The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up last week by 2.4 percent to 715.59 points.

Overall, the index is up 36.13 percent for 2016. For the period of June 11, 2015 to June 10, 2016, it’s up by $25.74, or 3.73 percent.

However, with the price of gold increasing 2.4 percent to $1,276.30 per ounce over the past week, it appears as though interest in gold was outweighing investor interest in stocks.

Still, a number of companies on the TSXV saw strong weekly percentage gains. The top five gainers for the week were:

• Nicola Mining (TSXV:NIM)
• Rathdowney Resources (TSXV:RTH)
• Alset Energy (TSXV:ION)
• CanAlaska Uranium (TSXV:CVV)
• MX Gold (TSXV:MXL)

Here’s a closer look at those companies:

Nicola Mining

Nicola Mining made significant gains last week, rising 65 percent to $0.17. Year-to-date, the company’s stocks have rallied 153.85 percent, and 180.72 percent overall for a one-year period.

Most recently, Nicola Mining provided an update on exploration work at its Thule Project, a wholly-owned project located northwest of Merritt, British Columbia. Among some of the updates, the company reported 53 trench samples collected with a range from 72 ppm copper to 1.68 percent copper.

Rathdowney Resources

Rathdowney Resources is currently focused on advancing its Olza zinc-lead-silver project in Poland.  The company’s latest news release came in January wherein the company announced a $310,000 loan, which it states will be used for working capital.

Last week, Rathdowney jumped 44.4 percent, a $0.08 increase, to $0.26. Year-to-date, the company has steadily risen 48.57 percent.

Alset Energy

Alset Energy has fallen down the list for the second week in a row, dipping down to third on our list from last week’s second place. Still, the company’s stocks have gained 42.86 percent, or $0.24, to $0.80. Even more impressive is their 5,233.33 percent increase year-to-date, making $0.79 in gains.

The company is currently focused on its Wisa Lake lithium, Champion graphite and Goodchild projects. Alset’s most recent news came at the end of May when the company announced samples of up to 6.38 percent lithium oxide at Wisa Lake.

CanAlaska Uranium

Last week, CanAlaska Uranium made gains of 42.31 percent per share, a $0.22 spike, to $0.74. Year-to-date, however, has seen even more impressive gains of 572.73 percent, or $0.63.

Since 2004, the company has been undertaking uranium exploration in the Athabasca Basin and currently has two key uranium properties: the West McArthur Project and Cree East Project.  The most recent news came at the end of May when Cameco (TSX:CCO) announced their summer drilling plans at CanAlaska’s West McArthur project.

MX Gold

Last but not least on this week’s TSXV list is MX Gold. The company recently announced their name change from Discovery Ventures to MX Gold, effective June 6, 2016. The company has three projects: the Willa Mine, the Willa Mine and Max Mill combined operation, and the Max Molybdenum Mine and Mill.

Over a five-day period, MX has made gains of 41.18 percent, or $0.07, to $0.24.  Year-to-date, shares of the company have seen a 65.52 increase.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Top TSXV stocks in recent weeks:

5 Top TSXV Stocks: Rugby Mining Tops the List Rising 100 percent

5 Top TSXV Stocks: Alset Energy Jumps 176.92 percent

5 Top TSXV Stocks: Cartier Resource Rises 55 Percent

5 Top TSXV Stocks: Sutter Gold Mining Rose by 127.27 percent

5 Top TSXV Stocks: Kootenay Silver Rises 64 Percent

5 Top TSXV Stocks: CB Gold Gains 83 Percent

5 Top TSXV Stocks: Encanto Gains 100 Percent on Offtake MOU

 

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Gold prices rose again this week, gaining 2.06 percent over the past five days to trade at $1,271.70 per ounce as of 12:25 p.m. EST.

According to Commerzbank, that’s a new three-week high for the yellow metal. Gold prices rose despite a higher US dollar. “Weak stock markets and further falling bond yields presumably helped drive the gold price up,” the firm stated in a note to clients.

Meanwhile, ANZ hailed the return of a bull market for gold, suggesting that $1,400 gold could be in the cards. As CNBC reported, ANZ commodity strategist Daniel Hynes said that decreased expectations for an interest rate hike in the US, combined with risk aversion due to a potential Brexit, could help push gold higher.

Billionaire investors appear to agree with that sentiment—George Soros has been making headlines this week with news that he’s been investing in gold and gold mining shares. Investor fears certainly appear to be on the rise, as stocks fell while gold prices surged. The TSX lost 194 points to reach 12,045.23 on Friday, while the NYSE fell 135 points to hit 10,454.82.

Silver prices surged even more this week, rising 5 percent to hit $17.27 per ounce as of 12:48 p.m. EST. DailyFX stated that while positive momentum has continued for silver, there is now an elevated risk of pullback for the white metal.

On the base metals side of things, comex copper prices did not fare so well, losing 3.7 percent to trade at $2.048 per pound as of 13:22 p.m. EST. As per Commerzbank, LME copper prices were sitting around $4,500 per tonne to close out the week.

Copper prices dropped for the week after data showed that LME copper inventories were on the rise. However, news that China’s copper imports had risen 19.4 percent year-on-year for the month of May gave the red metal a bit of a bump on Wednesday.

Finally, spot oil prices took a downward turn for the latter half of the week, losing 0.84 percent overall to finish at $49.29 per barrel as of 1:37 p.m. EST. Commerzbank suggested that the dip was due to poor market sentiment rather than fundamentals.

“[T]he situation remains problematic in Nigeria and in Canada, thereby tightening supply on the oil market,” the firm stated. “No pronounced correction probably need be feared in the short term, in other words.”

Meanwhile, as per Reuters, the US oil rig count rose for the third week in a row. Brent Crude futures lost 2.3 percent to trade at $50.88 per barrel, while US West Texas Intermediate dropped 2.5 percent to $49.31.

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Weekly Round-Up: Gold Price Leaps on US Jobs Data

Weekly Round-Up: Gold Prices Dip on Increased Rate Hike Speculation

Weekly Round-Up: Gold Price Falls on Dollar Strength

Weekly Round-Up: Gold and Silver Keep Rising

Weekly Round-Up: Gold Rises on US Jobs Data

Weekly Round-Up: Gold, Silver, Copper Gain on Weaker US Dollar

Weekly Round-Up: Oil Prices Gain for Third Straight Week

Weekly Round-Up: Copper Rises on Record China Imports

Weekly Round-Up: Copper Posts Worst Weekly Loss Since January

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Liberty Star Uranium & Metals (OTCBB:LBSR) has announced the expiration date of certain previously issued warrants has been extended by three years.

As quoted in the press release:

The expiration date of any warrant issued by Liberty Star between May 1, 2013 and May 1, 2016 that was outstanding on May 1, 2016 has been extended for an additional three years. All other terms of the warrants, including the exercise price, remain unchanged. In addition, all terms of warrants issued prior to May 1, 2013 or after May 1, 2016, including the expiration date, remain unchanged.

Click here to read the full press release.

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Ultra Lithium (TSXV:ULI) announced that results from the first drill hole and groundwater samples at its South Big Smoky Valley project indicate the presence of lithium bearing brine.

As quoted in the press release:

The following are the highlights of the data collected from hole BSH16-01:

• Assay results receive to date indicate anomalous values of lithium in drill core samples. The drill core logs show the presence of volcanic clays, organic matter and tuff at various depths which are documented to be contributed from Late Miocene to Pliocene tuffaceous lacustrine facies of the Esmeralda Formation. Several geological studies consider the Esmeralda Formation to be the source of lithium brine in the South Big Smoky and Clayton valleys. There are a few gypsum layers within sand and clay layers. The amount of volcanic material and tuffs increases with depth.
• The drill core data shows the presence of multiple sand aquifers down to a drilled depth of 1,000 feet (305 metres) below surface. Water level as measured on June 04, 2016 was at 2 feet (0.6 meters) below ground surface indicating artesian water pressure from a confined aquifer at 349 to 479 feet (106 to 146 metres). The aquifer is comprised of sand with intervening thin clay layers.
• Assays of groundwater samples taken at various intervals to a depth of 1,000 feet (305 metres) using Harris Exploration’s sampling technique indicated anomalous values of lithium. The Company has installed a well and has taken representative groundwater samples. The Company will disclose the result of the analyses on these waters samples as they are available.

