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Diamond & Specialty Minerals Summary for May 21, 2019

2019-05-21 19:31 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a mediocre 73-76-151 as the TSX Venture Exchange rose three points to 612 and polished diamond prices fell 0.2 per cent. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD), which recovered from an April low of $1.08 to reach $1.65 in mid-May, drifted lower again today, dipping nine cents to $1.37 on 564,000 shares. The company's 49-per-cent interest in the Gahcho Kue mine, 250 kilometres northeast of Yellowknife, is doing well as to tonnage and grade. Unfortunately, rough diamond prices are barely half of what the company had been expecting, so its stock is far below its 2016 high of $7.18.

Michael Mulberry's American Battery Metals Corp. (ABC), down four cents to 33 cents on 194,000 shares, has doubled the size of its Temple Mountain vanadium project in Utah to 870 hectares. The new staking follows word of encouraging geophysics completed this spring, work that has prompted the company to plan a 10-hole drill program on five anomalies. Mr. Mulberry, president and chief executive officer, said earlier this month that the company is "currently in the process of finalizing the drill permits." (In other words, the drillers are waiting for bureaucratic approval or the bureaucrats are waiting for the permits to be filed; on Howe Street, one is never sure.)

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