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Diamonds Summary
Symbol C : *MKTDIAM
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Diamond & Specialty Minerals Summary for May 18, 2017

2017-05-18 20:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a ho-hum 61-58-138. The TSX Venture Exchange lost six points to 800 while polished diamond prices were flat. Dominion Diamond Corp. (DDC) fell 42 cents to $17.42 on 202,000 shares. The stock is retreating from a recent high of $18.27 as the hype surrounding possible bids for the company has hit a lull.

Matthew Wood's Five Star Diamonds Ltd. (STAR), unchanged at 35 cents on 11,000 shares, is busy on another of its Brazilian diamond prospects. Mr. Wood, chairman, president and chief executive officer, says the company has confirmed two of 10 targets on the Verissimo property in Goias state to be kimberlites. Five Star acquired Verissimo, which spans 12,400 hectares about 80 kilometres northeast of its more advanced Catalao project, in 2015.

Not only are two of the targets kimberlites, Mr. Wood casually mentions that the V1 and V2 pipes have already been bulk sampled by the company using its pilot plant at Catalao, adding that the testing "has proved that the V1 pipe is diamond bearing." Unfortunately, investors will have to take Mr. Wood at his word regarding the proof: Although he says that the diamonds recovered from V1 are "white and are of high quality," he offers no indication that they are of high quantity. Five Star does not say how many diamonds it recovered or how much kimberlite it processed, and missing information is rarely good news on Howe Street. (Later in his press release, Mr. Wood mentions "mini-bulk sampling," which apparently produced a "small amount of macrodiamonds.")

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