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Diamond & Specialty Minerals Summary for Aug. 8, 2019

2019-08-08 17:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 71-69-160 as the TSX Venture Exchange slipped one point to 596, and polished diamond prices were flat. Christopher Grove and David Hodge's Commerce Resources Corp. (CCE), which is trying to huff new breath into its dormant Ashram rare earth project in Northern Quebec, gained one-half cent to 4.5 cents on 2.61 million shares.

Dr. Christopher Jennings, one of Canada's first diamond explorers, is still intrigued by the diamond possibilities south of Lac de Gras. That is good news for Grenville Thomas's North Arrow Minerals Inc. (NAR), which has sold an additional 0.5-per-cent royalty on its Loki project to Dr. Jennings's wholly-owned Umgeni Holdings International Ltd. for $266,000. (Umgeni already held a 1.5-per-cent royalty on Loki, which it acquired in 2016.)

Ken Armstrong, president and chief executive officer of North Arrow, says that the cash from the royalty sale and from a mining incentive grant will be used for continued exploration at Loki. A till sampling program, still under way, "has filled some crucial gaps" in the Loki database, and Mr. Armstrong adds that the results will be important in prioritizing targets for drilling next winter. Mr. Armstrong points to his company's discovery of a new Loki kimberlite last year and to a new find earlier this year by North Arrow and Dominion Diamond Mines Ltd. at their nearby LDG project as reasons for optimism.

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