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Diamond & Specialty Minerals Summary for May 24, 2016

2016-05-24 21:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a ho-hum 51-63-143. The TSX Venture Exchange lost 10 points to 675. Polished diamond prices were erratic, but only slightly lower on average. Nicholas Houghton's True North Gems Inc. (TGX) lost one cent to 10 cents on 1.96 million shares. The stock, 20 cents last fall, has fallen sharply over the past few weeks as it struggles to get its Aappaluttoq ruby and sapphire mine completed.

Quentin Yarie's Honey Badger Exploration Inc. (TUF: $0.025) has started a helicopter-borne geophysical survey of its LG diamond project, northwest of the Renard diamond mine in Quebec. When Honey Badger acquired the property last fall, it pointed out that LG's nine discrete claim blocks contained promising geophysical anomalies, so the additional geophysical surveying is unlikely to enthuse investors. (The company says the data will improve the spatial resolution across the anomalies.) As well, Mr. Yarie, president and chief executive officer, says Honey Badger will collect surface till samples along lines crossing each of the targets. He says the samples will provide the company with better geochemical data that will help "further prioritize targets for drilling."

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