5 Top Weekly TSXV Stocks: Awalé Resources Jumps on High-grade Gold Results

Weekly gain: 100 percent; market cap: C$46.65 million; current share price: C$0.80

Awalé Resources is a copper and gold explorer focused on its Odienné project in Côte D’Ivoire.

The site, located in the country’s northwest, covers an area of 2,462 square kilometers across two granted permits and five under application; two are being advanced as part of an earn-in joint venture with Newmont (TSX:NGT,NYSE:NEM). Newmont has the chance to earn up to 65 percent ownership of the permits via exploration expenditures of US$15 million.

On March 18, Awalé encountered multiple high-grade intercepts at the BBM target at Odienné, including 2.5 grams per metric ton (g/t) gold equivalent over 44 meters from 131 meters downhole.

The company made a follow-up announcement this past Monday (March 25), saying that exploration of a new breccia pipe at the Charger target resulted in grades of 45.7 g/t gold over 32 meters.

Weekly gain: 55.56 percent; market cap: C$11.92 million; current share price: C$0.07

Orosur Mining is an exploration company focused on early to advanced-stage assets in South America.

Its flagship Anza gold project in Colombia is a joint venture with Minera Monte Aguila (MMA), a corporation owned equally by Newmont and Agnico Eagle Mines (TSX:AEM,NYSE:AEM). The site is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt; exploration has revealed multiple gold deposits.

In addition to Anza, Orosur owns smaller early stage projects, including the El Pantano gold-silver project in Argentina, the Ariquemes tin project in Brazil and the Lithium West project in Nigeria.

Shares of Orosur saw gains this week following news on Monday that the company has entered into an agreement to repurchase MMA’s interest in the Anza project. Under the deal, 100 percent ownership of the property will be returned to Orosur in exchange for a net smelter return royalty of 1.5 percent and cash payments of up to US$15 million, which will be payable once certain agreed-upon production thresholds are met.

Weekly gain: 51.85 percent; market cap: C$60.38 million; current share price: C$0.41

Power Metals is a lithium and cesium exploration company focused on its Case Lake project.

Located in Northeastern Ontario, the site is 10 kilometers by 9.5 kilometers in size and is comprised of 585 cell claims. Exploration at the site between 2017 and 2023 led to the discovery of lithium-, cesium- and tantalum-bearing dikes, and Case Lake now consists of six spodumene dikes that form a mineralization trend of about 10 kilometers. Assays from the main dike have resulted in highlighted samples of 2.07 percent lithium oxide with 214 parts per million (ppm) tantalum over 18 meters, with an intersect of 2.81 percent lithium oxide and 143 ppm tantalum over 7 meters.

The company’s most recent news came on March 19, when it announced the acquisition of a new property it has called the Pelletier project, located 50 kilometers south of Hearst in Northeast Ontario. The site consists of 337 mineral claims accounting for a surface area of 7,000 hectares; it hosts lithium, cesium and tantalum deposits.

In the announcement, the company also noted that exploration activities are continuing at Case Lake, with 615 meters of a planned 4,000 meter program completed.

Weekly gain: 43.75 percent; market cap: C$15.06 million; current share price: C$0.115

Big Ridge Gold is a gold explorer with projects in Newfoundland and Labrador, Manitoba and Quebec.

The company’s current focus is its Hope Brook gold project on Newfoundland's southwest coast. It consists of 1,042 mineral claims covering an area of 26,050 hectares. A February 2023 resource estimate shows an indicated amount of 1.21 million ounces grading 2.32 g/t gold and an inferred amount of 231,000 ounces grading 3.4 g/t gold. The company also reported an inferred estimate of 47 million pounds of copper from in-pit and below-pit sources.

In an announcement this past Thursday (March 28), the company reported that it has increased its ownership of the Hope Brook project from 51 percent to 80 percent by issuing 10 million common shares to First Mining Gold (TSX:FF,OTCQX:FFMGF). First Mining will retain a 20 percent ownership stake until Big Ridge completes a feasibility study.

Weekly gain: 33.33 percent; market cap: C$52.19 million; current share price: C$0.16

Omai Gold Mines is a gold exploration company focused on the development of its namesake gold project in Guyana.

The project consists of a 4,590 acre prospecting license and two mining permits for medium-scale operations covering over 1,519 acres. The site hosts two primary gold deposits, Wenot and Gilt Creek.

The most recent announcement from the company was the release of an updated mineral resource estimate on February 8. For Wenot, Omai reported an indicated total of 834,000 ounces grading 1.48 g/t gold and an inferred amount of 1.61 million ounces grading 1.99 g/t gold; for Gilt Creek, the indicated category stands at 1.15 million ounces grading 3.22 g/t gold, while the inferred amount is 665,000 ounces grading 3.35 g/t gold.