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5 Top Weekly TSX Stocks: NextSource’s Molo Mine Construction on Schedule

Last week’s top-gaining stocks on the TSX were NextSource Materials, Atalaya Mining, Mountain Province Diamonds, UEX and Perpetua Resources. 
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This article was originally published by Investing News Network

The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened flat last Friday (August 20), trading at 20,215.36. It closed the five day period higher at 20,337.23.

The index broke its weekly gaining streak as oil prices fell, dragging demand for energy stocks.

On Friday, gold edged higher on the back of rising COVID-19 cases around the world, although the yellow metal’s gains were limited by a strong US dollar.

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Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

Here’s a look at those companies and the factors that moved their share prices last week.

1. NextSource Materials

Toronto-based NextSource Materials is a mine development company in the final development stage for its 100 percent owned Molo graphite project in Southern Madagascar. The Molo project is a fully permitted, feasibility-stage project and is the only project with SuperFlake graphite.

Last Wednesday (August 18), the company announced that project construction is on schedule and on budget at Molo, with commissioning set for the second quarter of 2022. Over the five day period, the company’s share price jumped 14.47 percent to end the week at C$2.69.

2. Atalaya Mining

Atalaya Mining produces copper concentrates with silver as a by-product at its wholly owned Proyecto Riotinto site in Southwest Spain. In addition, it has a phased earn-in agreement for up to 80 percent ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain.

The company did not release any news last week, but Atalaya Mining saw its share price increase 8.57 percent during that timeframe to C$5.70.

3. Mountain Province Diamonds

Mountain Province Diamonds holds an interest in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. Gahcho Kue, a joint venture between the company and De Beers, owned by Anglo American (LSE:AAL,OTCQX:AAUKF), is one of the world’s largest new diamond mines.

 

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Over the five day period, the company’s share price rose 6.38 percent to end the week at C$0.50.

4. UEX

UEX has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company has four flagship projects: the West Bear project, the Christie Lake property, the Horseshoe and Raven deposits and the Shea Creek property.

The company did not release any news last week, but the Saskatchewan-focused company’s share price jumped 5.17 percent to end the week at C$0.30.

5. Perpetua Resources

Perpetua Resources, through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of Central Idaho; these deposits are encompassed by the Stibnite gold project.

Last Tuesday (August 17), the company closed a $50 million public offering. Perpetua Resources saw its share price increase 4.73 percent last week to C$6.86.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: NextSource Materials is a client of the Investing News Network. This article is not paid-for content.

 

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The post 5 Top Weekly TSX Stocks: NextSource’s Molo Mine Construction on Schedule appeared first on Investing News Network.

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ASX Small Cap Lunch Wrap: Who’s taking the money and running today?

Danish artist Jens Haaning was given US$84,000 by the Kunsten Museum of Modern Art in Aalborg to create a work … Read More
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Danish artist Jens Haaning was given US$84,000 by the Kunsten Museum of Modern Art in Aalborg to create a work of art.

But instead of using the cash to create the artwork, he instead returned two blank canvases which he renamed “Take the Money and Run”.

“Jens is known for his conceptual and activistic art with a humoristic touch. And he gave us that – but also a bit of a wake-up call as everyone now wonders where did the money go,” museum director Lasse Andersson said.

The contract states that the money is not Haaning’s and must be paid back when the exhibition closes on 16 January 2022.

Andersson said the museum would wait and see what Haaning does, but if he doesn’t return the money they will take the “necessary steps to ensure that Jens Haaning complies with his contract”.

 

To Markets …

The ASX 200 is down 123.10 points or 1.69% at midday today to 7,152.50.

In Europe a range of factors (cough cough Brexit) have sent gas and oil prices soaring.

“Energy prices are on the rise once again today, with Brent crude hitting the highest level in almost three years,” IG analyst Josh Mahony told Morningstar. “Supply constraints appear to be coming at the wrong time, with demand gradually picking up steam.”

