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Diamond & Specialty Minerals Summary for July 5, 2019

2019-07-05 20:04 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a 72-72-151 draw as the TSX Venture Exchange slipped one point to 586 and polished diamond prices edged downward.Stornoway Diamond Corp. (SWY) dropped one-half cent to two cents on 2.82 million shares. The company's stock continues to twist in the wind as investors await word of the company's second quarter results at the Renard mine in Quebec. The details are expected in mid-August, but continuing weakness in the rough diamond market does not augur well for Stornoway's bottom line.

Grenville Thomas and Kenneth Armstrong's North Arrow Minerals Inc. (NAR) is watching Dennis Washington's Dominion Diamond Mines, its co-venturer on the 147,200-hectare Lac de Gras diamond project, drill some new targets. North Arrow and Dominion agreed to jointly explore a big block of ground south of Lac de Gras in 2011. At the time, North Arrow held a 45-per-cent interest in the project, but for the past few years it has not been paying its share. Therefore, at the end of this summer's program, which carries a $2.8-million budget, North Arrow's interest will have been diluted to just 21 per cent.

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