It was another strong week for the S&P/TSX Venture Composite Index (INDEXTSI:JX) last week, with the exchange rising 4.95 percent to close at 633.84 points.
Several resource stocks were on the rise as well. This week’s top gainers included:
- Encanto Potash (TSXV:EPO)
- International Lithium (TSXV:ILC)
- Lithium X (TSXV:LIX)
- Renaissance Gold (TSXV:REN)
- Santacruz Silver (TSXV:SCZ)
Here’s a closer look at those companies:
Encanto Potash
Encanto Potash gained 100 percent to reach $0.13 last week following news that the company had signed an expanded memorandum of understanding (MOU) with Metals and Minerals Trading Company of India (MMTC) regarding a potash offtake agreement. Terms for the offtake have been expanded to 2 million tonnes of annual supply from Encanto’s Muskowekwan potash project in Saskatchewan.
Furthermore, under the terms of the MOU, MMTC would act as Encanto’s exclusive worldwide distributor of potash.
International Lithium
Shares of International Lithium rose 72.41 percent over the last week to hit $0.25. On Monday, the company announced that it had recently commenced a 1,750 meter diamond drill program at its Avalonia lithium project in Ireland. Development of the project is being fully funded by International Lithium’s partner, China based Ganfeng Lithium.
Lithium X
Headed by Paul Matysek and Brain Paes-Braga, Lithium X is focused on developing its Sal del los Angeles project in Argentina, and is also exploring a large land package in Clayton Valley, Nevada. The company received a permit for its drill program at Clayton Valley on March 23 and began trading on the OTCQB Venture in the US on March 29.
However, there was no other news from the company to explain last week’s price rise. Lithium X rose 66.45 percent last week to finish at $2.53 per share.
