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Diamond & Specialty Minerals Summary for April 1, 2019

2019-04-01 20:06 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a weak 60-100-140 as the TSX Venture Exchange fell fractionally to 626 and polished diamond prices rose 0.2 per cent. Stornoway Diamond Corp. (SWY) closed unchanged at 10 cents on 17.78 million shares, but not before it set a record low of nine cents. The company has been inundated by rivers of red ink since it opened its Renard diamond mine in north-central Quebec in mid-2016.

Douglas Eaton and David Kelsch's GGL Resources Corp. (GGL), up one-half cent to eight cents on 4,000 shares, appears set for another year of watching the snow recede only to return at its diamond projects in central Nunavut and the Lac de Gras area of the Northwest Territories. The company's dog and pony show come-on to investors promises "discovery through experience," -- probably appropriate, since discovery through spending cash on exploration appears unlikely. The company did have about $250,000 in working capital at the end of November and while it claims a "low burn rate," GGL's exploration rate since the last recession has been more of a smoulder than a burn.

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