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Diamond & Specialty Minerals Summary for April 21, 2017

2017-04-21 20:24 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a positive 65-59-132. The TSX Venture Exchange rose fractionally to 824 while polished diamond prices were flat. Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) jumped 2.5 cents to 7.5 cents on 883,000 shares. The stock had its busiest day in nearly a year; unfortunately, news has been as rare as diamonds.

Ellen Clements's New Nadina Explorations Ltd. (NNA: $0.11) says it plans to apply for a two-year extension for the five-year land use permit that covers its Monument diamond project on the southern shore of Lac de Gras. The company had great plans for the property when the Mackenzie Valley Land and Water Board finally awarded the permit in the fall of 2012, but it appears poised to expire without having been used, at least not by any of the company's drill crews.

For the first few years of the permit's life, Ms. Clements, president and chief executive officer, touted exploration plans for Monument, but those plans got smaller and more passive each year. (Her more recent mentions of Monument -- "it is hoped that further drill testing of potential kimberlite targets will occur" -- suggested that New Nadina has given up on raising cash for the project and is relying on drill rigs popping up out of the blue.) In any case, Ms. Clements has given up hoping for a drill program. She now says that New Nadina is planning a "small program" on the property. (When a Howe Streeter talks "small," investors should be thinking "minuscule.")

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