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Diamond & Specialty Minerals Summary for Sept. 21, 2017

2017-09-21 21:06 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a ho-hum 62-70-132. The TSX Venture Exchange fell fractionally to 775 while polished diamond prices edged lower. Guy Bourassa's Nemaska Lithium Inc. (NMX) lost one cent to $1.41 on 2.40 million shares. There has been no news in a week and that last burst of information was a recap of the company's summer work at its Whabouchi lithium project in Quebec.

Dr. Leon Daniels's Pangolin Diamonds Corp. (PAN), down one cent to five cents on 323,000 shares, recovered two more diamonds in soil samples from its Malatswae diamond project in Botswana but it is no closer to finding a kimberlite source for any of its gems. Pangolin has several diamond prospects scattered across Botswana, but its focus is now Malatswae, in the east-central part of the country.

The latest two Malatswae diamonds came from the 007 target, one of six prime areas within a 60,000-hectare portion of the big property. Dr. Daniels, president and chief executive officer, said nothing about the size of the two new gems, so they were presumably tiny. Nevertheless, the first diamond found at 007 measured over two millimetres in each dimension and it could have weighed close to 0.2 carat. Pangolin collected its soil samples over the past six months and recovered several kimberlitic garnets from samples spanning an area about 200 metres square. Based on those finds, and subsequent ground magnetic surveys, the company identified two targets that were drilled in June and July.

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