Positive Intercepts Push Western Alaska Higher

After slipping to a year-to-date low of 584.43 on July 15, the S&P/TSX Venture Composite Index (INDEXTSI:JX) trended higher last week, ending the five day session at 617.57.

The index benefited from better-than-expected May retail sales, which rose 2.2 percent. Growing sales across eight of 11 sectors, led by the gasoline and auto sector, exceeded the 1.6 percent rise economists had initially called for.

Following a turbulent June that rattled North America’s largest indexes, July has seen a rebound despite swelling inflation. Some consolidation in commodities prices has also created buying opportunities for investors.

The price of gold fell to US$1,697 per ounce last Tuesday (July 19), the first time the yellow metal has been below US$1,700 since March 2021. Sister metal silver fell to a two year intraday low of US$17.45 on Thursday (July 21).

Both metals could see price growth in the months ahead as silver’s role as a diversifier and gold’s status as a store of wealth come into play as the potential for a recessionary period increases.

The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:

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

1. Western Alaska Minerals

Explorer Western Alaska Minerals controls all claims in Western Alaska’s Illinois Creek Mining District. The property covers 55,360 acres in the district, which contains at least five deposits of gold, silver, copper, lead and zinc.

Last Wednesday (July 20), Western Alaska released intercepts and visual results from ongoing drilling at the Waterpump Creek carbonate replacement deposit.

“While the company finds these visual results to be encouraging, it cautions that the significance of the observations reported here will not be known until assays are received and reviewed,” the statement reads.

The discovery helped Western Alaska shares climb 111.97 percent last week, closing at C$3.81.

2. GobiMin

Gold explorer GobiMin is presently exploring and developing the Sawayaerdun gold property in Xinjiang, China. The company and its subsidiaries also focus on investing in equity, debt and other securities.

The company did not release any updates last week; however, its share price continues to benefit from GobiMin’s decision to sell its Sawayaerdun project for C$88 million.

Last week, company shares were up 64.17 percent selling for C$0.82.

3. ION Energy

ION Energy is working on exploration and development in Mongolia’s lithium salars, and the Baavhai Uul lithium brine project is the company’s flagship asset. At more than 81,000 hectares, it is described by the company as the largest and first lithium brine exploration license awarded in Mongolia. ION also holds the Urgakh Naran lithium brine license in Mongolia, which spans over 29,000 hectares.

Earlier this month, ION released “encouraging” geophysics results from a transient electromagnetic survey on its Urgakh Naran project. Shares of ION enjoyed a 60.53 percent uptick last week, ending the session at C$0.30.

4. FireFox Gold

FireFox Gold is engaged in gold exploration in Finland, where it has a large portfolio of prospective claims.

In mid-July, FireFox updated shareholders on a 2022 core drilling program at its wholly owned Mustajärvi gold project in Lapland, Finland. The results include four holes that returned “significant near-surface, high-grade gold mineralization.” Last week, shares of Fire Fox added 60.4 percent to trade for C$0.16.

5. Grand Portage Resources

Gold firm Grand Portage Resources is focused on exploring its Alaska-based Herbert gold discovery.

Although the company did not release any updates last week, at the beginning of July, Grand Portage announced the commencement of a drill program at its Herbert property.

Shares of Grand Portage saw a 60.3 percent increase last week to conclude the five day period priced at C$0.32.

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.

Editorial Disclosure: ION Energy and FireFox Gold are clients of the Investing News Network. This article is not paid-for content.

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