In the US, oil prices rose as supply constraints continued to draw on inventories around the world and the rally in natural gas prices also pushed up crude, according to ANZ Research analysts.

But as traders booked profits on the recent rally, the Brent crude price fell 0.6% from 3-year highs to US$79.09 a barrel. And the US Nymex crude price fell by US16 cents or 0.2% to US$75.29 a barrel.

Copper and nickel fell by up to 2% and the gold futures price fell by US$14.50 an ounce or 0.8% to U$1,737.50 an ounce, with spot gold trading near US$1,733 an ounce.

Iron ore fell by US$6.30 a tonne or 5.3% to US$112.35 a tonne.

Investors are closely monitoring the outcomes of many high-stakes deadlines on Capitol Hill this week, setting up potentially chaotic negotiations against the backdrop of expiring government funding and the threat of a possible US default.

In testimony to the Senate, US Federal Reserve Chair, Jerome Powell, noted: “As reopening continues, bottlenecks, hiring difficulties, and other constraints could again prove to be greater and more enduring than anticipated, posing upside risks to inflation.”

“The sooner something there [Capitol Hill] happens, the happier the market will be,” said JJ Kinahan TD Ameritrade’s chief market strategist. “Watching the sausage being made is always a really ugly process.”

 

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for September 29 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Market Cap
TVL Touch Ventures 0.56 40 $ 285,347,947.20
RDT Red Dirt Metals Ltd 0.845 34 $ 82,796,616.00
CLE Cyclone Metals 0.006 20 $ 23,896,184.91
DCX Discovex Res Ltd 0.006 20 $ 12,843,320.38
CAV Carnavale Resources 0.007 17 $ 14,581,381.82
SIQ Smartgrp Corporation 9.15 16 $ 1,049,639,954.94
WC8 Wildcat Resources 0.029 16 $ 12,937,500.00
OEL Otto Energy Limited 0.0115 15 $ 47,950,097.73
EVE EVE Investments Ltd 0.004 14 $ 13,450,996.62
NSX NSX Limited 0.11 13 $ 27,413,468.66
AFR African Energy Res 0.034 13 $ 20,601,318.90
CCZ Castillo Copper Ltd 0.036 13 $ 41,536,094.98
HCD Hydrocarbon Dynamic 0.018 13 $ 7,044,641.70
SBR Sabre Resources 0.0045 13 $ 6,732,254.60
MAY Melbana Energy Ltd 0.0245 11 $ 58,812,381.98
ALB Albion Resources 0.25 11 $ 6,962,979.38
LCT Living Cell Tech. 0.01 11 $ 5,142,968.83
LNY Laneway Res Ltd 0.005 11 $ 17,568,296.70
OEX Oilex Ltd 0.005 11 $ 25,597,936.60
MTC Metalstech Ltd 0.57 11 $ 85,005,894.85
CT1 Constellation Tech 0.011 10 $ 14,688,617.34
SHH Shree Minerals Ltd 0.011 10 $ 10,632,368.92
TSC Twenty Seven Co. Ltd 0.0055 10 $ 13,304,069.53

 

The biggest small cap winner was Touch Ventures (ASX:TVL), up 40% after listing on the ASX today, raising $100 million at 40 cents a share supported by Afterpay and the Huljich family.

Touch Ventures chairman Mike Jefferies said the ASX listing was a significant milestone for the company.

“A key investment objective for Touch Ventures is to deliver long-term absolute returns to shareholders, primarily from the capital appreciation of its portfolio,” he said.

“Our structure also enables us to provide access to venture capital investments to investors as a company listed on the ASX.”

The company has also completed its investment into Refundid – an instant returns platform for shoppers providing a full refund to consumers before their items are returned to the merchants.

The company invested $1 million to acquire a 10.4% equity interest (10.0% on a fully diluted basis) in Refundid and has agreed to provide a $1.0 million term loan facility to be used to fund customer refunds.

“We were impressed by Brad and the team at Refundid having already built an incredible product, clientele and brand in such a short time frame and are proud to be a part of their journey as they enter their next phase of growth,” TVL CEO Hein Vogel said.

