Wallbridge Mining Rises on Fenelon Assay Results

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 19,501.18 early last Friday (August 5) morning. It ultimately closed the week higher at 19.619.88.

Looking over to commodities prices, gold rose as recession fears pushed investors toward safe-haven assets. The yellow metal was hovering around the US$1,775 per ounce mark, while its sister metal silver was trading at US$19.80 per ounce on the week’s last day of trading.

That said, all eyes were on platinum and palladium last week as analysts and traders lowered their price forecasts for the year on sluggish demand from the auto sector, a Reuters poll shows.

A number of companies saw their share prices increase last week, in particular those focused on precious metals. The five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Wallbridge Mining (TSX:WM)
  • Argonaut Gold (TSX:AR)
  • Star Diamond (TSX:DIAM)
  • Gatos Silver (TSX:GATO)
  • Mineros (TSX:MSA)

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

1. Wallbridge Mining

Gold-focused Wallbridge Mining’s flagship project, Fenelon, is located on the highly prospective Detour-Fenelon gold trend in Northern Abitibi, Quebec. Wallbridge also has interests in several copper, nickel and platinum-group metals properties, including a 17.8 percent interest in Lonmin Canada.

Last Thursday (August 4), the company provided further positive assay results from an ongoing infill sampling program at Fenelon. Its share price rose 43.33 percent on the news to hit C$0.21 by the end of the trading week.

2. Argonaut Gold

Another gold-mining company making the list last week is Argonaut Gold, whose primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo complex in Durango, Mexico; the company also has the La Colorada mine in Sonora, Mexico, and the Florida Canyon mine in Nevada, US.

Aside from that, Argonaut holds the construction-stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America.

Argonaut did not release any news last week, but shares jumped 31.25 percent to end at C$0.63.

3. Star Diamond

Star Diamond is engaged in the acquisition, exploration and development of mineral properties. The company’s most significant asset is its interest in the Fort à la Corne property in Central Saskatchewan.

Last week, the company’s shares increased 28.57 percent to come in at C$0.13 by the end of the week.

4. Gatos Silver

Gatos Silver is a silver-dominant exploration, development and production company that discovered a new silver- and zinc-rich mineral district in the south of Mexico’s Chihuahua state. Its flagship asset is the Los Gatos district, which includes the Cerro Los Gatos mine.

There was no news from Gatos Silver last week, but the company saw its share price increase 27.86 percent to hit C$5.49 by the end of the trading period.

5. Mineros

Mineros is headquartered in Medellin, Colombia, and has a diversified asset base, with mines in Colombia, Nicaragua and Argentina, and a pipeline of development and exploration projects throughout the region.

Last Wednesday (August 3), the company published its Q2 results, showing that production reached 74,062 ounces of gold ― a 10 percent increase in output compared to the same period in 2021.

Last week, Mineros’ share price jumped 25.71 percent to end at C$0.88.

Data for 5 Top Weekly TSX 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$50 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, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Image and article originally from investingnews.com. Read the original article here.