Superior Mining Rises Over 80 Percent

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Superior Mining Rises Over 80 Percent

Superior Mining Rises Over 80 Percent

The S&P/TSX Venture Composite Index (INDEXTSI:JX) dipped last week, but ended in the green at 609.79.

The Canadian dollar hit a two week peak compared to the US dollar, partially due to a better environment for commodities.

“With rebounding market sentiment, yield spreads moving in favour of Canada, and commodities picking up steam, it’s been the perfect cocktail for a loonie rally this week,” Reuters quotes Jay Zhao-Murray, a market analyst at Monex Canada, as saying.

Against that backdrop, a variety of TSXV-listed resource stocks were on the move last week. Read on to find out which companies rose the most during the five day period and what was affecting their share prices.

1. Superior Mining International (TSXV:SUI)

Weekly gain: 81.82 percent; market cap: C$22.47 million; current share price: C$0.40

Superior Mining International is a lithium exploration company that recently acquired the Vieux Comptoir lithium property in the James Bay region of Quebec, Canada. The company has the option to earn a 100 percent interest in the project.

The company’s latest news came in April, when it started a two phase exploration program at Vieux Comptoir. In the same announcement, Superior shared that it had increased the size of the land package to 381 mineral exploration claims totaling over 19,000 hectares. Although it didn’t release any news last week, Superior soared during that time, peaking on Friday (June 2).

2. Condor Resources (TSXV:CN)

Weekly gain: 62.5 percent; market cap: C$42.51 million; current share price: C$0.325

Condor Resources is an exploration and project generation company focused on its large portfolio of metals properties in Peru.

Last Wednesday (May 31), Condor signed a new two year surface rights access agreement that allows it to drill at its Pucamayo East precious metals project. The agreement is with the local community and involves commitments on Condor’s behalf to hire locally as much as possible and support the community in a list of other ways. The drill program will include up to 15 diamond drill holes and is expected to begin in about a month.

Condor’s share price climbed to a weekly high of C$0.365 during trading last Friday.

3. Ophir Gold (TSXV:OPHR)

Weekly gain: 53.23 percent; market cap: C$32.05 million; current share price: C$0.475

Ophir Gold is a lithium and gold company with options to earn 100 percent interests in the Radis lithium property in James Bay, and the Breccia gold property in Idaho, US. In March, the company acquired three mining claims contiguous to Radis.

Last Wednesday, Ophir commenced a surface exploration program at Radis. According to a release, the campaign will include “prospecting, rock sampling, and geological mapping, as well asa Property-wide LiDAR and orthphoto survey and interpretation.” Company shares rose over the following days to a weekly high of C$0.50 during trading last Friday.

4. Rusoro Mining (TSXV:RML)

Weekly gain: 42.86 percent; market cap: C$101.68 million; current share price: C$0.20

Rusoro Mining is a gold company with two producing mines and a portfolio of gold projects in Venezuela. However, over the last decade the company has been embroiled in a series of legal disputes with the country.

The company’s most recent news came on April 11, when it reported that “the enforcement process in connection with its arbitration award against the Republic of Venezuela has taken several significant steps forward, bringing the Company much closer to finally obtaining compensation for Venezuela’s expropriation of its gold mining assets in that country, which took place in 2011 and which an arbitration tribunal found in 2016 violated international law.”

Rusoro’s share price has moved upwards significantly since that day in April, when it sat at C$0.07. After starting last week at C$0.14, the company’s share price jumped to a high of C$0.21 on Friday before settling slightly to close the trading day.

5. Goliath Resources (TSXV:GOT)

Weekly gain: 40.35 percent; market cap: C$47.07 million; current share price: C$0.80

Goliath Resources is a Canada-focused precious metals explorer with projects in BC’s Golden Triangle and Quebec’s Abitibi greenstone belt. The company’s primary property is the Golddigger project in the Golden Triangle; the project hosts the Surebet gold-silver zone and the recently discovered Goldswarm zone, both of which the company is targeting with a 2023 drill program.

Although the company didn’t release news last week, on May 24 Goliath announced it would be diamond drilling two targets at its Lucky Strike project, which is also in BC. Its share price rose last week to peak at market close on Friday.

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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