Next up was Red Dirt Metals (ASX:RDT), up 34% on no news, followed by Cyclone Metals (ASX:CLE) andDiscovEX Resources (ASX:DCX). Both were up 20% on no news.

Up 17% was Carnavale Resources (ASX:CAV) off the back of its latest exploration update.

The WA gold explorer said its initial aircore drilling was complete at the Ora Banda South Project – with results expected in mid-November.

And salary packaging and fleet management provider SmartGroup Corporation (ASX:SIQ) rose 16% after getting a takeover offer from TPG Capital (the private equity group, not the telco) and Potentia Capital.

 

ASX SMALL CAP LOSERS

Code Name Price % Change Market Cap
CCE Carnegie Cln Energy 0.002 -33 $ 44,707,721.13
WOO Wooboard Tech Ltd 0.0015 -25 $ 7,644,325.48
MLS Metals Australia 0.002 -20 $ 10,567,970.12
YPB YPB Group Ltd 0.002 -20 $ 12,479,551.30
AIV Activex Limited 0.13 -19 $ 28,341,228.16
RMI Resource Mining Corp 0.025 -17 $ 9,776,822.46
RBR RBR Group Ltd 0.005 -17 $ 7,691,880.52
PGD Peregrine Gold 0.345 -16 $ 13,775,505.95
AUH Austchina Holdings 0.006 -14 $ 12,582,670.53
DDD 3D Resources Limited 0.003 -14 $ 13,581,302.32
EN1 Engage:Bdr Limited 0.0035 -13 $ 10,211,810.06
RNX Renegade Exploration 0.007 -13 $ 7,037,013.10
SUH Southern Hem Min 0.046 -12 $ 12,710,867.36
NAG Nagambie Resources 0.071 -11 $ 39,994,587.68
TKM Trek Metals Ltd 0.12 -11 $ 35,397,498.29
LSR Lodestar Minerals 0.008 -11 $ 11,618,436.13
AWN AWN Holdings Limited 0.76 -11 $ 33,660,170.00
CNJ Conico Ltd 0.043 -10 $ 48,010,313.95
AJQ Armour Energy Ltd 0.026 -10 $ 47,486,381.93
RLC Reedy Lagoon Corp. 0.026 -10 $ 15,660,758.81
MBK Metal Bank Ltd 0.009 -10 $ 11,890,683.04
SIH Sihayo Gold Limited 0.009 -10 $ 36,854,614.13

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Lefroy finds 6 anomalies at Burns, will kick off RC drilling next month

Special Report: Gold explorer Lefroy has identified six new magnetic anomalies, extending the Burns intrusive corridor to 3000m at its … Read More
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Gold explorer Lefroy has identified six new magnetic anomalies, extending the Burns intrusive corridor to 3000m at its Lefroy gold project near Kalgoorlie.

Burns has a distinctive, positive, aerial magnetic signature due to strong magnetite alteration of the porphyry and basalt rocks that host the mineralisation.

An aeromagnetic survey over the prospect identified the new anomalies, which have defined a corridor of dioritic intrusions – each of which are considered prospective for mineralisation.

Notably, the northwest trending corridor is over 3000m long and is coincident with a +200 parts per million drill hole copper anomaly based on resampling of wide spaced historical geochemical holes.

Lefroy Exploration (ASX:LEX) is focusing on the largest and northernmost magnetic anomaly – Lovejoy – which lies beneath Lake Randall and is adjacent to the strongest drill hole copper anomaly.

Multiple anomalies support a major structure at Burns

While the company has yet to establish the association between Burns and the diorite porphyry intrusions, it believes there’s a genetic relationship between them.

Lefroy also considers the copper and gold mineralisation hosted by both the diorite porphyry, basalt, and massive magnetite veins to be a new style of gold-copper-silver mineralisation in the area.