Based on (CSAMT) geophysical survey data, two potential brine targets were interpreted at this borehole location. Drilling results confirmed that the first target continues down to approximately 500 feet (152 metres) below surface, whereas the second target begins at 700 feet (213 metres). The second target is expected to continue down to 1,800 feet (549 metres) below surface which was the proposed depth of this hole. Harris Exploration, the drilling contractor was only able to drill down to 1,000 feet (305 metres) with core drilling and the hole was stopped due to artesian water pressure.

Ultra Lithium CEO Weiguo Lang said:

We are very pleased with the information received from the first 1,000 feet of core drilling showing presence of brine and artesian groundwater aquifers. After this encouraging data, the Company has planned to bring a more powerful drill rig to complete this hole down to a depth of 1,800 feet and to drill the second hole to a depth of 2,200 feet. The brine target in the second hole is deeper and thicker than the first hole based on the previous geophysical survey (CSAMT). We are looking forward to the remaining assay results to gain a better understanding of the Big Smoky hydrogeological system.

Click here for the full press release.

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Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) announced it has filed a preliminary short form prospectus in connection with a proposed offering of common shares of the corporation for minimum aggregate gross proceeds of $50-million and maximum aggregate gross proceeds to be determined in the context of the market.

Nemaska intends to use the net proceeds of the Offering for engineering fees in relation to the Whabouchi Mine and concentrator and the Shawinigan hydromet plant, down-payments for long lead items, drilling and for general working capital purposes.

Connect with Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) to receive an Investor Presentation.

 

 

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NexGen Energy (TSXV:NXE) has announced that it has closed the previously announced private placement of $60 million in aggregate principal amount of unsecured convertible debentures to CEF Holdings and/or affiliates of its shareholders.

Leigh Curyer, president and CEO, said:

Closing of this financing places NexGen with a treasury in excess of C$100M and based on the current footprint of Arrow mineralization is budgeted to advance and optimise Arrow on its development path through to a decision to construct. I would like to take the opportunity to personally thank all involved in the execution of this financing milestone for NexGen. I look forward to delivering regular drilling and development results from Arrow as we progress this exciting project.

As quoted in the press release:

The Debentures were issued pursuant to investment agreements entered into between the Company and CEF, and a trust indenture entered into between the Company and Computershare Trust Company of Canada.

The Debentures have a term of five years and bear interest at a rate of 7.5% per annum, payable semiannually in arrears, with 5% of such interest payable in cash and the remaining 2.5% payable in common shares of the Company, such shares to be issued at a price per share equal to the 20-day volume-weighted average trading price calculated in U.S. dollars (the “20-day VWAP”) prior to the date each such interest payment is due.

The Debentures are convertible at the holder’s option into common shares of the Company at a conversion price of US$2.33, representing a 30% premium to the 20-day VWAP prior to the announcement of the Offering.

Click here to read the full press release.

 

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International Lithium Corp. (TSXV:ILC.V) announce that the Company has completed the drill programme announced on 11 April 2016 at the Avalonia Lithium Project located in Counties Carlow and Wicklow, Ireland.

As quoted in the press release:

Highlights of the drilling include the discovery of a new pegmatite body in the Aclare area. Three drill holes intersected the previously unknown pegmatite phase 450 metres east of the main Aclare pegmatites.  This new pegmatite is hosted in a granite sill parallel and adjacent to the granite sill hosting the main Aclare pegmatites where drill hole ACL13-04 intersected 2.23% Li2O over a drill width of 23.3 metres, including 3.43% Li2O over 6 metres (Company news release dated June 25, 2013). All widths reported are drill widths and have not been converted into true widths.  The discovery proves the lateral extent of the lithium pegmatite occurrences is greater than previously known, consequently opening more ground for potential discoveries.

Spodumene bearing pegmatite boulders were discovered in field walls between the new pegmatite and the Aclare mineralization.  These boulders contain spodumene crystals that are greater than 40 centimetres in length and some of the largest identified on the property to date.

About the Drill Program

A total of 23 diamond drill holes comprising 1,756 metres of NQ sized core were completed in the central part of the Avalonia Project’s lithium belt and entirely within County Carlow.  Of these, 10 holes focussed on further delineating pegmatites in the Aclare area.  Down-dip extension and infill drilling was used to delineate the distribution of lithium and rare metals in the system and identify thickening vectors of the pegmatite body.

Four of the delineation drill holes tested a geophysical feature interpreted to be the granite-schist contact to the immediate northeast of the Aclare pegmatites.  In the Aclare area, proximity to the hanging wall contact of granite sills is considered highly prospective for hosting lithium-bearing pegmatites.  These four holes demonstrate that magnetic surveys can trace these granite sill contacts within the schist.

Core samples have been cut and collected for all pegmatite intersections and prospective units, which amounted to 15% of the total core recovered.  Samples have now been shipped to the Bureau Veritas laboratory in Krakow, Poland for processing.  All analytical results are pending.

Planned Work

Additional work is planned for later this summer in the Moylisha area where the Company previously reported 1.50% Li2O over 5.6 metres in drill hole MOY13-02 (news release dated June 25, 2013).  The work will include trenching to develop drill targets in this area where there are extensive boulder trains of spodumene bearing pegmatite and some grab samples returned assays as high as 4.59%, 3.45%, and 3.27% Li2O (Company news release dated January 31, 2012). These boulders have not yet been traced back to source.  Grab samples are by definition selective and may not represent average grades on the property.  Pending analytical results further drilling may be planned to target potential sources of the newly enhanced boulder train at Aclare.

International Lithium CEO, Gary Schellenberg, stated:

This programme was successful in both delineating further mineralization at one of the project’s main lithium pegmatites, and testing earlier stage targets we have advanced along the belt. Developing the pegmatite at Aclare is a high priority, but we also firmly believe in the potential for significant undiscovered pegmatites along the entire 30-kilometre belt.  We are particularly looking forward to returning to explore the extensive pegmatite boulder trains at Moylisha

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Lithium investors will no doubt remember Simbol Materials, the private California based company that had big plans to extract lithium from the waste from geothermal power plants.

In January of last year, Simbol was talking about starting construction of a large-scale plant following successful tests at its demonstration plant. But things ground to a halt the next month when the Desert Sun reported that Simbol had fired 38 workers from its demonstration plant the next month. Then, the company faced a lawsuit that alleged financial wrongdoing on the part of some of the company’s institutional investors.

There hasn’t been much news from Simbol since.

However, this week, it emerged that there was even more to the Simbol story—the company had the option to be acquired by Tesla (NASDAQ:TSLA) for $325 million in Tesla stock, but the deal never went through.

The Desert Sun obtained a copy of a letter from Elon Musk to Simbol CEO John Burba, in which Musk clearly stated that he was interested in purchasing the company. Here are a few quotes from the letter, as per the news outlet:

This is a compelling opportunity to combine two innovative companies on a mission to advance clean and sustainable energy technologies worldwide.

We’re very impressed with what you and your management team have created at Simbol.

Tesla is prepared to move quickly to negotiate a potential transaction.

The Sun stated that it’s still unclear why the deal fell apart. For now, a new company, Alger Alternative Energy, run by a former Simbol executive, is aiming to buy Simbol’s assets and start anew.

