Last week, the share prices of a number of junior resource companies on the TSX Venture Exchange increased.
The five that saw the greatest increases were International Enexco (TSXV:IEC), Asian Mineral Resources (TSXV:ASN), Taipan Resources (TSXV:TPN), Mega Precious Metals (TSXV:MGP) and Cortez Gold (TSXV:CUT).
International Enexco has a 30-percent interest in a joint venture at the Mann Lake uranium project in Saskatchewan’s Athabasca Basin. This year, the company expects to complete 28 drill holes and 10 contingency holes at the project for a total of 69,000 feet of drilling.
Asian Mineral Resources
Asian Mineral Resources gained 33.33 percent on the market last week. The Canada-based exploration and mining company’s main property is the Ban Phuc nickel project, located west of Hanoi in Northwestern Vietnam. The project is a joint venture, and through a subsidiary, Asian Mineral Resources holds 90 percent of it. The project has a resource inventory of 1.61 million tonnes at 2.2-percent nickel, 1-percent copper and 0.08-percent cobalt; it has a mine life of nearly five years.
Taipan Resources rose 25 percent on the TSXV last week. The company focuses on oil exploration projects in Kenya, owning a 45-percent interest in Block 2B and a 20-percent interest in Block 1 of an onshore oil field in the northwest part of the African country. Taipan said it has estimated total mean net unrisked prospective resources of 239 million barrels of oil equivalent at the site.
Mega Precious Metals
Canadian junior exploration and development company Mega Precious Metals gained 20 percent on the market last week. Among its projects is North Madsen, which includes the East My-Ritt, Lavert and Skookum Lake properties in Red Lake, Ontario.
North Madsen is a “near surface quartz tourmaline and shear hosted Archean gold deposit,” according to the company’s website. There are currently seven known mineralized zones located less than a mile under the surface. In September 2011, Mega Precious Metals updated its measured and indicated resource estimate at North Madsen to 937,167 ounces of contained gold grading 1.24 grams per tonne.
Cortez Gold increased 20 percent last week on the TSXV. The company is focused on developing its gold and silver concentrate processing plant in Mexico. The Altiplano concentrate processing facility in Matehuala, Mexico has an estimated annual production of 1.9 million ounces of silver, 24,000 ounces of fine gold for the first year and 16,500 tons of high-grade lead and copper concentrate, according to the company’s website.
Its Real de Guadalupe property in Guerrero State, Mexico includes gold, argentite, hessite, pyrite, galene, sphalerite, freibergite and chalcopyrite.