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Diamond & Specialty Minerals Summary for Jan. 7, 2019

2019-01-07 19:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a cheerful 97-66-141. The TSX Venture Exchange added three points to 590. Stornoway Diamond Corp. (SWY), which had climbed off its 17-cent Christmas low, today fell back 3.5 cents to 20.5 cents on 888,000 shares.

Peter Wilson's Maxtech Ventures Inc. (MVT), up one cent to 13.5 cents on 10,000 shares, is abandoning its acquisition of American Metals Utah Ltd. and its Lost Sheep fluorspar project and mine in Utah. In September, when he laid out the plan, Mr. Wilson, president and chief executive officer, said that Maxtech would pay for the acquisition in stock at a rate to be determined after a due diligence investigation. He added that the project would quickly add revenue to Maxtech's bottom line and would create a "global footprint of strategic metals," manganese, vanadium and fluorspar.

Mr. Wilson is still looking at plopping down footprints across the globe, although they will be limited to the company's vanadium projects in Brazil and Quebec and its manganese prospects in Brazil and Zambia. It is vanadium that has Mr. Wilson particularly enthused, just as it has whetted the appetites of many a Howe Streeter over the past year. He notes that vanadium is strategic for a new class of batteries, so Maxtech is "motivated to begin work programs" on its vanadium prospects and to continue to seek predevelopment projects that fit the company's "core 2019 focus" -- not to be confused with its now abandoned core 2018 focus.

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