In any case, the Simbol story once again highlights the importance of having a secure supply of lithium for battery producers (or soon-to-be battery producers). Indeed, investors, analysts and companies are all keeping an eye out for developments in new lithium extraction and processing technologies that could disrupt the current mass production standard in the sector.

Others making advances in the realm of new lithium technologies include Korean steelmaker POSCO (NYSE:PKX,LSE:PIDD,TYO,5412) and Israel’s Tenova Bateman.

Don’t forget to follow us @INN_Resource for real-time news updates.

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 

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Uranium Energy (NYSE:UEC) has reported the filing of its quarterly report for the nine months ended April 30, 2016.

As quoted in the press release:

This Form 10-Q filing, which includes the Company’s condensed consolidated financial statements, related notes thereto and management’s discussion and analysis, is available for viewing on the SEC’s website athttp://www.sec.gov/edgar.shtml or on the Company’s website at www.uraniumenergy.com.

Click here to read the full press release.

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Houston Lake Mining Inc. (TSXV:HLM) announced all of the 1.4 million stock options Houston Lake Mining Inc. previously granted in 2011 at 14 cents per common share have been exercised for aggregate proceeds of $196,000. As a result of the exercise, the directors and officers of the company now represent over 30-per-cent ownership.

Houston Lake Mining President, Trevor Walker, stated:

I am pleased to announce the exercise of the options as it shows the confidence of management. The 30-per-cent ownership underscores the complete alignment of HLM’s management and directors with its shareholders as the company works towards the completion of a prefeasibility study in 2016.

Connect with Houston Lake Mining Inc. (TSXV:HLM) to receive an Investor Presentation.

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Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) announced it has released favourable results from an auger brine and sediment sampling program conducted in April, 2016, at its 100-per-cent-owned Teels Marsh lithium project in Mineral county, located 50 miles northwest of the producing lithium brine operation in Clayton Valley, Nevada.

As quoted in the press release:

The sampling program provided detailed information in the northwestern portion of the playa, where a total of 20 brine samples yielded concentrations as high as 71 parts per million Lithium, averaging 19 parts per million and Boron concentrations as high as 930 parts per million, averaging 227 parts per million. Sediments associated with these brines have Lithium concentrations as high as 740 parts per million, averaging 475 parts per million. Boron concentrations are as high as 11,800 parts per million and averaging 2,600 parts per million.

These results, when combined with earlier auger sampling completed in late 2014 and early 2015, confirm that Lithium concentrations in near surface (12 feet (3.6 metres)) sediments increase from east to west in the playa, from a low of <50 parts per million in the northeastern portion of the playa to a high of 740 parts per million in the northwestern portion of the playa. Lithium brine concentrations from shallow levels of most the playa are less than 10 parts per million but increase to a maximum of 71 parts per million in the northwest portion of the playa. Elevated Lithium concentrations in the northwest are believed to be related to concealed geothermal waters that are known to occur in the subsurface on the northwestern, western, and southwestern margins of the playa.

The 20 brine samples discussed herein were filtered at 5 microns in the field and acidified prior to shipment to the laboratories. Standard and blank samples were included, and the fluids have been analyzed at several laboratories as part of an on-going QA/QC program. Research to document the characteristics of Lithium in the brines and sediments is in progress at the University of British Columbia, funded with a National Science and Engineering Research Council of Canada (NSERC) research grant.

Dajin Resources President and CEO, Brian Findlay, stated:

These are some of the best Lithium brine numbers to be announced outside of Clayton Valley in Nevada for some time. We are still in the early stage of exploration at Teels Marsh, and we are anxious to begin our initial drilling to test the potential for finding significant Lithium brines at depth.

Connect with Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) to receive an Investor Presentation.

 

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MGX Minerals (CSE:XMG) announce that field crews and operators have completed the previously announced 100-tonne bulk sample at the Company’s flagship Driftwood Creek magnesium project.

As quoted in the press release:

On the morning of June 8, 24 vertical holes with alternating depth of 30 and 40 feet were loaded to 7 feet from the drill hole collars with AMEX explosives. The charges were set at the approximate center of the East Zone at Driftwood. Detonation was by time delay fuse and occurred at 11:45pm (MST) resulting in a successful and complete blast.

Mucking and loading of material has commenced in preparation for assay, advanced metallurgy, and kiln testing. Kiln testing will produce representative multi-tonne samples for distribution to prospective customers in Canada, the United States and Europe.

Since acquiring the project in July 2014, MGX has completed two diamond drill programs, property wide sampling and re-analysis of historic drill core. Magnesite mineralization has been traced over a strike length of 2,000 meters and up to 300 meters wide, reaching a true depth of 110 meters. The deposit remains open in both directions and at depth. Mineralization occurs in two discrete zones that are believed to have been enriched during a period of metamorphic recrystallization. MGX was issued a 20-year Mining Lease by the Ministry of Energy and Mines of the Province of British Columbia in January 2016.

Connect with MGX Minerals (CSE:XMG) to receive an Investor Presentation.

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Alix Resources Corp (TSXV:AIX) announced a crew will be mobilized in the coming days on select areas of the newly acquired portfolio of lithium properties in the Preissac-Lacorne plutonic complex of the Abitibi Greenstone Belt, province of Quebec.  The goal of the program is to help prioritize prospective areas by sampling and mapping the spodumene-bearing pegmatites that are reported on the four properties. This first sampling program, in conjunction with compilation of existing data, will optimize future exploration programs.

As quoted in the press release:

The core of the claim group is located 40 km northeast of the mining town of Val d’Or. The recorded mineral claims extend 30 km east-west by 15 km north-south. The properties are accessible by a network of paved roads connecting to the main 117 Highway linking Val d’Or to Rouyn-Noranda. The region holds several precious and base metals mines and possesses all the infrastructures and workforce necessary to support a mining operation.

Alix Resources President and CEO, Mike England, stated:

We are pleased to be able to get a first pass ground program started immediately in an effort to get a head start on an exciting upcoming summer for Alix.

Connect with Alix Resources Corp (TSXV:AIX) to receive an Investor Presentation.

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Uranium’s struggles this year have been widely talked about on a variety of platforms, simply because the industry is having its worst year in roughly a decade. 

Currently, the uranium price is sitting at $28.25 a pound as of June 8, which is up a $1 from the week before. It isn’t expected to pick up drastically until the fourth quarter of 2016—as indicated in FocusEconomics‘ May 2016 report. Analysts surveyed expect the price to average $39.70 a pound.

Despite the rough patch, some uranium companies have seen relative success this year. INN took a look at a number of junior mining uranium stocks that have made gains of over 100 percent during trying times.

CanAlaska Uranium (TSXV:CVV)

CanAlaska Uranium is having a successful year.  So far year-to-date, the company’s stocks have boomed 518.18 percent, or $0.57, to sit at $0.68.  Over a one-year period, CanAlaska has increased by 248.72 percent overall, but the year-to-date spike is impressive on its own.

The company’s key uranium properties include the West McArthur and Cree East projects. Since 2004, over $86 million has been expended exploring and identifying high grade uranium targets on its properties, with a variety of uranium targets being delineated.

CanAlaska most recently announced results from the first drill hole of Cameco’s (TSX:CCO) year-one program at West McArthur.

Uracan Resources (TSXV:URC)

Uracan Resources has been focused on exploring and developing uranium deposits in the Athabasca Basin in Saskatchewan. Currently, the company is exploring in its two joint venture properties:the Black Lake project where they are earning a 60 percent interest from UEX Corporation (TSX:UEX) and the Clearwater Project, earning a 70 percent interest from Forum Uranium (TSXV:FDC).

In May, Uracan announced a non-brokered private placement of up to 20 million flow through share at a price of $0.05 each with gross proceeds totaling $1 million.

