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Diamond & Specialty Minerals Summary for June 13, 2019

2019-06-13 20:06 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a 79-79-142 draw as the TSX Venture Exchange fell two points to 589 and polished diamond prices edged lower. Don Lay's Medallion Resources Ltd. (MDL) jumped 7.5 cents to 24 cents on 1.3 million shares. There has been no news for six weeks, since the company was talking rare earth metallurgy for its plan to build a monazite rare earth processing plant.

Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD), up two cents to $1.42 on 96,000 shares, has found a new kimberlite at its Gahcho Kue diamond mine, 250 kilometres northeast of Yellowknife in the Northwest Territories. (The new kimberlite has been named Wilson, after Alice Wilson, Canada's first female geologist.) The discovery, already determined to be diamondiferous, is about 200 metres east of the large Tuzo kimberlite at the northern end of the Gahcho Kue pipe cluster.

The news had Mr. Brown, president and chief executive officer for the past year, suitably enthused. He called it a "very positive development" that was the result of combined efforts between Mountain Province and De Beers Canada, its majority partner at Gahcho Kue. Mr. Brown says that the find ends a "20-year discovery hiatus" and "confirms that we are on track for discovering new kimberlites in this region."

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