“The images from the new magnetic data further support our interpretation that the Burns prospect is one of a number of magnetic anomalies each centred on diorite porphyries considered prospective for gold-copper-silver mineralisation,” Lefroy managing director Wade Johnson said.

“These form a corridor of intrusives, likely along a major structure that potentially extends further to the northwest out to Neon.”

Pic: TMI RTP aeromagnetic image showing the full extent of the new aeromagnetic survey and the pronounced annular magnetic anomaly around the Burns Intrusion.

Lovejoy the priority target

The company says the magnetic anomalies provide strong rationale for an exploration program.

Planning is underway for an RC drilling program to begin in October, with drilling at Lake Randall – initially at the Lovejoy site – planned for November.

“We are very keen to commence RC drill testing of these magnetic anomalies, firstly on land then out on to Lake Randall, with Lovejoy the priority,” Johnson said.

“We have plenty of scope to demonstrate that what we have already discovered at Burns is part of a much larger mineral system, outboard of the larger Burns Intrusion that is also yet to be evaluated.”

 


 

 

This article was developed in collaboration with Lefroy Exploration Limited, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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REZ’s nickel hunt continues at East Menzies with more historic finds

Special Report: REZ’s East Menzies gold project is continuing to reveal its nickel prospectivity, with further research of old reports … Read More
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REZ’s East Menzies gold project is continuing to reveal its nickel prospectivity, with further research of old reports unearthing more significant intervals of nickel mineralisation from as close to just 1m from surface. 

Resources & Energy Group’s (ASX:REZ) ongoing nickel investigations at the Springfield and Cepline prospects, part of East Menzies project in WA, have uncovered peak assays from historic drilling of 12m at 1.22% nickel from 2m, 9m at 1.08% nickel from 1m and 7m at 1.46% nickel from 16m.

These intercepts, which were the result of aircore drilling by Pronto Resources in 2008 and rotary air blast drilling by Great Australian Resources (GAR) in 2004, also contained cobalt and zinc mineralisation.

It reads like an Indiana Jones or National Treasure script, REZ was drilling for gold at the Springfield prospect when it hit nickel.

The Richard Poole-led company then discovered some old CRA (now Rio Tinto) and BHP reports which showed the two mining heavyweights had found nickel as far back as the late 60s but weren’t interested in it because they only wanted gold.

Over five decades later, nickel is all the rage thanks to the energy transition and the base metal’s importance in batteries.

“Significantly, the bottom of hole assays for the GAR drillholes terminated in bedrock zones with high nickel content.” – Executive Director Richard Poole  

These results included 15m at 0.13% nickel and 14m at 0.06% nickel, both from 82m depth.

“This further research by REZ has identified additional mineral exploration results at the

Cepline prospect which support the initial findings of nickel mineralisation by BHP in 1986.” – Executive Director Richard Poole   

Nickel holy grail

Now, Richard Poole says these additional results support the view that the ultramafic rocks along the Springfield side of the East Menzies project are prospective for nickel sulphides.

Nickel resources are usually divided between laterite or sulphide deposits.

Sulphides are the holy grail for explorers because they are easier and cheaper to process. This is also what makes nickel sulphides the preferred choice of electric vehicle battery makers.

BHP back in 1986 reported significantly high values of nickel, with a peak grade of 2.9%, and as close to surface as just 6m.

This was at the Cepline prospect in the Springfield Venn zone, some 800m north of the REZ’s recent scout drilling program.

Borehole location plan showing geology and intervals of sulphide mineralisation

Nearly 20 years earlier, CRA reported surface rock samples grading 0.95% to 1.43%, and drill results of 10ft at 1.49% from 55ft and 15ft at 0.77% from 170ft.

Sydney-based REZ is undertaking further research towards developing a suitable exploration program to investigate the mineral bearing potential of the area.

Resources & Energy Group (ASX:REZ) share price chart

 


 

 

This article was developed in collaboration with Resources & Energy Group, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post REZ’s nickel hunt continues at East Menzies with more historic finds appeared first on Stockhead.

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