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Diamond & Specialty Minerals Summary for Feb. 6, 2017

2017-02-06 21:04 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a ho-hum 68-73-118. The TSX Venture Exchange gained seven points to 826 while polished diamond prices edged lower. Keith Anderson's Far Resources Ltd. (FAT) closed unchanged at 11 cents on 4.70 million shares. Far says its recent assays from drilling a lithium-bearing pegmatite in Northern Manitoba were sufficiently encouraging to warrant further exploration and more drilling on the property.

Patrick Evans's Mountain Province Diamonds Inc. (MPVD) gained 16 cents to $6.02 on 1.15 million shares after its Gahcho Kue mine in the Northwest Territories yielded a 67.87-carat diamond. Mr. Evans, president and chief executive officer since 2005, says the recovery of the big gem during production ramp-up was "very encouraging." He said the presence of large, gem-quality diamonds at Gahcho Kue had already been established during the previous bulk sampling exercises, when a 25.1-carat diamond had been recovered. The new find, the biggest diamond found so far at Gahcho Kue, was called a "gem-quality octahedron," but without any further description. (The gem-quality descriptor can cover a broad range of categories, from the most valuable of diamonds to those barely better than boart, but the picture of the gem suggests it has a pleasing white colour and is transparent, so it appears to be a promotable find.)

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