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Thursday, September 21, 2023

5 Top Weekly TSXV Performers: International Iconic Gold Climbs 109 percent

After a week of volatility, the S&P/TSX Venture Composite Index (INDEXTSI:JX) ended last week holding at the 988.02 level.

The TSXV shed 37.84 points over the five-day period, and it wasn’t alone. Markets on both sides of the border battled headwinds stemming from new European lockdowns and ongoing supply chain woes.

Amid the uncertainty, gold prices rose to US$1,8700 mid-week before pulling back slightly. The yellow metal’s ability to hedge against inflation has aided in its recent growth despite concern over rising interest rates.

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

  • International Iconic Gold Exploration (TSXV:ICON)
  • West High Yield Resources (TSXV:WHY)
  • Atex Resources (TSXV:ATX)
  • Constantine Metal Resources (TSXV:CEM)
  • Dajin Lithium (TSXV:DJI)

Here’s a look at what may have moved their share prices during the period.

1. International Iconic Gold

International Iconic Gold Exploration is focused on developing its wholly owned San Roque gold project located in the Rio Negro province of Northeastern Patagonia, Argentina.

According to the company, a gold, silver and base metals resource assessment released in July 2019 shows an inferred mineral resource of 32.9 million tonnes grading 1.42 grams per tonne (g/t) gold equivalent (AuEq) for 1,499,900 AuEq ounces at a 0.6 g/t AuEq cut-off grade.

On Tuesday (November 16), International Iconic reported the commencement of a preliminary bench-scale metallurgical study program at San Roque. The primary goal of the study is to determine the practicability of recovering the metallic minerals and metal elements, primarily gold, from the San Roque deposit.

“We believe by performing metallurgy, we can increase the resource categories and even potentially be in a position to prepare a PEA on the project, which will significantly increase its value,” President and CEO Robert Abenante said in the statement.

Shares of the company rose 109.54 percent last week, ending the session at C$0.11.

2. West High Yield

Junior mining exploration and development company West High Yield Resources is committed to the acquisition, exploration and development of mineral resource properties in Canada. The company’s primary goal is to develop its Record Ridge magnesium deposit using green processing techniques.

The company did not release any news last week.

West High Yield shares were up 67.2 percent for the week, closing at C$1.02.

3. Atex Mining

Atex Mining is a mineral exploration company focused on the acquisition, development and monetization of projects throughout the Americas. The company’s flagship Valeriano copper gold project is situated in Chile’s prolific El Indio Mineral Belt.

On Monday (November 15), the exploration firm launched a brokered private placement to raise C$7.4 million. The proceeds raised from the offering will be used to advance the Valeriano project and for general corporate purposes.

Company shares added 60.93 percent by Friday, ending the five-day period at C$0.30.

4. Constantine Metal Resources

Canadian mineral exploration company Constantine has two joint venture projects and is focused on the advancement of the Palmer base metal project in Southeast Alaska.

In late October, the explorer announced the issuance of 2,121,250 stock options with an exercise price of C$0.30 per share for the purchase of up to 2,121,250 company shares. According to the press release, the stock options were issued to directors, officers and employees of the company and expire on October 25, 2026.

Constantine shares climbed 57.62 percent last week and closed at C$0.58.

5. Dajin Lithium

Lithium exploration company Dajin has several brine-based lithium exploration projects located in Argentina and Nevada.

Shares of the company rose 54.78 percent by Friday (November 19) morning ahead of Dajin’s virtual shareholders meeting later in the day.

The focus of the meeting is an interim order that Dajin has received from the Supreme Court of British Columbia for the proposed amalgamation plan between Dajin and HeliosX, a firm committed to advancing environmental, social and governance (ESG) initiatives in the mining, energy and carbon offset sectors.

“The shareholders and directors of HeliosX have unanimously approved of this arrangement,” the October 27 announcement reads.

Shares of the lithium-focused company were priced at C$1.02 Friday.

Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 11:00 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.

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

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

Editorial Disclosure: Constantine Metal Resources is a client of the Investing News Network. This article is not paid-for content.

The post 5 Top Weekly TSXV Performers: International Iconic Gold Climbs 109 percent appeared first on Investing News Network.

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