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Diamond & Specialty Minerals Summary for March 7, 2017

2017-03-07 21:17 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a bleak 57-91-107. The TSX Venture Exchange fell seven points to 802 while polished diamond prices fell 0.3 per cent. Dominion Diamond Corp. (DDC) resumed its slide today, sinking 23 cents to $11.27 on 284,000 shares. There is no news, but rough diamond prices have had a tough year.

Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. (PGD) lost one cent to 19 cents on 183,000 shares. The company broke its lengthy silence this week to say it is planning a summer program on its Chidliak project on southeastern Baffin Island. The program carries a $7.5-million budget, a bit less than half of what had been recommended last year when the company's consultants, JDS Energy and Mining Inc., proposed a $15.8-million program of bulk sampling and drilling, plus engineering and environmental work in support of a prefeasibility study.

JDS is now recommending an expanded core drilling program to probe the depths of CH-6, the richest and largest of the kimberlites that Peregrine deems to be potentially economic. CH-6 has an inferred resource of 4.64 million tonnes to a depth of 260 metres and at an average grade of 2.45 carats per tonne, it hosts 11.4 million carats. The target for this year's drilling will be what lies below -- perhaps to a depth of 500 metres. At last report, Peregrine listed between 2.15 million and 3.49 million more tonnes as a target for further exploration, to a depth of 380 metres. At a comparable grade, that material could host between five million and 8.5 million more carats, with the possibility of significantly more down to 500 metres.

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