New Gold Zone Discovery Boosts Tower Resources

The S&P/TSX Venture Composite Index (INDEXTSI:JX) experienced a gentle rise of about 4 percent last week, starting the period at 619.36 and ending at 642.9 on Friday (March 3).

Its gain came in advance of the Prospectors & Developers Association of Canada convention, which is held in Toronto and brings together thousands of mining industry members from across the globe.

The increase also came as the gold price kicked off March on a bright note after the previous month’s decline.

Read on to see which TSXV-listed resource stocks saw the biggest share price gains last week.

1. Tower Resources (TSXV:TWR)

Weekly gain: 88.37 percent; current share price: C$0.405; market cap: C$53.18 million

Tower Resources is a copper and precious metals exploration company with projects located in BC, Canada. In 2023, Tower is conducting a diamond drill program at the Rabbit North copper-gold project; the company’s other assets are the Nechako gold-silver-copper and More Creek gold-silver projects.

Last Wednesday (March 1), Tower Resources announced that its inaugural drill test at Rabbit North discovered a new shear-hosted gold zone, which the company has named the Thunder zone. This new discovery is similar to the project’s already discovered Lightning zone, but “more strongly mineralized” and “blossoms with depth.”

The news sent the company’s share price from C$0.22 to C$0.38 over the course of the trading day, and it has moved higher since.

2. Manitou Gold (TSXV:MTU)

Weekly gain: 80 percent; current share price: C$0.045; market cap: C$17.23 million

Manitou Gold is exploring for gold in Ontario, Canada, with 360 square kilometers of gold properties in the province. The company spent much of last year focused on exploring its Goudreau project, at which it also discovered nickel and cobalt.

Last Tuesday (February 28), Manitou announced a proposed friendly acquisition of the company by Alamos Gold (TSX:AGI,NYSE:AGI). The latter company offered a price of C$0.05 per share, an at-the-time premium of 100 percent over Manitou’s share price. Manitou will hold a special shareholder meeting in May.

3. PPX Mining (TSXV:PPX)

Weekly gain: 66.67 percent; current share price: C$0.025; market cap: C$12.81 million

PPX Mining is exploring and developing its Igor gold-silver project in Peru’s Northern Peru gold belt. The project includes the Callanquitas underground gold-silver mine, which is operated by the company Proyectos La Patagonia through an agreement with PPX’s Peruvian subsidiary Sienna Minerals.

Last Monday (February 27), PPX shared the 2022 production results from the Callanquitas mine, which saw 13,010 gold ounces and 169,593 silver ounces. In particular, its silver production saw a large jump over 2021, with the previous year only resulting in 75,014 ounces. Its share price jumped to end the week up, although it seems to have halted trading on March 2 and 3.

4. ZincX Resources (TSXV:ZNX)

Weekly gain: 62.5 percent; current share price: C$0.13; market cap: C$12.81 million

ZincX Resources is exploring British Columbia, Canada’s Kechika Trough district, which hosts its two projects — its Akie project in the Cardiac Creek deposit and its Kechika Regional project — both of which are prospective for zinc, lead and silver.

ZincX’s share price rocketed up last Friday (March 3), although its only news this week came three days prior, when the company announced it would have a booth at this week’s PDAC 2023 conference in Toronto.

5. Ceylon Graphite (TSXV:CYL)

Weekly gain: 58.33 percent; current share price: C$0.095; market cap: C$16.02 million

Ceylon Graphite is a graphite exploration and production company with projects in Sri Lanka. According to the company, in addition to mining vein graphite, it is also “developing and commercializing innovative graphene and graphite applications and products.”

Last Thursday (March 2), Ceylon shared that it had completed “the world’s first full cell testing using spherodized vein graphite materials in commercial size pouch cells following automotive ‘Original Equipment Manufacturer’ (OEM) standards.” The results showed that Ceylon’s anode material had exceeded industry standard anodes.

The news saw the company’s stock price double during trading on Thursday, and it is still up significantly.

Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday after market close 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, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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

Image and article originally from Read the original article here.