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Diamond & Specialty Minerals Summary for May 17, 2019

2019-05-17 19:53 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a so-so 68-64-168 as the TSX Venture Exchange rose fractionally to 608 and polished diamond prices fell 0.2 per cent. Mark Smith's Brazilian vanadium miner, Largo Resources Ltd. (LGO), slid 10 cents to $1.49 on 7.99 million shares. Slumping vanadium prices have the stock trading well below the $4.66 it reached last November.

Encouraging indicator minerals gleaned from at least three new areas during esker sampling at the Timantti diamond project in eastern Finland have done nothing to bolster Patrick Power's sputtering promotion of Arctic Star Exploration Corp. (ADD). The company's stock, 11 cents in mid-March, has lost nearly half its value in the absence of hard news about new diamond discoveries on the property. (Today it added one-half cent to 6.5 cents on 591,000 shares.)

That news, for better or worse -- and these days it is rarely for the better -- could come within a month, as the company is excavating previously identified geophysical targets to see if they are kimberlites. If they are, diamond counts would presumably follow. Mr. Power, president and chief executive officer, says that any find with "significant diamonds" would be slated for drill testing. As well, Arctic Star would drill some promising magnetic anomalies that could not be trenched because of their depth.

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