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Diamonds Summary
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Diamond & Specialty Minerals Summary for Sept. 12, 2017

2017-09-12 21:04 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was an upbeat 76-54-139. The TSX Venture Exchange gained five points to 775 while polished diamond prices jumped 0.3 per cent. Ken MacNeill and George Read's Shore Gold Inc. (SGF) continued its abrupt fall from grace following its annual meeting and an option arrangement with Rio Tinto PLC. Shore, 44 cents in early June, dropped one cent to 18.5 cents on 813,000 shares.

Dermot Desmond and Dr. Rory Moore's Kennady North Diamonds Inc. (KDI), up seven cents to $3.18 on just 7,000 shares Monday and untraded today, has two drill hits topping 50 metres at Faraday 2 on its Kennady North project, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. A third hole probably would have done the same but the company said that it had "deviated unexpectedly from its intended path" and encountered just under 10 metres of kimberlite. The drilling, which is now done for the year, began in early July. Nine holes were completed, including five new tests in the past month. In addition to the three new holes at Faraday 2, one test of the Faraday 1-3 pipe produced 15.2 metres in one interval and 1.6 metres in a slightly deeper hit. A second hole into Faraday 1-3 yielded eight narrow intervals containing 16.6 metres of kimberlite across a 70-metre interval. Diamond counts from the latest holes will presumably arrive this fall.

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