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Diamond & Specialty Minerals Summary for Sept. 19, 2016

2016-09-19 21:11 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a ho-hum 64-71-129. The TSX Venture Exchange gained two points to 801 while polished diamond prices slipped 0.5 per cent. Dominion Diamond Corp. (DDC) had only its fourth gain in the last 19 sessions, climbing 29 cents to $10.78 on 524,000 shares. The company has had its troubles over the past year at its Ekati and Diavik mines, but it continues to rake in significant sums of cash.

Dr. Leon Daniels and Graham Warren's Pangolin Diamonds Corp. (PAN) fell another cent to five cents on 1.57 million shares. The stock took a licking last Friday, slumping five cents to six cents on 2.73 million shares, following word that it had failed to hit kimberlite in its drill program on the Motloutse project, 150 kilometres east of the Orapa diamond mine in Botswana. Dr. Daniels, president and chief executive officer, says the "material of interest" recovered through its percussion drilling last month was confirmed not to be kimberlite. As a result, he says the work allows the company to eliminate "certain types of magnetic anomalies" from future exploration programs, which will allow for a more focused target selection.

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