5 Top Weekly TSXV Performers: CGX Energy Shares Rise 61 Percent

1. CGX Energy

CGX Energy is a Canada-based oil and gas company focused on exploring for oil in the Guyana Suriname Basin, as well as the development of a deep-water port in Berbice, Guyana.

Earlier in the month, the company released a drilling update for its joint venture Kawa exploration well with Frontera Energy (TSX:FEC,OTC Pink:FECCF).

“To date, approximately 90 percent of the planned footage has been drilled and the initial results suggest an active hydrocarbon system is present at the Kawa-1 location,” a press release states. “Horizon 19, the first of three geological zones targeted by the Joint Venture, has been penetrated.” CGX went on to say it will release further details once the results are analyzed.

Shares of the company were up 61.81 percent at C$2.01 for the second to last trading week of the year.

2. East Africa Metals

Since 2005, East Africa Metals has invested US$66.8 million in African exploration and identified a total of 2.8 million ounces of gold and gold equivalent resources. The company has several joint venture projects in Ethiopia, including a 30 percent net profits interest in the Mato Bula and Da Tambuk mines, and a 70 percent project interest in the Harvest polymetallic project.

On December 17, the company provided shareholders with an update on the progress of engineering and mine development work at the Magambazi mine in the Handeni region of Tanzania.

The statement notes that Phase I of mining operations will be initiated on surface from two open-pit resources, the North and South pits. “These pits will be established on areas of the deposit representing approximately 15 percent of the recently upgraded one-million ounce measured and indicated resource,” the report reads.

Currently, engineering work is progressing, and detailed plans for mining operations and surface equipment installations are expected to be complete in early January 2022.

East Africa shares were up 61.21 percent by last Friday to close at C$0.33.

3. NorthIsle Copper and Gold

Based in BC, NorthIsle Copper and Gold is developing its polymetallic North Island project. The company recently completed an updated preliminary economic assessment and is now working towards a prefeasibility study.

Last week, the precious metals company closed a previously announced private placement for C$1.9 million. Proceeds from the private placement have been earmarked for development and exploration expenditures at the North Island copper-gold project, as well as general corporate purposes.

The announcement pushed company shares 50.15 percent higher to end the session at C$0.40.

4. Orosur Mining

Orosur Mining is a South America-focused gold developer and explorer with projects in Colombia and Uruguay.

Last Thursday (December 23), Orosur released the result of its annual general meeting, as well as a brief operations overview. Louis Castro, executive chairman offered the following comments in the statement:

“After a two-year hiatus, our flagship Anzá project (Colombia) restarted in early September 2020 with a move into year three of the JV and the entry of Agnico Eagle (TSX:AEM,NYSE:AEM), joining Newmont (TSX:NGT,NYSE:NEM) in a 50/50 venture to jointly fund exploration at the project.”

According to the company, the drilling campaign and wider regional work were successful, and in early September, Agnico and Newmont informed Orosur that they were moving into the next year of the joint venture and exercising the right to assume operatorship of the Anzá project.

Company shares rose 47.34 percent over the five day period, closing at C$0.25.

5. Titanium

Described as a cleantech innovator, Titanium provides solutions to Canada’s oil sands industry. The company’s CVW technology offers sustainable solutions to reduce the environmental footprint of the oil sands industry.

Last Monday (December 20), the company announced plans for a private placement aimed at raising between C$3 million and C$5 million. The firm will offer up a minimum of 15 million company units and a maximum of 25 million company units in the placement.

Additionally, the company rescheduled its annual general meeting; it will now take place on March 15, 2022.

Shares of the company added 46.48 percent by week’s end, holding at C$0.41.