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Diamond & Specialty Minerals Summary for Feb. 27, 2024

2024-02-27 18:48 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 93-80-137 as the TSX Venture Exchange rose five points to 555. Adam Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) lost one-half cent to 36 cents on 438,000 shares. Lucara's stock touched 40 cents two weeks ago, but it has edged slowly lower most days since, despite more encouragement from the company's processing plant.

Late last week, Lucara cheered the recovery of four noteworthy diamonds during direct milling of the prolific eastern magmatic phase of pyroclastic kimberlite in the southern lobe -- that is EM/PK(S) for all you geologically inclined acronym aficionados -- at the company's Karowe mine in Botswana. The gems came from a recent production run that also yielded several other special diamonds -- gems that weighed over 10.8 carats.

The largest of the four headline diamonds was a "stunning, gem-quality, top light brown diamond" that weighed 320 carats, while the company applauded a second diamond, a 111-carat gem, as a "magnificent Type IIa white stone of high quality." (The two others, which weighed over 50 carats, were also white Type IIa gems -- only in Karowe are such finds shrugged off as also-rans.)

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