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Diamond & Specialty Minerals Summary for April 18, 2019

2019-04-18 21:00 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a mediocre 66-73-161 as the TSX Venture Exchange fell fractionally to 609 and polished diamond prices edged lower. The train wreck in (not so) slow motion continued for Stornoway Diamond Corp. (SWY) today. The stock drifted to another record low of 6.5 cents before ending the day down one-half cent to 7.5 cents on 7.42 million shares. The company shuffled some management late yesterday, replacing Orin Baranowsky with Dino Rambidis as chief financial officer. Stornoway, $1.38 in 2016, hovered around the 20-cent mark through the fall and winter. The latest collapse, which began late in March, came on the heels of the company's bleak 2018 financial report.

Patrick Power's Arctic Star Exploration Corp. (ADD), down one-half cent to seven cents on 215,000 shares, has expanded its diamond project in Finland, adding the 882-hectare Vaimosou permit to its 289-hectare Timantti project. The Vaimosou ground adjoins and partially surrounds Timantti, and both of them are slivers of the company's 193,700-hectare exploration reservation, which is itself a precursor stage to acquiring formal exploration permits. Mr. Power, president and chief executive officer, says that the new area had been covered by an airborne magnetic survey that revealed "three primary high-priority pipe-like targets." He says that Arctic Star is seeking permission from the landowners to get to work, which will start with ground geophysics.

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