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Diamond & Specialty Minerals Summary for May 22, 2019

2019-05-22 19:00 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a mediocre 66-73-161 as the TSX Venture Exchange fell one point to 610 and polished diamond prices rose 0.1 per cent. Stornoway Diamond Corp. (SWY) closed unchanged at 5.5 cents on 1.27 million shares. The company is still hoping the rough diamond market will recover enough to put its Renard mine in Quebec into the black -- or at least into a less ominous hue of red. Stornoway lost $330-million last year and nearly $50-million in the first quarter of 2019, thanks to rough diamond prices remaining well below the original forecasts. Avalon Advanced Materials Inc. (AVL) shed 2.5 cents to seven cents on 6.32 million shares. There is no news to account for the decline.

Adia Resources Inc., the not-yet-spun-off spinoff from Brian Dalton and John Baker's Altius Minerals Corp. (ALS), has wrapped up its spring exploration program at the Lynx diamond project, just southeast of Oxford House in Northern Manitoba. The highlight of the company's effort was to have been an eight-hole, 3,000-metre drill program designed to test the dimensions of the diamondiferous rock and provide more material for microdiamond recovery.

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