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Diamond & Specialty Minerals Summary for July 10, 2019

2019-07-10 18:22 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a positive 77-72-145 as the TSX Venture Exchange rose fractionally to 585 and polished diamond prices slid 0.3 per cent. Mark Smith's Largo Resources Ltd. (LGO) dropped eight cents to $1.88 on 1.98 million shares. Largo, near bankruptcy three years ago after building its $300-million Maracas Menchen vanadium mine in Brazil, only to see the vanadium price collapse, is now debt free, thanks to the big price bubble of 2018. The move to pay off its debt was fortuitous, as vanadium prices are slumping ever lower this year.

Gary Thompson's Brixton Metals Corp. (BBB), up one-half cent to 14.5 cents on 50,000 shares, has formally revealed what boilerplate sleuths surmised three months ago, when the company deleted any mention of the word diamonds from its Langis project in Ontario. The company now says -- about as deep as one can get in a lengthy press release without bottoming in boilerplate -- that analysis of the drill core from the Langis kimberlite target "has returned results of no economic interest." Langis, assures Mr. Thompson, chairman and chief executive officer, "remains an attractive target for high-grade silver and cobalt mineralization."

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