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Diamond & Specialty Minerals Summary for May 8, 2017

2017-05-08 20:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a positive 73-68-116. The TSX Venture Exchange lost one point to 780 while polished diamond prices edged lower. Matt Manson's Stornoway Diamond Corp. (SWY) gained one cent to 84 cents on 617,000 shares. Investors will hear tomorrow about the company's Renard diamond sales.

Patrick Power's Arctic Star Exploration Corp. (ADD), down one cent to 27 cents on 100,000 shares, says it plans to drill several promising targets this year on its Stein diamond project on Boothia peninsula in central Nunavut. The company acquired Stein early in 2015 as part of the company's "continuing strategic analysis" of old data in the public domain. That old data had been collected by the previous owner, Bluestone Resources Inc. (BSR: $0.10), which at the time was Bruce Counts's diamond explorer, Indicator Minerals Inc.

Indicator had deemed the property, which it called Grail, its top prospect by the early 2010s, mainly because all its other diamond projects had foundered by then. The company had completed enough work to identify several drill targets and Mr. Counts promised drilling would occur as soon as practical in 2010. As it tuned out, 2010 was another impractical year for Indicator and Mr. Counts's drill plans grew fuzzier, although as spring arrived in 2012 he was still promising that drilling at Grail would occur in "future periods." (He may yet be proven correct, as he did not explicitly state that Indicator would do the drilling.)

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