The S&P/TSX Venture Composite Index (INDEXTSI:JX) experienced a modest gain of around 4% last week, starting at 619.36 and ending at 642.9 on Friday (March 3).
The gains come ahead of the Canadian Prospectors and Developers Association convention in Toronto, which attracts thousands of mining professionals from around the world.
A rally also came as the gold price kicked off March on a bright note after the previous month’s decline.
Read on to find out which TSXV-listed resources stocks saw the biggest gains last week.
1. Tower Resources (TSXV:TWR)
Weekly increase: 88.37%; Current stock price: 0.405 CAD. Market cap: $53.18 a million
Tower Resources is a copper and precious metals exploration company with projects in British Columbia, Canada. In 2023, Tower is conducting a diamond drill program at the Rabbit North Copper-Gold Project. The company’s other assets are the Gold and Silver Copper Project at Nechaco and the Gold and Silver Project at More Creek.
Last Wednesday (March 1st), Tower Resources announced the first drill test at Rabbit North. Discover the new Sheahost Gold Zone, the company named Thunderzone. This new discovery is similar to the Lightning Zones already discovered in the project, but “more heavily mineralized” and “flowers of depth.”
The news sent the company’s stock price up from C$0.22 to C$0.38 during the trading day and has been rising ever since.
2. Manitou Gold (TSXV:MTU)
Weekly increase: 80%; Current stock price: 0.045 CAD.Market cap: 17.23 Canadian dollars a million
Manitou Gold is searching for gold in 360 square kilometers of gold deposits in Ontario, Canada. The company has spent most of the last year focused on investigating his Goudreau project, which also discovered nickel and cobalt.
Last Tuesday (February 28th), Manitou proposed a friendly takeover of the company Alamos Gold (TSX:AGI, NYSE:AGI). The latter company offered him a price of C$0.05 per share, a premium equaling his 100% of Manitou’s share price at the time. Manitou will hold its special shareholder meeting in May.
3. PPX Mining (TSXV:PPX)
Weekly increase: 66.67%; Current stock price: 0.025 CAD. Market cap: $12.81 a million
PPX Mining is investigating and developing the Igor gold and silver project in the northern Peruvian gold belt. The project includes the Callanquitas underground gold and silver mine operated by Proyectos La Patagonia through a contract with PPX’s Peruvian subsidiary Sienna Minerals.
Last Monday (February 27th), PPX 2022 production results From the Callanquitas mine which saw 13,010 ounces of gold and 169,593 ounces of silver. Notably, silver output is significantly higher than in 2021, last year he stood at just 75,014 ounces. Stocks ended the weekend soaring March 2nd and he appeared to have stopped trading on the 3rd.
4. ZincX Resources (TSXV:ZNX)
Weekly increase: 62.5%. Current stock price: 0.13 CAD. Market cap: $12.81 a million
ZincX Resources is investigating British Columbia in the Ketika Trough region of Canada, which hosts two projects: the Akie Project at the Cardiac Creek Deposit and the Kechika Regional Project. Both have prospects for zinc, lead and silver.
ZincX’s stock price soared last Friday (March 3rd), but the news of the week came three days ago only when the company announced: Have a booth at this week’s PDAC 2023 conference in Toronto.
5. Ceylon Graphite (TSXV:CYL)
Weekly increase: 58.33%. Current stock price: 0.095 Canadian dollars.Market cap: 16.02 Canadian dollars a million
Ceylon Graphite is a graphite exploration and production company with projects in Sri Lanka. According to the company, in addition to mining veins of graphite, it also “develops and commercializes innovative graphene and graphite applications and products.”
Last Thursday (March 2nd) Ceylon announced the first full cell test Spheroidized vein graphite material was used in commercial size pouch cells according to automotive “Original Equipment Manufacturer” (OEM) standards. The results showed that Ceylon’s anode material outperformed industry standard anodes.
The news caused the company’s shares to double during trading on Thursday, but is still up significantly.
Data for the weekly top 5 stories of TSXV performers are captured using TradingView after the market closes every Friday. stock screenerOnly companies with market capitalization above C$10 million before the week’s rise are included. Companies within non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Lauren Kelly, do not make direct investments in the companies mentioned in this article.
Securities Disclosure: I, Charlotte MacLeod, have no direct investments in any of the companies mentioned in this article.
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