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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a so-so 91-87-132 as the TSX Venture Exchange rose one point to 585. Stagnating rough diamond prices are well off their 2022 highs and inflationary pressures have taken their toll on diamond miners. And yet, one company is looking at taking a chance on a second resurrection -- or is it the third? -- of the Renard diamond mine in the Otish Mountains of north-central Quebec. Unfortunately for Osisko Gold Royalties Ltd. (OR), which owns a 35-per-cent equity interest in Stornoway Diamond Corp. and holds a 9.6-per-cent diamond stream on Renard, the new suitor is not after diamonds.

Chris Evans's Australia-based Winsome Resources Ltd. has paid $4-million to acquire an option to purchase the assets of Stornoway -- an option that gives Winsome until the end of September to decide whether to proceed with the $52-million purchase of Renard. Mr. Evans, managing director of Winsome, says that he and his crew will take the next five months to assess the feasibility of converting the processing facility at Renard to handle lithium ore from its Adina deposit, looking at all technical, environmental and social considerations to determine if the plan is economically viable. The time is also needed, Mr. Evans says, to arrange the best terms for the agreement.

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