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Diamonds Summary
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Diamond & Specialty Minerals Summary for March 9, 2018

2018-03-09 21:27 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a so-so 81-85-124. The TSX Venture Exchange fell fractionally to 828 while rough diamond prices edged upward. Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. gained 1.5 cents to 17.5 cents on 1.31 million shares. There is no recent news, but there continue to be rumours of interest in the company's Chidliak project.

Dermot Desmond and Dr. Rory Moore's Kennady Diamonds Inc. (KDI), down eight cents to $3 on 93,000 shares, continues its drilling at Kennady North, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. The company has two rigs operating and has completed 1,000 metres across two geotechnical and three exploration and delineation holes on the Faraday 1-3 kimberlite. Dr. Moore, president and chief executive officer, says the work is going well despite blizzards and bouts of extremely cold weather.

The latest kimberlite hits at Faraday 1-3 continue to span modest intervals, with the longest hit extending less than 40 metres. A second hole returned 25 metres of kimberlite and three others produced shorter intervals. When drilling began a month ago, Dr. Moore said that the focus at Faraday 1-3 was to attempt to show that the Faraday 1 and Faraday 3 limbs join into one body, which could add high-grade resource potential to the project. The plan also calls for Kennady to expand Faraday 2 farther to the northwest, testing an extension that the company discovered last summer. Dr. Moore says that once about 4,000 metres of delineation and geotechnical drilling of the Faraday kimberlites are finished, the company will complete over 6,000 metres of exploration drilling on high-priority grassroots targets within the Kelvin-Faraday corridor.

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