Much like CanAlaska, Uracan Resource has had success, making year-to-date gains of 300 percent—a $0.06 spike—to $0.08.

enCore Energy (TSXV:EU)

enCore Energy currently has a 100 percent interest, with no holding costs, of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. The project has produced over 347 million pounds of uranium in the past, and still holds uranium mineralization. Between the two areas, it is estimated there are 12.68 million tonnes of total indicated uranium.

Year-to-date, the company’s shares have increased 275 percent by $0.05 to $0.07, which is consistent with its progress over a one-year period—the company’s share price increased 200 percent overall between June 12, 2015 and June 8, 2016.

enCore’s most recent news was posted on January 6, 2016, when the company announced that it had concluded an asset purchase agreement with Energy Fuels (TSX:EFR) for the right to mill uranium ores at the White Mesa Uranium Mill.

Purepoint Uranium Group (TSXV:PTU)

Purepoint Uranium has a variety of uranium projects. Some are joint venture projects, while others are 100 percent owned by the company. For example, the Hook Lake project is a joint venture with Cameco (39.5 percent), AREVA Resources (EPA:AREVA) (39.5 percent) and Purepoint (21 percent).

The most recent news regarding the Hook Lake project came near the end of May, when it was announced that the joint venture partners would be reallocating funds for continued drilling at the Spitfire Zone this year.

The company’s share price has seen substantial success year-to-date, gaining 142.86 percent to $0.085.  For a one-year period, Purepoint’s shares have risen 88.89 percent.

Belmont Resources (TSXV:BEA)

Last on this list, but not least, is Belmont Resources. The company has seen its shares rise 137.5 percent year-to-date, an increase of $0.06, to $0.95. Over a one-year period, the company has gained 72.73 percent.

The company currently holds two uranium projects: the Kibby Basin and Saskatchewan properties. Regarding Kibby Basin, Belmont announced at the end of May that the TSXV had accepted its property purchase agreement to acquire a 100 percent interest in the project.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Forum Uranium is a client of the Investing News Network. This article is not paid-for content.

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NexGen Energy (TSXV:NXE) has announced the appointment of Charles Scorer as Special Advisor, Uranium Marketing of NexGen.

As quoted in the press release:

Mr. Scorer has more than 25 years of commercial and operational experience in uranium and the global nuclear fuel market. Previously, Mr. Scorer served as the Chief Executive Officer of Accord Nuclear Resources, a partnership with First Reserve Corporation, a global energy-focused private equity firm assessing uranium assets worldwide. Prior to joining Accord, Mr. Scorer served as the Chief Executive Officer of London based nuclear fuel trading company, Nufcor International Limited, having formed it in 1998. During Mr. Scorer’s time with Nufcor International, he oversaw the spinning out and listing on the London AIM of Nufcor Uranium Ltd, a uranium commodity investment vehicle. Nufcor International was subsequently sold to a large US investment bank. Prior to that, Mr. Scorer was the Managing Director of the Johannesburg based Nuclear Fuels Corporation of South Africa (Pty) Ltd. where his primary responsibility was the final processing, marketing and distribution of all South African origin uranium.

Mr. Scorer also previously held senior positions at the Chamber of Mines Research Organisation of South Africa where he was involved in the research and development of hydraulic, mechanised mining equipment for use in South Africa’s deep level gold mines. Mr. Scorer holds a B.Sc. degree in Mechanical Engineering from the University of Natal, South Africa and a Diploma in Production Engineering from the Witwatersrand Technikon, Johannesburg.

Click here to read the full press release.

 

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Eureka Resources (TSXV:EUK) announced it has accepted for filing a letter agreement dated January 20, 2016 and an addendum to the letter agreement dated May 4, 2016 between the Eureka and Nevada Sunrise Gold Corporation (TSXV:NEV) whereby the Eureka can acquire a 50% interest in the Gemini Lithium Project which comprises 247 placer mining claims totalling 4,940 acres (2,000 hectares) in the western Lida Valley, Nevada.

As quoted in the press release:

Gemini hosts two deep, sub-basins that have the potential for lithium-bearing brines similar to the proven lithium brine deposits located in the Clayton Valley. Lithium occurs in economic quantities within brines in the Clayton Valley where the only producing lithium mine in North America is located. Gemini is situated in a similar geologic environment and is 40 kilometres southeast of the Clayton Valley.

The Company has paid CAD$ 96,794 being its 50% share of the acquisition costs, and geophysical and geological costs incurred to date on Gemini. In addition, Eureka has issued 300,000 common shares to Nevada Sunrise according to the terms of the letter agreement, thereby acquiring its 50% interest in Gemini.

Connect with Eureka Resources (TSXV:EUK) to receive an Investor Presentation.

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American Lithium (TSXV:LI) has entered into a technical consulting agreement with Dr. John S. Oldow, Director of the Ellison Miles Center for Geological Field Studies at the University of Texas, Dallas.

As quoted in the press release:

The objective of the Agreement is to advance Dr. Oldow’s regional geophysical work to develop a geological model of the Company’s 18,552 acre lithium brine project in Fish Lake Valley, Esmeralda County, Nevada.  Dr. Oldow’s work includes geologic mapping and the application of structural and stratigraphic analysis, along with potential field geophysics, GPS geodesy and terrestrial laser scanning to advance understanding of regional tectonics.  The Fish Lake Valley geological model is expected to define basin depth, thickness and distribution of the reservoir in the basin, along with the geometry of faults around and within the basin.

American Lithium CEO, Michael Kobler, said:

Fault geometry is critical in the development of lithium brine basins in that the structures may provide vertical conduits for fluid flow and may also represent aquitards controlling lateral flow in a segmented basin system.  Understanding where these structures exist within the basin will direct the Company’s upcoming drilling program.  Dr. Oldow and his team of Ph.D. students from the University of Texas will provide detailed stratigraphic descriptions of the basin reservoir based on their previous work on exposed sections of the formation adjacent to the Company’s Fish Lake Valley lithium brine property.

Click here for the full press release.

The post American Lithium Retains New Technical Consultant appeared first on Investing News Network.

92 Resources (TSXV:NTY) reported results from a reconnaissance visit of its wholly owned Hidden Lake lithium property. Hidden Lake is located roughly 40 kilometers northeast of the city of Yellowknife.

As quoted in the press release:

During May 2016 the company retained Dahrouge Geological Consulting Ltd. of Edmonton, Alberta to conduct a site visit of the Property and to confirm historic sample results for the known spodumene-bearing, lithium pegmatites. The historic LU dyke D12 was examined and five samples collected from an area measuring approximately 30 by 150 meters. The five samples returned values of 1.64%, 2.45%, 2.69%, 2.89% and 3.06% Li2O, with an average grade of 2.54% Li2O. The dominant lithium-bearing mineral appears to be very coarse grained, light gray to light-greenish gray spodumene. The pegmatite continues both to the northeast and southwest of the sampled area. Samples were submitted to Activation Laboratories in Kamloops, where they were analyzed by Sodium Peroxide Fusion ICP-OES (lithium ore analysis).
The Property is located within the central parts of the Yellowknife Pegmatite Belt, which extends from the Blaisdell Lake pegmatite series in the north about 45 km to the south near Harding Lake. The belt parallels the Prosperous Lake Granite Suite; pegmatites, related to this intrusive complex are usually discordant and predominantly north south to northeast-southwest elongate bodies. Within these zoned pegmatite fields, lithium-rich pegmatites tend to occur a similar distance from the source granite and are typically located farthest from the source granitoids. The largest pegmatite deposits often have structural controls that increase their tonnage or grade potential.

Interpretation of air photos post-dating recent forest fires has identified a number of ground targets for future exploration. Based on the recent site visit, the company is planning a field program that is anticipated to begin in mid-July and will consist of mapping, identifying and exposing spodumene-bearing pegmatite dykes, and systematic channel sampling of those outcrops.

