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Diamonds & Specialty Minerals Summary for Aug. 25, 2014

2014-08-25 18:31 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a disappointing 41-58-162. The TSX Venture Exchange gained two points to 1,008 while diamond prices dipped slightly. Paul Brockington's Margaret Lake Diamonds Inc. (DIA) lost 2.5 cents to 28.5 cents on 237,000 shares. The company launched itself this spring using a diamond play near Gahcho Kue in the Northwest Territories as its qualifying transaction. The company planned $1-million worth of work this summer but it has been silent since spring. Guy Bourassa's Nemaska Lithium Inc. (NMX) lost one-half cent to 23.5 cents on 2.67 million shares. The company has reached feasibility at its Whabouchi lithium project in Quebec.

Leni Keough's Olivut Resources Ltd. (OLV), up 1.5 cent to 22.5 cents on 2,000 shares, says its "continuing interpretation" -- never-ending seems a better qualifier -- of its extensive regional airborne geophysical data covering the company's HOAM project, south of Great Bear Lake, is nearly complete. (The long wait is more the result of Olivut's meagre treasury than the extent of its data.) Even so, shareholders may still face a long wait for Olivut's next drill program. Although new targets have been identified up-ice from promising kimberlite indicator trains, Ms. Keough says her next step will be more geophysics. Eventually, she says, "it is anticipated" that many anomalies will become priority drill targets, and will be tested in the next stage of drilling. Some work is planned for the rest of the 2014 season -- limited to geophysics unfortunately -- and only if Ms. Keough can find the cash. The company continues to get token payments from its once ballyhooed deal with Canadian Special Opportunity Fund, which was to have provided Olivut with up to $18-million in equity financing over three years. That was only possible if the company's stock went up; instead it went down. Ms. Keough's other important backer, promoter Pierre Lassonde, has not bought any shares in years. (Even he seems tired of waiting on Ms. Keough's drills.) Olivut drilled regularly for several years, discovering 30 kimberlites on HOAM. Most were barren and the rest yielded just a few microdiamonds, but Ms. Keough remains optimistic, as none of the pipes accounted for the promising indicator minerals in the HOAM mineral trains.

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