5 Top Weekly TSXV Performers: Potential Mine Restart Boosts Morien
Last week's top-gaining stocks on the TSXV were Morien Resources, Sego Resources, Barsele Mining, Tower Resources and Metals Creek.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) battled tremendous headwinds last week after May’s Consumer Price Index data showed US inflation had ballooned to a four decade high of 8.6 percent.
Geopolitical conflict, supply issues, soaring energy prices and China’s no-COVID policy remain the key drivers of ongoing price increases and mounting uncertainty.
Trying to tame the wild inflation, the US Federal Reserve raised its key benchmark interest rate by 75 basis points to 1.75 percent last Wednesday (June 15), the largest hike since 1994.
Chair Jerome Powell admitted that the central bank's efforts to pilot a “soft landing” and avoid a recession are now reliant on many factors beyond the Fed's control.
By the end of the day last Thursday (June 16), North American indexes were well into bear market territory, making three digit declines across the board. Canada’s junior index shed 6.6 percent over the five day period to hold at the 644 level on Friday (June 17), its lowest point since July 2020.
While volatility reigned supreme last week, a number of Canadian juniors were able to see some share price growth. The five TSXV-listed mining stocks that saw the biggest rises are as follows:
- Morien Resources (TSXV:MOX)
- Sego Resources (TSXV:SGZ)
- Barsele Mining (TSXV:BME)
- Tower Resources (TSXV:TWR)
- Metals Creek Resources (TSXV:MEK)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Morien Resources
Mining development company Morien Resources holds royalty interests in two Nova Scotia-based projects: the Donkin coal mine and the Black Point aggregate project
The Donkin coal mine, which is owned and operated by Kameron Collieries, was put on care and maintenance in February 2020 following a roof fall in the Tailgate section of the mine.
News that the mine may reopen pushed shares of Morien Resources 66.84 percent higher last week.
"I don't want to say that they are definitely reopening, because there's several approvals required, but they have announced that they are looking to reopen,” James Edwards, chair of the Donkin Community Liaison Committee, said in a statement. “At this point, they have not been given the approval to reopen. They're just gearing toward that eventuality." Shares of Morien were trading for C$0.49 on Friday.
2. Sego Resources
Gold and copper exploration company Sego Resources is the sole owner of the Miner Mountain project. Located near Princeton, BC, Miner Mountain is described as “an alkalic copper-gold porphyry exploration project.”
Last Monday (June 13), Sego released promising assays from a now-completed diamond drill program at Miner Mountain. According to Sego CEO J. Paul Stevenson, the results indicate that “the Southern Gold Zone is deeper than previously known and is open at depth.” The company plans to further explore the area with more drilling.
Sego’s shares had risen 24.99 percent by the end of the week and were priced at C$0.07.
3. Barsele Mining
Precious metals explorer Barsele Mining is managed by Belcarra Group, and currently has a joint venture stake with Agnico Eagle Mines (TSX:AEM,NYSE:AEM) in the Barsele gold project in Västerbottens Län, Sweden.
Earlier this month, Barsele updated shareholders on the resumption of drilling activity at its namesake property.
“I am once again very pleased that diamond drilling has resumed at Barsele,” President Gary Cope said in a press release. “I am confident that the Agnico Eagle technical team has outlined top quality targets for both 'Orogenic Gold' and Volcanogenic Massive Sulphide 'VMS' styles of mineralization.”
By Friday, Barsele shares were up 22.57 percent and were valued at C$0.30.
4. Tower Resources
Tower Resources is focused on discovering and advancing mineral projects in the Americas. Its two key exploration assets are the Rabbit North copper-gold porphyry project and Highland Valley copper mine, both located in BC.
In early June, Tower released assays from a 2021 drill program at Rabbit North. In an announcement, Tower noted that four holes, “RN21-024 to 027, were exploratory holes drilled in December 2021, to probe a 300 meter prospective corridor for the source of the strong Dominic Lake gold grain dispersal train.”
Over the five day period, shares of Tower climbed 21.46 percent to hit C$0.34.
5. Metals Creek Resources
Junior explorer Metals Creek Resources has a 50 percent interest in the Ogden gold project located south of Timmins, Ontario. Additionally, it has an agreement with Newmont (TSX:NGT,NYSE:NEM) to earn a 100 percent interest in the past-producing Dona Lake gold project in Ontario's Pickle Lake Mining District.
Metals Creek did not release any news last week, although the week prior it reported results from multiple high-grade intercepts completed as part of a Phase III drill program at Dona Lake.
Metals Creek saw its share value increase 20.25 percent to hit C$0.15 last week.
Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday at 10:30 a.m. EST using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Metals Creek Resources is a client of the Investing News Network. This article is not paid-for content.
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