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Diamond & Specialty Minerals Summary for Sept. 7, 2016

2016-09-07 21:23 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a 65-65-135 draw. The TSX Venture Exchange fell three points to 821 while polished diamond prices remained flat. Nicholas Houghton's True North Gems Inc. (TGX) plummeted five cents to one-half cent on 52.37 million shares after the company revealed its Greenland subsidiary, True North Gems Greenland had filed for bankruptcy. The future for its Aappaluttoq ruby and sapphire mine therefore appears bleak.

Chris Taylor's Dunnedin Ventures Inc. (DVI), up one-half cent to 21 cents on 163,000 shares, has completed a second small test of its Notch kimberlite dike on the Kahuna property, northeast of Rankin Inlet in Nunavut. The 1.3-tonne sample yielded 49 diamonds larger than a 0.85-millimetre sieve. Their 1.29-carat weight works out to an average of 0.99 carat per tonne, a grade in line with earlier tests. A 1.02-tonne test earlier this month produced 36 gems of a similar size and their 0.66-carat weight yields a grade of 0.65 carat per tonne. Previous testing of the dike by a group led by Shear Minerals Ltd. produced 19.7 carats from 21.9 tonnes, or 0.90 carat per tonne.

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