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Diamonds & Specialty Minerals Summary for Mar. 26, 2015

2015-03-26 19:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a weak 46-51-153 as the TSX Venture Exchange gained two points to 679. Polished diamond prices inched lower. The market was up but Robert Gannicott's Dominion Diamond Corp. (DDC) was down, dropping 55 cents to $21.56 on 182,000 shares. The stock hit a seven-year high of $22.82 earlier this week. There is no news to account for the drop, or the previous surge. News will come early next month, when Dominion reveals its year-end results for fiscal 2015. Peter Dickie and Mark Smith's Niocorp Developments Ltd. (NB) lost 10 cents to $1.28 on 638,000 shares. Niocorp, which has a big niobium and scandium deposit in Nebraska at Elk Creek, has been raising cash this year to advance the project, which has a substantial resource but no dream sheet as yet.

Patrick Evans's Kennady Diamonds Inc. (KDI), up 18 cents to $3.30 on 39,000 shares, has drilled 37 metres of kimberlite 30 metres north of the discovery hole at Faraday-2, on the Kennady North project, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. Mr. Evans, Kennady's founder and CEO, deemed the latest drill hit "an exciting development." It is not immediately clear what has Mr. Evans so excited as Kennady has been drilling comparable intersections of kimberlite for the past year at Faraday-2, which appears to be a small blow along what is believed to be a lengthy dike. Five drill holes last spring produced intervals ranging from 3.5 metres to 34 metres thick and the first hole this winter encountered 32 metres of kimberlite.

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