Adrian Lamoureax, president and CEO of 92 Resources, said:

We are extremely pleased that our initial site visit confirmed the exceptional potential Hidden Lake has to host a number of highly prospective spodumene bearing pegmatites. The Yellowknife Pegmatite belt may one day prove to be an important source of lithium, which will help fuel Canada’s transition to a green energy economy.

Click here for the full press release.

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Alix Resources Corp (TSXV:AIX) announced the acquisition of a portfolio of lithium properties in the Preissac-Lacorne plutonic complex of the Abitibi Greenstone Belt, province of Quebec, from arms-length vendors. The Preissac-Lacorne Lithium Portfolio consists of claim groups situated within the La Motte, La Corne, Preissac, Figuery and Landrienne townships. The four properties, containing numerous showings mineralized in Li (spodumene) ±Ta (tantalite) ±Be (beryl), have been investigated sporadically by junior mining companies with various geophysical, geochemical and geological tools from the early 1950’s until the present day.

As quoted in the press release:

The acquisition is composed of  145  claims covering 6,292 ha and contains  numerous lithium spodumene-bearing granitic pegmatite occurrences, showings and prospects of historic significance, explored by leading lithium exploration companies during the early lithium boom of the 1950-1960’s such as; American Lithium Corporation, International Lithium Mining Corp., Duval Lithium, QLC (formerly Lithium Exploration Company Limited), and Quebec Lithium.

The core of the claim group is located 40 km northeast of the mining town of Val d’Or. The recorded mineral claims extend 30 km east-west by 15 km north-south. The properties are accessible by a network of paved roads connecting to the main 117 Highway linking Val d’Or to Rouyn-Noranda. The region holds several precious and base metals mines and possesses all the infrastructures and workforce necessary to support a mining operation.

Connect with Alix Resources Corp (TSXV:AIX) to receive an Investor Presentation.

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The excitement continues for lithium, and the space appears to be drawing more and more investor interest. However, there’s more to the lithium space than Tesla Motors (NASDAQ:TSLA) and Nevada.

To delve into the state of the market a bit more, the Investing News Network got in touch with Don Bubar, president and CEO of Avalon Advanced Materials (TSX:AVL). A veteran of the mining industry with over 20 years at the helm of Avalon—much of that with the company focused on lithium—Bubar certainly had some insights to share.

In the interview below, he speaks about demand for ever higher purities for lithium products, about Avalon’s history with lithium and about what investors can expect from Avalon and Separation Rapids for the remainder of the year. Watch the interview to hear what he had to say:

Interview Transcript

INN: So, a number of analysts we’ve spoken to see lithium prices rising on the back of increasing battery demand. What are your thoughts on where the lithium price is headed this year?

DB: I don’t think there’s any doubt that there’s going to continue to be upward pressure on lithium prices as the demand exceeds the supply. And as consumers around the world start to look for new supply sources after their existing contracts run out, I think they’re going to be faced with re-negotiating contracts at higher prices.

INN: Conversely, Chris Berry has said that for lithium juniors entering the space, cost production is more important than rising prices in order to compete with existing players. Do you agree and why or why not?

DB: Cost of production is a factor, no question about it but I think one has to remember that we’re not talking about an exchange traded commodity here. We’re talking about a specially engineered chemical product that has to be designed for the customers’ specifications. So, meeting product specifications in terms of product quality is actually an even more important criterion for a new producer to meet in order to get into the market place. Plus, they need to be able to make that product at a competitive cost.

INN: Can you talk a bit more about those product specifications?

DB: Yes, what we’re seeing now in the market place is demand for ever higher purities of the input critical materials that go into the cathode and anode chemistries of the lithium ion battery. That’s one of the ways they’re achieving ever better performance out of these batteries. So the demand trend seems to be towards three-nines and perhaps even four-nines purities on these things going forward.

INN: Okay. And of course, Avalon has a number of different properties but you recently shifted focus—maybe not so recently—to your lithium property. A lot of other juniors are jumping into the lithium space as well. What sets Avalon and Separation Rapids apart from the rest?

DB: Well, we’re a veteran of the lithium game. We’ve been in the lithium business for most of the 20 years that I’ve been running this company, so we shifted our focus back to lithium after a brief period of being focused on rare earth elements.

We had a resource that was pretty unique that we drilled off in the 1990s as a potential source of an industrial mineral, lithium mineral for the glass ceramics industry—which it still could serve. That’s a pretty strong market for lithium as well.

But we spent the last few years just waiting for the right kind of market demand to come along, to justify renewed investment in the project. And obviously, that’s happened in the last two years with the surge in demand for lithium and lithium ion batteries creating the opportunity for us to reactivate the project. So, now we’re looking at being able to serve this new market for lithium for batteries, as well as potentially serving the market for lithium minerals and glass ceramics.

INN: How is your PEA progressing at Separation Rapids?

DB: It’s coming along. Because most of the original work was oriented towards producing an industrial mineral for glass ceramics, we had to kind of step back and do all the work required to demonstrate how we could extract a derivative lithium compound from the ore mineral there, the lithium mineral petalite, to serve that market.

So, we’ve been doing that work over the last six months, and we’re now doing the last stage of laboratory work to demonstrate a process that will allow us to make lithium hydroxide, to the specifications the battery makers need. And then we’ll figure out what the costs are going to be associated with that so we can use that to complete our preliminary assessment. So, right now that work looks like it’ll be done around the end of June, which means we can get a PEA out this summer.

INN: Great, and what other catalysts can investors look forward to from Avalon over the next six months?

DB: Well, we think we should go back and do a little bit more drilling on this resource too. All the drilling we did to define the resource we know right now was done in the 1990’s. And we never found an end to it at that point in time. We had a resource that was big enough to serve the market that we saw in the 1990’s.

But with the market growing, it would serve our interests to see what the resource potential is. So we’re planning a drill program that will generate some news flow over the latter part of the year to test the depth potential of the resource and see what the depth potential really is there at Separation Rapids.

INN: Thank you so much for joining me, Don.

DB: My pleasure.

 

Don’t forget to follow us @INN_Resource for real-time news updates!

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Avalon Advanced Materials is a client of the Investing News Network. This article is not paid for content

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CEO interviews are part of investor education campaigns for clients advertising on the Investing News Network. Important news is contextualized by CEOs, and the resulting interviews are disseminated to the Investing News Network audience because they have value to market watchers.

The Investing News Network interviews a CEO for an understanding of their perspective on the company, the investment potential of the company and market news related to the company. The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities.

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Forum Uranium Corp. (TSXV:FDC) is focused on making the next high-grade uranium discovery in Canada’s  Athabasca Basin. The company holds a well-selected portfolio of near-surface uranium exploration properties which includes eight drill-ready projects that are wholly-owned or under joint venture with major uranium company partners. The company’s flagship property is the Fir Island Project, where a new large trend has been discovered.

Forum has made significant exploration progress at several of its properties during the first half of 2016. At Henday, JV partner Rio Tinto identified a new zone of uranium mineralization and at Highrock, Forum has confirmed the potential for a strong EM conductor.        

The Investing News Network recently spoke with Forum CEO & President Rick Mazur to discuss these developments as well as upcoming exploration work across its portfolio.

Investing News Network: So, Rick, you’ve had a busy first half of 2016 in terms of exploration, both at your Key Lake projects and your other Athabasca properties. Would you please share the latest results from your work at Highrock.

Rick Mazur: It has been a busy year to date, and I don’t think it’s going to slow down. At Highrock we just announced the results from eight holes that we drilled on the property over ten kilometers. They were very widely spaced holes, and we’ve identified two areas of interest for follow-up drilling. Elevated boron and uranium geochemistry was encountered in the northern part of the property and in the southern part two holes hit strong boron and uranium as well. And there’s a three kilometer-long trend that we didn’t even drill test that needs further work on beyond that southernmost hole. So, a little bit more gravity and then some really good drill targets.

