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Diamond & Specialty Minerals Summary for Jan. 18, 2017

2017-01-18 19:36 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a poor 51-71-140. The TSX Venture Exchange lost five points to 791 while polished diamond prices fell 0.2 per cent. Frank Smeenk's thinly traded Debut Diamonds Inc. (DDI) closed unchanged at 1.5 cents on 851,000 shares. The company, one of Howe Street's diamond zombies, has been inactive for the past few years, but it still hopes to explore its MacFadyen project, near the Victor mine in Northern Ontario.

Dermot Desmond and Dr. Rory Moore's Kennady Diamonds Inc. (KDI), unchanged at $4 on 2,000 shares, is planning larger mini-bulk tests at two of its Faraday kimberlites this year. The company began preliminary work early this month and drilling will start shortly. Dr. Moore says that the company aims to collect about 250 tonnes of kimberlite from Faraday 2 and a similar tonnage from Faraday 3. He says the tests will "advance both kimberlites toward an inferred mineral resource" -- not to be confused with a commitment to declare a formal resource -- for the two bodies. As well, Kennady expects to recover about 20 tonnes of kimberlite from Faraday 1, Dr. Moore says, to correlate the diamond grade and quality potential with Faraday 3.

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