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Diamond & Specialty Minerals Summary for Nov. 7, 2019

2019-11-07 18:59 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a bleak 56-92-152 as the TSX Venture Exchange fell four points to 533 and polished diamond prices fell 0.1 per cent. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) hit another six-year low, 89 cents, but ended the day up one-half cent to 91 cents on 531,000 shares. The company suspended its dividend payment this week.

Jared Lazerson's Margaret Lake Diamonds Inc. (DIA), unchanged at 2.5 cents on 17,000 shares when it last traded on Wednesday, plans to continue exploring the Diagras property northeast of Diavik at Lac de Gras. Its plans are vague, however, as none of the $250,000 that the company hopes to raise at 2.5 cents per share is proposed to be spent on the project, which is in a choice spot, immediately northeast of the Diavik and Ekati mines at Lac de Gras.

Unlike most promoters touting a fringe property as an area play, Mr. Lazerson suggests his project could become the centre of activity: "Diavik is running increasingly low on feedstock and could benefit directly from a diamond discovery" at Diagras, he cheers. (Mr. Lazerson presumably means that Diavik could benefit indirectly from a major discovery at Diagras through some future deal with Margaret Lake and its co-venturer, Patrick Power's Arctic Star Exploration Corp. (ADD: $0.015).)

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