INN: Let’s turn to your Karpinka property, it’s another Key Lake area project. Do you have any upcoming plans for this project?

RM: We do, actually. It has similar targets as at Highrock. The project is road accessible so we waited to do this one in the summertime. We’ll put five to six holes into that target this July.

INN: Looking at your impressive portfolio of exploration stage uranium properties, would you be able to give us some insight as to how you select your properties, and tell us more about your latest acquisition in the Key Lake area?

RM: Our business model from day one since we’ve formed Forum in 2004 has been to search for near-surface uranium exploration targets that are amenable to open pit mining, or a ramp or a shallow shaft. With regards to our latest acquisition, the Wham property, our Chief Geologist, Dr. Boen Tan had some intimate experience working with that project back in the 1980’s. We’ve been keeping our eyes on those two small claims that Areva didn’t already have and we did a nice deal with the prospectors.

So our game plan is to stake claims in the Athabasca or purchase them from private investors like we did the Wham property. And that’s been a successful strategy for us, even with our Henday property which is now joint ventured to Rio Tinto.

INN: That leads us to our next question. You recently shared some drill work results from you partner, Rio Tinto, on the Henday JV project. Please tell us more about the latest discovery and what’s next for this project.

RM: As I mentioned, we bought that from a private group and it’s now a 60/40 joint venture with Rio Tinto as operator, 60 percent owned by Rio Tinto. They did a 15-hole drill program this year on three target areas, all widely spaced over brand new parts of the property. The results were tremendous for a first pass, highly successful. Three target areas require some drill follow-up. On one of the target areas, Hollow Lake, we intersected uranium mineralization over 15 meters within a 20-meter alteration zone in the basement rocks. And the alteration extends well up into the sandstone which suggests that it’s a very strong mineralizing system.

As far as a plan for the future, with Rio Tinto being a large corporation, this project is in competition for funds with other exploration around the world, but they are very keen to move forward with this project. Hopefully we’ll get some funds to do some further resistivity surveys this summer and another big drill campaign in the winter of 2017.

INN: Your Fir Island property lies on the same trend as Cameco’s Centennial project. It looks like you’ve got some ground gravity and soil surveys planned for this summer. Would you tell us more about your goals here and what investors can look forward to?

RM: In the winter of 2015 we completed a 10-hole drill program on a new target area, never been drilled before. And we got some exceptional results. My VP of Exploration, Ken Wheatley, that’s one of his favorite targets after what we hit on that drill campaign. Very strong chemistry, alteration and elevated uranium. We think we’re close to something big there.

The plan this year will be a gravity survey over a 10-kilometer trend that we’ve identified on this property. We think we’ve identified what’s controlling this mineralization. I’ll be surprised if we don’t come up with a myriad of targets from that work, and we just want to get a good sense as to the regional potential of this property for a drill campaign that we’d like to mount in 2017.

INN: Another one of your partners, Uracan Resources, is about to embark on an exploration program at your Clearwater project. Would you tell us more about the goals of the program?

RM: Although most of our projects out east are 100-percent owned projects, Uracan has an opportunity to earn a 51 percent interest in Clearwater. We’ve already drilled nine holes, and Uracan drilled two holes as part of that option agreement. The plan this year is a summer gravity and electromagnetic survey on the property to identify further extensions along the Patterson Lake Corridor that hosts Fission’s Triple R deposit and NexGen’s deposits. Uracan has indicated that they will engage in the work program that we’ve presented to them as operators of the project. A 10 to 12-hole drill program will follow this coming fall. I think we’re going to try and get in there a bit early.

INN: Thank you. Do you have any plans for your Northwest Athabasca JV with NexGen, Cameco and Areva?

RM: That project has been very successful and inside three drill campaigns, four out of five targets that we’ve drilled there have identified uranium. It’s a very prolific area with very shallow targets. We have 19 other targets on the property that we’ve identified— we have so many targets we have to whittle them down somehow; a good problem to have. Every one of these targets in which we’ve hit uranium had very strong boron anomalies, so we’re going to do a small soil program for boron and we’re going to do an orientation survey to see if we can narrow down some of these targets on the property.

INN: And lastly, what’s your outlook on the uranium market for medium to long term and how well do you feel Forum is positioned?

RM: Long term, we wouldn’t be in this business if we didn’t think it was the right business to be in. Medium term, I think on the supply side what we’re seeing is marginal operations are shutting down. There’s no new production coming on stream with the prices as they are right now. So the supply side is going to decline. On the demand side, there’s still 440 reactors in the world with another 61 under construction. Six to eight reactors are coming online every year for the next few years. There’s going to be a pinch point here for sure and I think it’s going to happen within the next two years, and I think the market’s going to recognize that well in advance of when it actually happens.

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Scientific Metals (TSXV:STM) has closed its acquisition of the Deep Valley lithium property in West Central Alberta.

As quoted in the press release:

The Property encompasses 6,648 ha (16,427 acres) and is located approximately 55 km due west of the community of Fox Creek. The Property is underlain by Leduc Formation aquifers that are known to be highly enriched in lithium, potassium, boron, bromine and other commodities. Within the central part of the Property, historic samples of formation waters (brines) have returned 140 mg/L (ppm), which are amongst the highest values recorded within the Province of Alberta as reported by the ERCB in its report of October 2011 entitled “Geological Introduction to Lithium-Rich Formation Water with Emphasis on the Fox Creek Area of West-Central Alberta (NTS 83F and 83K)”.

In consideration for a 100% interest in the Property, STM made an aggregate cash payment of $15,000 and issued 4,000,000 common shares of the Company. An existing 3% net smelter royalty remains on the Property, of which 1% can be repurchased by the Company at any time in consideration for a cash payment of $1,500,000. In addition, STM paid an arm’s length finder’s fee of $38,625, which finder’s fee was satisfied by the issuance of 386,250 common shares of the Company at a deemed price of $0.10 per share. All of the securities issued by the Company are subject to a four month hold period.

Click here for the full press release.

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NexGen Energy (TSXV:NXE) has reported assay results for four angled holes from its winter 2016 drilling program on its 100 percent owned Rook I property in the Athabasca Basin.

As quoted in the press release:

Drilling in the A2 shear at the Arrow Deposit continues to deliver strong assay results. Drill hole AR-16-76c3 which was drilled 58 m up-dip and southwest from hole AR-15-44b (56.5 m at 11.55% U3O8 – see News Release dated June 15, 2015) has intersected 74.0 m at 10.28% U3O8 in the higher grade A2 sub-zone (the “Sub-Zone”). This intercept, which represents a continuous grade x thickness (“GT”) of 761 also includes 50.0 m at 15.05% U3O8, 11.5 m at 49.53% U3O8 and 0.5 m at 80.00% U3O8. Also in the Sub-Zone, drill hole AR-16-78c1 intersected 37.5 m at 12.94% U3O8 and was drilled 69 m up-dip and northeast of hole AR-15-44b.

The Sub-Zone is defined by extensive intersections of dense accumulations of massive to semi-massive pitchblende, and is currently outlined by 22 drill holes. Assay results from four drill holes in the Sub-Zone remain pending.

Click here to read the full press release.

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Fission Uranium (TSX:FCU) has announced that The Mining Journal has rated Fission’s PLS project as the number one undeveloped uranium project in the world.

As quoted in the press release:

The Mining Journal recently evaluated the promising uranium projects not yet developed and ranked them based on criteria including resource quality, grade, location and anticipated costs. This top ranking is the latest in a string of industry awards and acclaim that includes: PDAC’s Bill Dennis Award for Prospecting Success, The Mining Journal’s Excellence Award for Exploration, Finance Monthly’s Dealmaker Award and The Northern Miner’s Mining Persons of the Year. The Mining Journal article can be viewed at: Weighing up new uranium.

