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Diamonds & Specialty Minerals Summary for July 23, 2014

2014-07-23 18:57 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a pleasant 61-48-152. The TSX Venture Exchange rose fractionally to 1,011 while diamond prices inched higher. Ken MacNeill and George Read's Shore Gold Inc. (SGF) fell five cents to 30 cents on 965,000 shares. Shore, 11.5 cents in December and just 20 cents in mid-May, had a good July, spiking as high as 35 cents this week without any supporting news. The stock now appears to be homeward bound, a trek it has made following several similar surges over the past few years. Ron Roda's Alabama Graphite Corp. (ALP) dropped two cents to 18 cents on 2.67 million shares. Alabama is testing new targets at its Coosa graphite project in central Alabama with a 20-hole sonic drill program. The company already has a big resource at Coosa but its average grade is too low to get investors enthused.

Dr. Leon Daniels's Pangolin Diamonds Corp. (PAN) gained one cent to 12 cents on 120,000 shares after it found a small macrodiamond in a soil sample at Malatswae, 70 kilometres southeast of the Orapa diamond mine in Botswana. Dr. Daniels seemed thrilled with his tiny find as Pangolin already has pictures of the stone on its website. (They are fine photographs, but a close-up shot of a 0.005484-carat speck of carbon could easily be mistaken for a Hubble photograph of some distant asteroid.) In the spring, Pangolin recovered a microdiamond in a soil sample collected at Mmadinare, a property in northeastern Botswana. Dr. Daniels, who has long championed the use of indicator minerals to find diamonds, says the Malatswae garnets are "distinctly different" than those found in the Orapa kimberlites so they must have come from an undiscovered pipe. (Perhaps, but having mineral chemistry comparable with the rich Orapa pipe would undoubtedly prove more promotable.) Malatswae was one of several Botswana properties that Pangolin had when Dr. Daniels took the company public through a reverse takeover of Key Gold Holdings Inc. in early 2013. The company's best news has come from Tsabong North in southwestern Botswana. Pangolin hosts Magi, a 270-hectare discovery that Dr. Daniels touted last year as perhaps the world's largest kimberlite pipe. Unfortunately, none of the rock actually drilled appears to be true kimberlite. Dr. Daniels now says the tested material is "fine-grained sandy tuff-sediment," but because a 3.7-kilogram batch produced three microscopic gems, the kimberlite -- wherever it is -- must be diamondiferous. "We must be close," he adds. Unfortunately, Pangolin is nowhere at all close to its 2013 high of 53 cents so Dr. Daniels is left to tout whatever diamonds he can find while he waits to find kimberlite in the world's largest pipe.

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