The S&P/TSX Venture Composite index (INDEXTSI:JX) was up 1.43 percent last week to 538.06 points. In the past month, the index has risen roughly 48 points, or 9.96 percent.
A number of companies from the mining and resources sector have supported that rise. Rusoro Mining (TSXV:RML) was the top gaining stock for the week, followed by Pure Gold Mining (TSXV:PGM), Scorpio Gold (TSXV:SGN), Barkerville Gold Mines (TSXV:BGM) and Marlin Gold Mining (TSXV:MLN).
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Rusoro Mining
Shares of Rusoro were up 40 percent last week to $0.105. The company has seen its share price gain roughly 133 percent over the past year, even though its assets were nationalized by the Bolivarian Republic of Venezuela in 2012. The latest update on the situation came in June of last year, when Rusoro reported that both parties had completed their oral and written submissions in Rusoro’s arbitration before the World Bank’s International Center for Settlement of Investment Disputes.
However, it’s worth noting that last week, Gold Reserve (TSXV:GRZ) resolved a dispute with the Venezuelan government over its own asset, according to Bloomberg.
Pure Gold Mining
Pure Gold rose 37.14 percent to close at $0.24 last week. The company, which is focused on the flagship Madsen gold project in Red Lake Ontario, did not put out any news last week to explain its rise in share price. On February 18, Pure Gold released its financial and operating results for the quarter ended December 31 2015, reporting a net loss of approximately $3.5 million for the quarter relative to $5.2 million for the same period in 2014.
Scorpio Gold
Last week, Scorpio Gold reported results from 2016 exploration drilling at its Oromonte Satellite deposit at its Mineral Ridge exploration project in Nevada. Highlights from the final phase of drilling included intercepts of 1.55 grams per tonne of gold over 9.14 meters and 4.53 grams per tonne of gold over 7.62 meters. Shares of Scorpio gained 35.71 percent last week to finish at $0.095 per share.
Barkerville Gold Mines
Barkerville Gold Mines is focused on developing its properties in British Columbia’s Cariboo mining district. The company poured its first gold doré bar from the Bonanza Ledge mine in June of 2014, and continues to explore the Barkerville Mountain area.
On February 5, Barkerville reported that it had closed a royalty financing and private placement with Osisko Gold Royalties (TSX:OR). However, there has been no additional news to explain last week’s rise in share price. Shares of the company were up 31.71 percent to $0.54 last week.
Marlin Gold Mining
Finally, Marlin Gold Mining saw its share price gain 28.57 percent last week to $0.45. The company announced last Tuesday that it intends to commence a normal course issuer bid, under which it would purchase 2,000,000 of its common shares over 12 months. This would represent 1.73 percent of Marlin’s issued and outstanding shares.
Marlin holds a number of gold and silver projects in Mexico, the US and Nicaragua.
Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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