Click here to read the full press release.

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The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up this week by 2.27 percent to 693.71.

Overall, the index is up 31.97 percent for 2016. According to the Financial Post, this makes it “by far and away the best performing index among the 27 global exchanges with market caps in excess of US$1 billion.”

For the period June 4, 2015 to June 3, 2016, it’s up by $1.26, or 0.18 percent.

A number of companies on the TSXV also saw strong weekly percentage gains. The top five gainers for the week were:

• Rugby Mining (TSXV:RUG)
• Alset Energy (TSXV:ION)
• Foran Mining (TSXV:FOM)
• Gold Reserve (TSXV:GRZ)
• Colorado Resources (TSXV:CXO)

Here’s a closer look at those companies:

Rugby Mining

Up first is Rugby Mining, whose shares have gained 100 percent over the last five days to $0.30, and 500 percent for the year. The company is focused on the exploration for gold and copper projects.

Most recently, Rugby Mining announced they had acquired a new gold project in Colombia, which was secured through the purchase of a subsidiary of Barrick Gold (TSX:ABX).

Alset Energy

Alset Energy also had a successful week, although it dropped from the top spot down to second. Since last week, the company’s shares rallied 55.56 percent, or by $0.15, to set a new 52-week high. Year-to-date, Alset Energy has risen 3,633.33 percent.

Earlier this week, the company reported energy samples of up to 6.38 lithium oxide at their Wisa Lake property.

Foran Mining

Foran Mining’s focus is on copper-zinc in the Hanson Lake Camp in east-central Saskatchewan. Most recently, the company announced its financial results for the three-month period ended March 31, 2016 wherein they recorded a net loss of $315,435.

Despite that loss, Foran Mining’s shares saw gains of 53.13 percent to $0.25 last week, and have risen 226.67 year-to-date.

Gold Reserve

Over a five-day period, Gold Reserve’s shares rallied 46.69 percent to sit at $5.09. The company has gained 45.85 year-to-date. Since 1992, the company has been developing what is now known as the Brisas gold and copper project, located in southeastern Venezuela.

At the end of May, the company announced an extension of the previously announced February 24, 2016 memorandum of understanding with Venezuela. The memorandum of understanding also includes the establishment of a new joint venture for the development of the Brisas and Cristinas gold-copper projects by Gold Reserve and Venezuela.

Colorado Resources

Last but not least, Colorado rounded up the top five list for the week, making gains of 37.50 percent to sit at $0.44 per share. The company’s current exploration focus is to continue advancing the KSP property from SnipGold and its North ROK property, both of which are in British Columbia.

At the beginning of June, Colorado Resources announced that it had completed the final tranche of its non-brokered private placement for aggregate gross proceeds of $910,000.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Top TSXV stocks in recent weeks:

5 Top TSXV Stocks: Alset Energy Jumps 176.92 percent

5 Top TSXV Stocks: Cartier Resource Rises 55 Percent

5 Top TSXV Stocks: Sutter Gold Mining Rose by 127.27 percent

5 Top TSXV Stocks: Kootenay Silver Rises 64 Percent

5 Top TSXV Stocks: CB Gold Gains 83 Percent

5 Top TSXV Stocks: Encanto Gains 100 Percent on Offtake MOU

5 Top TSXV Stocks: NuLegacy Gold Rises on $6.67 Million OceanaGold Investment

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Gold prices jumped 2.3 percent on Friday following the release of poor US jobs data. Overall, the yellow metal was up 3.08 percent for the week.

As per the Wall Street Journal, US jobs data released Friday showed that hiring is slowing down. This has dampened expectations that the Federal Reserve will increase interest rates this month. Over the month of May, market watchers put the probability of the fed raising interest rates around 28 percent.

“Now that we just saw some really terrible data … the chances of [the Fed] moving forward with a rate increase are all out the window,” said Bob Haberkorn, senior market strategist at RJO Futures, told the Journal.

Silver prices were also on the rise this week, gaining 2.19 percent over the past five days and jumping 2.07 percent on Friday alone. As of 2:14 p.m. EST, silver prices were trading at $16.31 per ounce.

In an interview with Bloomberg last week, First Majestic Silver (TSX:FR) CEO Keith Neumeyer said that he sees silver prices surging as high as $140 per ounce by 2019. A panel of analysts surveyed by FocusEconomics sees silver prices averaging at $15.70 per ounce by the end of 2016, hitting $17.30 by the end of the year.

On the base metals side of things, comex copper prices also saw a spike on Friday, but finished the week down overall, losing 0.41 percent to finish at $2.13 per pound. The red metal gained 1.37 percent during Friday trading hours.

This Tuesday, BMO Capital Markets analyst Jessica Fung stated that she sees further potential for the copper price to drop in the near term, the Financial Post reported. Still, she was more positive on the metal in the medium term.

Finally, spot oil prices were down for the week, losing 2.34 percent to trade at $48.52 per barrel as of 2:36 p.m. EST. Unlike gold and silver—and even copper on Friday—a lower US dollar did not stimulate the oil price, oilprice.com reported.

Meanwhile, in a meeting held Thursday, OPEC members once again decided against freezing production levels, according to Bloomberg. Still, members were more optimistic about the oil market than they have been.

“OPEC is back, stronger,” said Nigeria’s Mohammed Barkindo, appointed as the group’s new secretary-general during the meeting. “We are going to work to regain the unity of the organization and the confidence of the international community.”

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Weekly Round-Up: Gold Prices Dip on Increased Rate Hike Speculation

Weekly Round-Up: Gold Price Falls on Dollar Strength

Weekly Round-Up: Gold and Silver Keep Rising

Weekly Round-Up: Gold Rises on US Jobs Data

Weekly Round-Up: Gold, Silver, Copper Gain on Weaker US Dollar

Weekly Round-Up: Oil Prices Gain for Third Straight Week

Weekly Round-Up: Copper Rises on Record China Imports

Weekly Round-Up: Copper Posts Worst Weekly Loss Since January

The post Weekly Round-Up: Gold Price Leaps on US Jobs Data appeared first on Investing News Network.

Sunshine Oilsands (HKEX:2012) has announced the partial closing of a private placement under specific mandate.

As quoted in the press release:

Reference is made to the announcements of the Corporation dated June 1, 2015 (Hong Kong), July 28, 2015 (Hong Kong), August 21, 2015 (Hong Kong), October 1, 2015 (Hong Kong), November 2, 2015 (Hong Kong), December 6, 2015 (Hong Kong), March 3, 2016 (Hong Kong) and May 3, 2016 (Hong Kong) (collectively, the “Announcements“) and the circular of the Corporation dated June 22, 2015 (the “Circular“), in relation to, among other matters, the proposed issue of new Class “A” Common Voting Shares (“Common Shares“) under the Specific Mandate and the connected transactions involving subscriptions for new Common Shares by connected persons. Unless the context requires otherwise, terms use herein shall have the same meanings as those defined in the Announcements and the Circular.

Sunshine is pleased to announce today that it has completed the closing of 13,333,333 Common Shares (the “Partial Closing“) under the Specific Mandate at a price of HK $0.75 per Common Share (approximately CDN $0.126 per Common Share at current exchange rates). Upon the Partial Closing, the Corporation has received total gross proceeds of HK $10,000,000 (approximately CDN $1.68 million at current exchange rates) for the allotment and issue of 13,333,333 Common Shares (the “Issued Shares“). Placement expenses are estimated to be approximately HK $100,000 (approximately CDN $16,832).

Click here to read the full press release.

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Uranium Hunter Corporation (OTC PINK:URHN) has announced appointments to the Board of Directors: Li-Chung Chang as chief executive officer and director; Parashar Patel as president, treasurer and director; and Ting Luo as secretary and director.

