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Diamond & Specialty Minerals Summary for June 20, 2017

2017-06-20 20:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a discouraging 41-77-139. The TSX Venture Exchange fell six points to 770 while polished diamond prices fell 0.3 per cent. Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) lost one cent to 5.5 cents on 113,000 shares. The company, which has been silent for months, presumably still wants to bulk sample its U2 kimberlite in Northern Ontario.

Dr. Rory Moore and Dermot Desmond's Kennady Diamonds Inc. (KDI), unchanged at $3.60 on 71,000 shares, has completed its 2017 mini-bulk tests at Kennady North, 10 kilometres northeast of Gahcho Kue in the Northwest Territories, with some encouraging diamond recoveries. The company gleaned 460.5 carats larger than a 0.85-millimetre sieve from 276.4 tonnes of kimberlite extracted from Faraday 3, or about 1.67 carats per tonne. That is considerably less than what the company recovered in May from a 262.6-tonne test of Faraday 2, which yielded 737.6 carats, or about 2.81 carats per tonne. Sampling in 2015 and again last year at Kelvin, a third Kennady North pipe, produced 2,171.2 carats from 1,054.5 tonnes, or 2.06 carats per tonne.

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