Rackla Shares Climb After New Stakes Claimed

The S&P/TSX Venture Composite Index (INDEXTSI:JX) was rangebound at the 650 level last week ahead of Friday’s (August 26) speech from US Federal Reserve Chair Jerome Powell.

Markets immediately reacted to the Fed’s hawkish stance as stocks on all major indexes fell. Canada’s junior exchange followed suit, dropping from 662 at the morning bell to 652 an hour later.

“Restoring price stability will likely require maintaining a restrictive policy stance for some time,” Powell said during remarks in Jackson Hole, Wyoming. “The historical record cautions strongly against prematurely loosening policy.”

Energy prices were also on the decline late last week as both West Texas Intermediate and Brent crude held below US$100 per barrel. The gold price contracted on Friday as well, with the yellow metal dropping from US$1,753 per ounce at the start of the day to US$1,736 by the noon hour.

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. Rackla Metals

Rackla Metals is part of Gold Group, a group of gold companies led by prospector and financier Simon Ridgway. The company is focused on gold exploration in Canada’s Yukon, but is also hunting for assets across the globe.

Last Thursday (August 25), Rackla offered an update regarding three groups of claims targeting intrusive-related gold mineralization in the Northwest Territories, Canada.

According to a company statement, “The staking includes 14 claims covering approximately 11,500 hectares and targets the extension of the Tombstone terrain from the Yukon Territory into the Northwest Territories.”

Rackla will now focus on the Tombstone intrusion. Shares rose 58.48 percent last week, closing at C$0.24.

2. Orosur Mining

Precious metals exploration firm Orosur Mining is looking to identify and advance projects in South America. The company currently operates in Colombia, Argentina and Brazil.

Orosur did not release any updates last week, but its shares climbed 42.9 percent to end the period at C$0.20.

3. Diamond Fields Resources

Diamond Fields Resources is a diversified explorer searching for gold and other commodities in Africa. In Burkina Faso, it is advancing the Labola gold project, and the firm has interests in gold projects in Mali and Nigeria as well.

In early July, Diamond Fields received final TSXV approval to complete its previously announced deal to acquire Moydow Holdings. The acquisition will help Diamond Fields bolster its presence in West Africa.

Last week, shares of the company added 36.12 percent to trade for C$0.17.

4. Finlay Minerals

Finlay Minerals is concentrated on base and precious metals discoveries in Northern BC.

On August 15, the diversified explorer announced the receipt of a five year area-based BC Mines Act permit. The approval will allow the firm to start a 2022 exploration drilling program at its Silver Hope property. Field preparations are slated for late August, and drilling is anticipated to follow in September.

By Friday, shares of Finlay were up 33.38 percent to C$0.14.

5. Fission 3.0

Uranium project generator and exploration company Fission 3.0 is advancing its 16 assets in Saskatchewan’s Athabasca Basin, which it believes is the world’s premier uranium mining district.

Earlier this month, the company discovered the first significant anomalous radioactive mineralization at its Murphy Lake project. “The drill hole (ML22-006) is still in progress at 509 meters as up to 2 meters wide graphite and sulphide rich brittle faults continue to be encountered,” the company’s update reads. “It is the first drill hole of the expanded Murphy Lake summer drill program that commenced on August 2, 2022.”

Last week, shares of Fission grew 29.47 percent to end the five day period at C$0.11.

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: Finlay Minerals is a client of the Investing News Network. This article is not paid-for content.

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