As quoted in the press release:

CEO and Director Li-Chung Chang is a graduate of Taiwan Aerospace Technology College with a Major in Mechanical Engineering. Mr. Chang held the position as Sales Manager for Taiwan Real Estate and Construction Company, and was recruited in 2000 as Chief of Operations for Apollo Biotech, an organic fertilizer manufacturer in Jiang Su Province, China. Most recently, Mr. Chang was hired as Chief of Sales by Resgreen Group, a licensed direct marketing company in China.

President, Treasurer and Director Parashar Patel has been involved in the software industry for the past ten years. Employed with TR Diagnostics as an Engineering Supervisor in charge of AGC project management and AGV+AGC software development teams, Mr. Patel was also a key member of the senior technical staff and Project Manager of the Innovations Group at Android Industries and a Web Analyst to the DashboardAnywhere (DA) support team for Spherion.

Secretary and Director Ting Luo graduated from Xiang Tan University in Hunan, China with a Bachelor’s Degree in Literature and was employed by Resgreen Bio Engineering Group as the Assistant to the President, responsible for daily administration, inter-department communications and public relations. In 2015, she was promoted to Executive Director of the company, in charge of strategic planning and was instrumental during the launch of internet marketing through Wechat, the largest online chatting platform in China, and for developing Sky Mall for Resgreen Group.

Click here to read the full press release.

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Uranium Participation (TSX:U) has reported its estimated net asset value at May 31, 2016 was at $535.4 million, or $4.63 per share.

As quoted in the press release:

On May 31, 2016, the common shares of UPC closed on the TSX at a value of CAD$4.30, which represents a 7.13% discount to the net asset value per share of CAD$4.63.

Click here to read the full press release.

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It’s no secret that the uranium industry has seen tough times this year. In fact, it’s having its worst start to the year in over a decade, with uranium prices currently sitting at $27.25 a pound  as of  May 31. This is the cheapest uranium spot price since 2005. 

On the other hand, the long-term uranium price hasn’t changed since July 2015, sitting at $44 a pound for almost a one-year period.

In Haywood Securities‘ metals and mining outlook released at the end of May, they say that uranium equities were dominated by a downward spiral in uranium prices between January 2013 and the summer of 2014.

Between summer 2014 and the end of 2015, Haywood writes that “the equities demonstrated their sensitivity to major sector news catalysts coming out of Japan, and elsewhere, where often the producers have lead the pack directionally.”

Will the uranium industry pick up?

Since the beginning of 2016, Haywood notes there has been a significant difference as to how uranium stocks have reacted to the price movements so far this year.

The report states that the TSX Venture Exchange (INDEXTSI:JX)  has made gains of 29 percent on the year. Haywood says that exploration and development companies will benefit from strong long-term fundamentals in the uranium industry, “underpinned by a deep global reactor construction pipeline of more than 60 reactors.”

So what does this mean for the overall uranium industry outlook?

FocusEconomics May 2016 report states that panelists surveyed expect the uranium price to average $39.70 per pound in the fourth quarter of 2016, picking up in 2017 to an average of $44.80 a pound.

Haywood also sees gains for uranium in 2016, with up to 12 reactors under construction and due to be commissioned this year. 18 more units will be on the way in 2017, which will increase demand for uranium, with a more predictable and normalized supply/demand response for the uranium industry emerging in the coming years.

While still somewhat bleak at the moment, the outlook on the future of the uranium industry is positive: Haywood says they expect the period from 2017-2020 to “be a landmark period for the nuclear sector and uranium stocks, as the global operating nuclear reactor fleet expands.”

How are uranium stocks performing?

Although the uranium price is struggling, some = mining companies in the uranium industry are still faring well. Here are a few that have seen success this year:

NexGen Energy (TSXV:NXE)

NexGen Energy announced just this week that they have entered into a binding term sheet with CEF Holdings to issue and sell its shareholders of $60 million in aggregate principal amount of unsecured convertible debentures of NexGen.

Leigh Curyer, president and CEO of NexGen said in the press release they have been working to secure a partner for Arrow for over a year to advance the project.

“This supportive strategic investment represents one of the most significant financing steps in NexGen’s history and provides the Company with sufficient capital to continue to optimize the future development of Arrow,” Curyer said.

Year to date, shares of the company have made significant gains by 247.22 percent, or $1.78 to sit at $2.50 per share.

CanAlaska Uranium (CVE:CVV)

CanAlaska Uranium has been exploring uranium in the Athabasca Basin since 2004, with $86 million worth of high grade uranium targets explored.

Most recently, it was announced that  the first drill hole of Cameco‘s (TSX:CCO) year one program at West McArthur has intersected the C10 south structure with sandstone alteration in what could potentially be the hanging wall of the target conductor.

CanAlaska’s shares have boosted 345.45 percent or $0.38 for the year to reach $0.49. Over a one year period, the company has continued to see success with an overall increase of 113.04 percent.

Purepoint Uranium (CVE:PTU)

Purepoint currently operates the Smart Lake project in the Athabasca Basin region under terms of an agreement with Cameco, permitting the company to acquire up to a 50 percent interest on the project.

The company’s most recent news came at the end of May, wherein they announced that the Hook JV partners reallocated funds for continued drilling at the Spitfire Zone this year.

Purepoint’s shares have seen gains this year, rising by 128.57 percent on the year to $0.08. Over a one year period, the company has jumped 60 percent overall.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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Blue Sky Uranium (TSXV:BSK) has announced a non-brokered private placement financing of 38 million units at a price of $0.05 per unit for gross proceeds of $1.9 million.

As quoted in the press release:

Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.10 per share for two years from the date of issue. The issued shares will be subject to voluntary pooling restrictions.

This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the Company may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds of the financing will be used for general working capital.

Click here to read the full press release.

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Pure Energy Minerals (TSXV:PE) has engaged SRK consulting to conduct baseline environmental monitoring at its Clayton Valley South lithium project.

As quoted in the press release:

The immediate purpose of this work is to support the filing of anticipated regulatory applications for the anticipated expansion of Pure Energy’s exploration program and future project development work. Longer term, the information collected through this process can also be used to support potential operating permit applications.

In addition, SRK will prepare a detailed permitting plan outlining the necessary regulatory instruments required for the entire Project life cycle. The permitting plan will identify the permits and approvals that would be required to advance the CVS Project through resource expansion, longer term pumping tests, pilot plant operation, feasibility study, and ultimately, to production. The work product from the permitting plan will include a detailed schedule of activities and elements that warrant attention going forward.

Pure Energy CEO, Patrick Highsmith, said:

This is an important first step in a process that will evolve through various phases with the regulatory agencies at the county, state and federal levels. It is exciting to lay this foundation by documenting the key environmental attributes of the project area. Pure Energy intends to develop one of the most sustainable lithium production facilities in the world, and we are committed to an efficient, professional, and rigorous permitting process to achieve that. It is also helpful to be working with SRK Consulting, who have an excellent permitting track record in Nevada.

Click here for the full press release.

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NexGen Energy (TSXV:NXE) has announced that it has entered into a binding term sheet with CEF Holdings Limited to issue and sell to CEF/or affiliates of its shareholders $60 million in aggregate principal amount of unsecured convertible debentures of NexGen.

Leigh Curyer, CEO, said:

It is a pleasure to welcome CEF as a partner and strategic investor into NexGen. We have been working to secure the right partner for Arrow over the last 12 months in order to advance the project which is among the best undeveloped uranium assets. CEF understands the strategic significance of Arrow and NexGen’s development strategy. This is evident by CEF committing to support NexGen’s board and executive through the Company’s development. This supportive strategic investment represents one of the most significant financing steps in NexGen’s history and provides the Company with sufficient capital to continue to optimize the future development of Arrow.

Click here to read the full press release.

 

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