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Diamond & Specialty Minerals Summary for Oct. 2, 2017

2017-10-02 21:20 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a 74-74-116 draw. The TSX Venture Exchange fell fractionally to 770 while polished diamond prices rose 0.3 per cent. Tim Goyder's Chalice Gold Mines Ltd. (CXN) slid four cents to 25 cents on 6.22 million shares. Chalice, primarily a gold explorer, has a 23-per-cent interest in the Webb diamond project in Australia. There was no news to account for the activity. Guy Bourassa's Nemaska Lithium Inc. (NMX) gained three cents to $1.44 on 2.21 million shares. The company has been silent about its Whabouchi lithium project in Quebec since early August.

Dermot Desmond and Dr. Rory Moore's Kennady Diamonds Inc. (KDI) added two cents to $2.92 on 4,000 shares. The stock got as high as $8.74 four years ago as investors enthused over the company's high grades and steadily increasing tonnage targets at its Kelvin and Faraday pipes at Kennady North, a promising diamond project 10 kilometres northeast of Gahcho Kue in the Northwest Territories. Kennady's stock recovered to $4.50 two years ago but it has been slowly sinking since then amid worries about the diamond valuations for its Kelvin pipe. Now, Kennady Diamonds appears to be dragging its feet with its promised resource estimates for two key Faraday pipes. On Sept. 11, Dr. Moore, president and chief executive officer, said the maiden resource estimates were "expected within the next week to 10 days."

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