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by Will Purcell
The diamond and specialty minerals stocks box score on Tuesday was a mediocre 66-75-159 as the TSX Venture Exchange slipped one point to 582 and polished diamond prices dipped 0.1 per cent. Lukas Lundin's Lucara Diamond Corp. (LUC) continues to hover just above the $1 mark. It dropped one cent to $1.05 on 245,000 shares today.
Marco LoCascio's Adia Resources Ltd., the not-yet-spun-off diamond spinoff from Brian Dalton and John Baker's Altius Minerals Corp. (ALS) should soon have the diamond results from its spring drill program at the Lynx project in Northern Manitoba. The drilling, limited to just three of a planned eight holes because of a late start, and equipment problems once it did get started, nevertheless produced about 1,700 kilograms of presumably diamondiferous rock that De Beers Canada agreed to process through a side arrangement with the company.
In that deal, arranged last year by Altius, De Beers committed to providing $1.5-million in services in exchange for three million Adia shares. Those services included geophysical work, microdiamond analysis and specialized grade modelling, including the diamond recoveries now under way. (Be patient, investors: De Beers sent the rock to its facilities in Johannesburg, not a Canadian lab.) De Beers's deal gives it a 15.4-per-cent interest in Adia; it also has the right to participate in future Adia private placements to maintain its interest. Further, De Beers has the option to participate in a second tranche that would cover $5.5-million of additional work.
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