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Diamonds Summary
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Diamond & Specialty Minerals Summary for Aug. 3, 2018

2018-08-03 19:21 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a positive 72-64-141. The TSX Venture Exchange rose one point to 702 while polished diamond prices edged lower. Matt Manson's Stornoway Diamond Corp. (SWY) lost one-half cent to 42 cents on 74,000 shares. There has been no news in a month.

Bruce Counts's Lithoquest Diamonds Ltd. (LDI), unchanged at 46 cents on 1,000 shares, has begun drilling at its North Kimberley diamond project near the northern coast of Western Australia. The company plans to drill two targets, including the 702 feature, where the company recovered a few diamonds from an outcrop sample earlier this year. The other anomaly to be tested is 701. Mr. Counts, president and chief executive officer, says that the drilling will recover core "suitable for geological interpretation and diamond analysis."

The geological interpreting will do little for Lithoquest's share price, but a promotable number of diamonds could move the company's stock. It certainly did in April: Lithoquest's stock nearly quadrupled to a high of 88 cents after Mr. Counts revealed that Lithoquest had recovered two yellow and one grey microdiamonds from a 10.06-kilogram batch of highly weathered 702 outcrop. At the time, Mr. Counts said that the diamond recoveries were "extraordinary," since the purpose of the small test was to extract kimberlite indicator minerals, not diamonds.

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