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Diamonds & Specialty Minerals Summary for April 14

2014-04-14 18:25 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a unenthusiastic 43-67-137. The TSX Venture Exchange fell one point to 996 while polished diamond prices inched upward. Matt Manson's Stornoway Diamond Corp. (SWY) dropped five cents to $1.03 on 642,000 shares. Stornoway arranged nearly $1-billion in equity and debt financing for its Renard mine project in Northern Quebec last week, but the company's chart after the deal looks much like it did before. Investors are pleased the deal is done but they would have been happier had there been more borrowing and less stock selling. Guy Bourassa's Nemaska Lithium Inc. (NMX) fell three-quarters of a cent to 11 cents on 1.23 million shares. Nemaska is touting metallurgical results from its Whabouchi lithium project in Quebec. The company is inching ahead with a feasibility study and permitting for the project.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR), unchanged at 80 cents on 20,000 shares, says it understands Robert Gannicott's Dominion Diamond Corp. (DDC: $14.41) "does not anticipate a significant exploration program" on their shared Lac de Gras joint venture this year. The terse comment, near the end of North Arrow's latest quarterly report, would normally bode ill for the big project immediately south of the rich Diavik and Ekati pipes, where Dominion spent an estimated $3-million in 2013. According to Mr. Gannicott, the light program this year is an aberration, not a trend. He confirmed Dominion plans "a fairly small expenditure" this year to do more work on targets identified last year. Mr. Gannicott, who as CEO of the project operator is a better forecaster than Mr. Armstrong, went on to say Dominion plans drill testing of several targets in 2015 season, which could drive the exploration budget as high as $5-million. (Dominion has another reason for the slow pace on the North Arrow project this year: it will be busy working its Jay and Cardinal project in the hope of keeping it on track to reach production before the main Ekati pipes are mined out in 2020.) The North Arrow project contains the southern extensions of the rich Diavik and Ekati pipe trends, but complicated terrain made traditional geophysics and geochemistry difficult to complete and tougher still to evaluate. The work so far is zeroing in on target zones at the southwestern end of the Diavik trend. Even one rich pipe on the joint venture property would prove promotable since Dominion now owns the processing plant at Ekati, while a few new finds could support an independent mine.

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VMI adjacent XME should be interesting

Posted by principe at 2014-04-14 21:44


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