Weekly gain: 46.67 percent; market cap: C$99.24 million; share price: C$0.66

Lithium Ionic is an exploration and development company that is acquiring and moving forward at lithium properties in Brazil. It has arranged its assets into two main groups: the Itinga and Salinas properties.

The Itinga properties hold the company's flagship Bandeira lithium project. A feasibility study completed in May outlines an after-tax net present value of US$1.3 billion at an 8 percent discount, and an after-tax internal rate of return of 40 percent at an average price of US$2,277 per MT for spodumene concentrate grading 5.5 percent Li2O.

The feasibility study also points to a 14 year mine life for Bandeira, during which an underground mining operation will put out an average of 178,000 MT of spodumene concentrate grading 5.5 percent Li2O.

Lithium Ionic has not released news in August.

Weekly gain: 45 percent; market cap: C$12.65 million; share price: C$0.145

Scorpio Gold is an exploration and development company focused on the advancement of its Manhattan District in the Walker Lane Trend in Nevada, US. The district is composed of the 4,300 acre Manhattan project, which hosts two past-producing open-pit mines. Scorpio acquired the project from Kinross Gold (TSX:K,NYSE:KGC) in 2021.

Adjacent to Manhattan is Scorpio’s Goldwedge project, a 1,795 acre site that includes a fully permitted underground mine and a 400 MT per day mill facility and gravity circuit.

The company’s most recent news came on August 1, when Scorpio completed the first phase of a 2024 exploration program at the Manhattan project; it consisted of five holes across 1,178 meters. The company also said it had commenced an expanded second phase that will see diamond drilling of 13 holes across 3,109 meters.

The program is being performed to support a resource estimate with a metallurgical study later in the year.

Weekly gain: 42.86 percent; market cap: C$29.63 million; share price: C$0.45

Arras Minerals is a copper and gold exploration company working to develop assets in Northeast Kazakhstan.

Its flagship property is the Beskauga project, which is situated within the Central Asian Orogenic belt, 300 kilometers from the capital city of Astana. The property consists of three mineral licenses covering an area of over 900 square kilometers, with deposits originally identified in the 1980s during Soviet-era drill programs.

The company also has a strategic alliance with Canada's Teck Resources (TSX:TECK.A,TECK.B, NYSE:TECK) to focus on further exploration projects in Kazakhstan. This initiative, announced in December 2023, will see Teck fund exploration through 2025 across a 1,736 square kilometer land package, and will give it the option to select up to four properties totaling 120 square kilometers, earning a 75 percent interest in each project.

The company has not released news in the past week.

Weekly gain: 42.86 percent; market cap: C$77.04 million; share price: C$0.30

Falco Resources is an exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 polymetallic gold project, which consists of 67,000 hectares of land in the Noranda mining camp, and includes 13 historic gold and base metals mining sites, including the Horne mine.

A 2021 feasibility study estimates that the project's measured and indicated resources stand at 4.89 million ounces of gold, 48.63 million ounces of silver, 176,982 MT of copper and 839,937 MT of zinc.

The most recent news from Falco came on July 25, when the company announced that Benoit Charette, the minister of the environment, the fight against climate change, wildlife and parks, had given a mandate for an inquiry and a public hearing to be held for Horne 5. The company said this is an important milestone for the project, and will allow it to respond to questions from the public about Horne 5. The mandate will last a maximum of four months.