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Diamonds & Specialty Minerals Summary for Feb. 27, 2015

2015-02-27 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was an upbeat 68-50-134. The TSX Venture Exchange gained five points to 706 while polished diamond prices held steady. Louis Doyle's Barker Minerals Ltd. (BML) lifted itself off the mat, gaining one-half cent to one cent on 35,000 shares after it filed a complaint with the Royal Canadian Mounted Police, alleging fraud and manipulation of its stock. When Mr. Doyle is not fretting about naked short sellers, he is exploring for diamonds at Tasse in British Columbia and for metals on nearby prospects. Alexander Stewart's Xmet Inc. (XME) gained one-half cent to seven cents on 976,000 shares. Xmet is drilling for gold at Grasset in Quebec and it recently hit sulphides on its Blackflake West graphite project in Northern Ontario.

Grenville Thomas's North Arrow Minerals Inc. (NAR) jumped 16 cents to 84 cents on 573,000 shares on early results from its 1,500-tonne bulk sample of the Q1-4 kimberlite at Qilalugaq, its diamond property 10 kilometres north of Repulse Bay in central Nunavut. The company has recovered 5,366 diamonds larger than a one-millimetre cut-off from 609 dry tonnes of kimberlite. The gems weighed 190 carats, or about 0.31 carat per tonne. That seems low, as North Arrow claims an inferred resource of 48.6 million tonnes averaging 0.54 carat per tonne, with an additional 14.1 million to 16.6 million tonnes at 0.56 carat per tonne listed as a target for further exploration. Ken Armstrong, president and CEO, is not fazed by the grade, which he describes as being "in line with expectations for the sampled area of the kimberlite." (North Arrow had been anticipating a lower grade, since it expected just 500 carats from its full 1,500-tonne test, about 0.33 carat per tonne.) The company's sampling site -- picked for its ease of access -- has a lower grade than elsewhere. North Arrow bases its higher grade projection on microdiamond results, which can be a risky practice.

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