NuLegacy Gold Rises Over 65 Percent

The S&P/TSX Venture Composite Index (INDEXTSI:JX) declined last week, finishing at 616.28.

The Canadian dollar weakened during the period, falling on Friday (February 24) to a seven week low compared to its American equivalent. The US currency was bolstered by a new report that shows consumer spending was up 1.8 percent in January.

In the commodities sector, gold continued to decline, finishing last week at around the US$1,810 per ounce level. Silver fared much the same, while oil prices stayed fairly flat despite news that Russia plans to cut exports further in March.

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

1. NuLegacy Gold (TSXV:NUG)

Weekly gain: 66.67 percent; current share price: C$0.025; market cap: C$11.78 million

NuLegacy Gold is an exploration company targeting its flagship Red Hill gold project in Nevada’s Cortez gold trend, which hosts multiple Carlin-type gold deposits. The company is planning to commence its 2023 drilling program at the site in Q2.

Last Wednesday (February 22), the company announced the first new addition to its geo team in 2023, Nancy Richter. She was previously the US exploration manager for Barrick Gold Exploration, and has over 25 years of experience exploring and developing Carlin-type gold projects in the state. The news cause the company’s share price to spike significantly.

2. Collective Mining (TSXV:CNL)

Weekly gain: 37.02 percent; current share price: C$3.96; market cap: C$146.48 million

Collective Mining is focused on exploring its two projects in Colombia, the Guayabales and San Antonio copper-gold-silver projects. The company has been performing “aggressive” exploration at both projects since 2021, and 2022 brought the discovery of the Apollo porphyry system at Guayabeles. The company commenced its Phase 2 drilling program at Apollo in mid-January.

Last Thursday (February 23), Collective Mining shared the first drill results from the Phase 2 program, which “intersected significant continuous high-grade copper-silver-gold mineralization from surface.” Highlights include 384.7 meters grading 1.17 grams per metric ton (g/t) gold, 43 g/t silver and 0.37 percent copper. The company’s share price rose over C$1 following the news.

3. ATAC Resources (TSXV:ATC)

Weekly gain: 36.84 percent; current share price: C$0.13; market cap: C$28.33 million

ATAC Resources is a gold and copper exploration company searching for the metals in Yukon and BC, Canada, as well as Nevada, US. Its portfolio includes the Rackla gold project in Yukon, as well as three others in the territory, and the PIL copper-gold project in BC.

On February 13, ATAC shared that in January it received an offer from Victoria Gold (TSXV:VGCX,OTC Pink:VITFF) to acquire 100 percent of ATAC for C$0.12 per share. ATAC turned down the offer, but said it was engaging other parties to consider alternatives.

Just eight days later, ATAC announced that it has signed a letter of intent with Hecla Mining Company (NYSE:HL), which will acquire 100 percent of ATAC at C$0.14 per share, C$0.02 higher than Victoria Gold’s offer. The tentative deal drove ATAC’s share price upwards to C$0.14 before cooling slightly to C$0.13 to end the week.

4. Inventus Mining (TSXV:IVS)

Weekly gain: 35.71 percent; current share price: C$0.095; market cap: C$11.97 million

Explorer Inventus Mining has two large-scale projects in Ontario, Pardo and Sudbury 2.0. The former is a gold asset, while the latter is a polymetallic property containing gold, platinum, palladium, copper, nickel and cobalt mineralization.

The last news from Inventus came in December 2022, when it completed a non-brokered private placement for gross proceeds of C$1.2 million. Despite the lack of fresh news, Inventus’ share price rose 35.71 percent last week.

5. Metalex Ventures (TSXV:MTX)

Weekly gain: 33 percent; current share price: C$0.08; market cap: C$15.68 million

Metalex Ventures acquires, explores and develops mineral properties. Its main projects in Canada are in Quebec and Northern Ontario, while its overseas projects are located in South Africa, Morocco and Mali.

The company’s most recent news was released on February 15, when Metalex granted 1 million deferred share units to two independent directors; the units were priced at C$0.06 each. Last week, the company’s share price rose 33 percent.

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.

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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.

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