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Diamond & Specialty Minerals Summary for Dec. 28, 2018

2018-12-28 19:30 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a scintillating 107-43-140, the best in several years. The TSX Venture Exchange added 14 points to 552 while polished diamond prices edged lower. Trent Mell's First Cobalt Corp. (FCC) was a busy trader on a slow post-Christmas Friday. It added one-half cent to 17.5 cents on 1.6 million shares. The company is seeking up to $20-million over the next two years.

Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX), unchanged at two cents on just 100 shares, is clinging to its diamond projects in Canada and Africa. The U2 kimberlite, at Kyle Lake in the Attawapiskat region of Northern Ontario, still heads the list. The company says that it "has continued discussions" with two (not so) nearby First Nations bands in the hope of securing signed impact benefit agreements. Metalex also says that "preliminary discussions with interested parties" regarding the financing of a big bulk sample of the U2 pipe are under way. Of course, Mr. Fipke, chairman and majority shareholder, and Mr. Ulansky, president and chief executive officer, have been saying much the same for years. Fortunately, talk is cheap: At last report, Metalex's current accounts were $3-million in the red.

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