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Diamond & Specialty Minerals Summary for Oct. 25, 2023

2023-10-25 20:37 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a weak 62-109-139 as the TSX Venture Exchange fell four points to 518. The right mix of geologese spoken with a thick accent of promoter-speak still elevates a stock these days -- even one touting diamonds. Unfortunately, investors can be unduly harsh when the reality of results from touted drill programs are in hand. Dr. Michael Gunning's VR Resources Ltd. (VRR) was bumbling along a year ago near the 10-cent mark, but mounting hype surrounding its Northway kimberlite discovery in Northern Ontario sent the stock above 30 cents in late spring and early summer.

When Dr. Gunning excitedly cheered the discovery in February, he was promising a long drill hole into the throat of the pipe. Investors got not one but two holes, and they responded enthusiastically as Dr. Gunning lauded the "sheer scale and energy" of the Northway kimberlitic event and the resulting breccia pipe complex as "both obvious and exceptional."

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