As of this past Friday (January 12), the S&P/TSX Venture Composite Index (INDEXTSI:JX) recorded a slight gain, picking up 4.84 points to close at 556.18, while a mining stock recorded more than 40% in just five days.
The latest US inflation data, released on Thursday (January 11), shows the Federal Reserve’s battle with high prices is far from over. Meanwhile, Statistics Canada shared data this past Tuesday (January 9) indicating that November was the fourth consecutive month that Canada was in a trade surplus, which experts believe could boost the nation’s fourth quarter GDP and help it continue avoiding a technical recession.
Against this backdrop, these following mining stocks performed best this past week. Let’s take a close look into them.
Weekly Gain: 44.44%; Market Cap: C$10.52M; Current Share Price: C$0.065
Standard Uranium is an exploration company and project generator with a portfolio focused on 80,571 hectares of mineral rights in the Athabasca Basin in Saskatchewan, Canada. The company’s largest project is the Davidson River Uranium Project, consisting of 10 claims covering 30,737 hectares. Since 2020, the company has completed 39 holes and 16,561 metres of drilling at the project and has defined four corridors of mineralization, as well as several of its high-grade uranium targets.
In addition, Standard Uranium owns the Sun Dog project, consisting of nine claims covering 19,603 hectares. There are also the Atlantic, Canary, Ascent, Corvo and Rocas projects, which comprise 23 claims covering 29,520 hectares.
The company announced last Thursday (11 January) that it had signed an agreement with Summit Fusion that will entitle Summit to a 75% interest in the Ascent project in the Eastern Athabasca Basin, triggering a rise in Standard Uranium’s share price. To date, the company has committed more than C$22 million to exploration projects over the next three years.
The company followed up by outlining its 2024 exploration plan, which will see at least three drilling programs, two of which will be funded by partners. In addition, the company said it will complete initial testing at its recently acquired Rocas and Corvo projects.
Weekly gain: 44.44%; Market cap: C$11.25 million; Current share price: C$0.065
Chakana Copper is an exploration company focused on developing the Soledad Project located in the Ancash region of Peru. The 4,200-hectare project hosts high-grade copper, silver and gold mineralization. An initial inferred resource estimate indicates that the property hosts 191,000 ounces of gold, 11.7 million ounces of silver and 130 million pounds of copper.
Weekly Gain: 40.68%; Market Cap: C$425.38 million; Current Share Price: C$0.83
Rusoro Mining is a gold mining company with interests in Venezuela. As of 2012, the company operated two mines and two processing plants in Venezuela, with two additional projects nearing production.
