Share Dilution

Top 5 Weekly TSXV Performers: Analytical Results Push Aton Resources High

The S&P/TSX Venture Composite Index (INDEXTSI:JX) continued to decline last week, weighed down by factors like general inflation, which is erode investor sentiment.

On Thursday (May 12), the junior index fell to 661, its lowest level since December 2020. However, by Friday (April 13) morning, the TSXV had begun a slow ascent, like other larger indices. It closed at 696.79.

Although gold is widely considered an inflation hedge, the price of the yellow metal fell during the second week of May, slipping as low as US$1,801 per ounce.


“The main catalyst for gold’s recent pullback was the latest monetary policy announcement (from the US Federal Reserve), with the central bank raising rates by 50 basis points, the biggest hike in more than two decades” , indicates a weekly update from Metals Focus. “This in turn reflects persistently high inflation in the United States and high forward inflation expectations.” The company believes that gold could face further headwinds due to the Fed’s hawkish stance.

The five TSXV-listed mining stocks that saw the biggest gains in the past week are:

Here’s a look at these companies and the factors that drove their stock prices over the past week.

1. Aton Resources

Precious metals company Aton Resources is exploring Egypt’s Arabian-Nubian Shield and describes itself as the country’s only public mining company.

Last Tuesday (May 10), Aton published the last series of tests a Phase II diamond drilling program at its Rodruin gold exploration project in the Eastern Desert of Egypt.

Acting CEO Tonno Vahk described a sulphide intersection from hole ROD-071 as “by far the best intersection Aton has ever drilled in Egypt”, and said it was encouraging for more sulphide potential. deep.

He added: “The mineralization is hosted in very strongly weathered sediments associated with significant copper and zinc sulphides and appears to be the fresh, unweathered precursor to the high-grade mineralization we intersected in the hole. discovery ROP-003 at Aladdin’s Hill in 2018. .

The results pushed shares of Aton 88.54% higher on Friday to trade at C$0.48.

2. Scorpio Gold

Nevada-focused Scorpio Gold owns a 100% interest in the Consolidated District of Manhattan in Nevada. The site includes the Goldwedge property in the advanced exploration phase.

Late last week, Scorpio reported “significant” intersections from a newly launched Phase II reverse circulation drilling program at Goldwedge. According to at Scorpio, the planned program will consist of 59 reverse circulation drillings over a total of 10,800 meters; drilling is expected to continue for the next six months.

Shares of Scorpion added 78.16 last week, ending the five-day period at C$0.08.

3. Metals Creek Resources

Junior explorer Metals Creek Resources holds a 50% interest in the Ogden gold project located south of Timmins, Ontario. In addition, it entered into an agreement with Newmont (TSX: NGT, NYSE: NEM) to acquire a 100% interest in the former Dona Lake gold project in the Pickle Lake mining district in Ontario.

Metals Creek has not released any news since April, when it provided drill results from a Phase III drill program at Donna Lake. Its shares soared 28.82% in the second trading week of May, ending at C$0.13.

4. Kingfisher Metals

Diversified exploration company Kingfisher Metals is focused on underexplored, district-scale projects in British Columbia. It has three assets that offer potential exposure to high-grade gold, copper, silver and zinc.

The latest news from Kingfisher came in late April, when the company announcement a non-brokered private placement to raise gross proceeds of C$3 million. The offering is expected to close on May 19, 2022.

As of Friday, shares of Kingfisher were up 21.98%, trading at C$0.19.

5. Puma Exploration

Puma Exploration continues its exploration efforts near the Bathurst mining camp in New Brunswick, Canada. The Explorer is committed to its DEAR (Development, Exploration, Acquisition and Royalty) strategy to generate maximum shareholder value with low equity dilution.

Earlier this month, the company announced to its shareholders that it had mobilized a second drill on its Williams Brook gold project to accelerate an ongoing drilling program of 10,000 meters.

Puma saw its shares rise 16.99% on Friday to sell at C$0.38.

Data for the top 5 performers of the week on the TSXV is retrieved each Friday at 10:30 a.m. EST using TradingView’s Stock Analyzer. Only companies with a market capitalization above C$10 million before earnings for the week are included. Companies in the non-energy minerals and energy minerals sectors are considered.

Don’t forget to follow us@INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, have no direct investment interests in any of the companies mentioned in this article.

Editorial Disclosure: Metals Creek Resources and Puma Exploration are clients of the Investing News Network. This article is not paid content.

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