North American markets fell dramatically last Thursday (April 21) as the US Federal Reserve displayed a hawkish stance toward record levels of inflation.
Ahead of next month’s Federal Open Market Committee meeting, Fed head Jerome Powell vowed to move quickly to combat rapidly rising inflation, adding that a 50 basis point increase to interest rates is “on the table.”
The news countered market positivity related to first quarter reports and cemented the belief that interest rates could move as high as 1.79 percent in July, a dramatic increase from January, when rates were near zero.
The Fed is also expected to announce plans to reduce its US$9 trillion balance sheet at the May meeting.
The S&P/TSX Venture Composite Index (INDEXTSI:JX), which started the week at the 900 point level, had shed 4.4 percent by Thursday afternoon, hitting 855 points. The gold price also faced headwinds last week — after nearing US$2,000 per ounce on Monday (April 18), it fell to around US$1,940 by the end of the five day period.
Friday (April 22) saw Canada’s junior index continue its decline, slipping to 853 shortly after the morning bell. The trend continued over the morning, leaving the TSXV at its lowest point since mid-March.
The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:
- Nevada Sunrise Gold (TSXV:NEV)
- Armor Minerals (TSXV:A)
- Lucky Minerals (TSXV:LKY)
- PureGold Mining (TSXV:PGM)
- Sable Resources (TSXV:SAE)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Nevada Sunrise Gold
Nevada Sunrise Gold is focused on the exploration of gold, copper, cobalt and lithium in the state of Nevada.
Last Thursday, the explorer announced the intersection of lithium “over significant widths” during an inaugural drilling program at its solely owned Gemini lithium project in the Lida Valley basin in Esmeralda County.
The Gemini property consists of 387 unpatented placer and lode claims. Nevada Sunrise expanded the size of the project by staking 80 new unpatented claims in March, and 268 additional unpatented claims in April.
Shares of Nevada Sunrise added 64.77 percent last week, ending the session at C$0.11.
2. Armor Minerals
Armor Minerals acquires and explores mineral property interests. In 2015, the company amassed controlling interests in the Virginia-based Warmister and Tower Hill gold properties.
Armor did not release any investor updates last week; however shares rose 64.43 percent by Friday to C$0.87.
3. Lucky Minerals
Precious metals explorer Lucky Minerals wholly owns the Fortuna property. Located in Ecuador’s gold belt, Fortuna is made up of 12 contiguous exploration concessions covering 550 square kilometers.
On April 13, Lucky released the most recent assay results for trench T-21, part of its ongoing work at the Wayka epithermal gold discovery at Fortuna. Lucky will now prepare for an upcoming 3,000 meter drill program.
By Friday, Lucky saw its shares climb 54.84 percent to trade for C$0.08.
4. PureGold Mining
Gold-centric PureGold Mining is focused on its flagship mine of the same name located in the Red Lake region of Ontario. The PureGold mine entered commercial production in 2021, and it currently hosts a mineral reserve of 1 million ounces grading 9 grams per tonne gold within a 2.1 million ounce indicated resource.
Last Friday, PureGold told investors it has secured an additional US$6 million credit facility from its lender Sprott Private Resource Lending. PureGold will immediately pursue an equity financing for no less than US$5 million to be received on or before May 15. The cash infusion pushed shares up 43.36 percent to sell for C$0.21.
5. Sable Resources
Focused on precious metals exploration, Sable Resources has a large portfolio of greenfield projects in Argentina and Mexico. The company has not released any news since March, when it announced the start of drilling at the Pyros porphyry target within the El Fierro project in Argentina.
Shares of Sable Resources registered a 43.24 percent gain last week, ending the trading session at C$0.31.
Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday at 10:30 a.m. EST using TradingView’s stock screener. Only companies with market capitalizations greater than C$10 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.