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Diamond & Specialty Minerals Summary for June 9, 2022

2022-06-09 20:52 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a terrible 59-133-118 as the TSX Venture Exchange slid 12 points to 711. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) bucked the downdrafts today, adding a penny to 71 cents on 159,000 shares.

Anthony Huston's Graphite One Inc. (GPH) fell seven cents to $1.56 on 113,000 shares. The company has drilled a 42.4-metre interval averaging 11.61 per cent graphite, aided by a 15.2-metre interval averaging 22.2 per cent at its Graphite Creek project, about 60 kilometres north of Nome in western Alaska. The hit came from last year's 2,150-metre drill program that included eight holes into inferred rock, designed to upgrade its classification. Several other holes returned promising grades over significant widths.

Mr. Huston, chief executive officer, was pleased that the drill results "continue to demonstrate excellent continuity" with past drilling and says that the new assays should provide the opportunity to increase the resource and reserve estimates ahead of a coming prefeasibility study. The planned mine area at Graphite Creek spans just one kilometre of the 16-kilometre-long anomaly, Mr. Huston beams, adding that the deposit remains open downdip and along strike east and west of the known resource. This means, he concludes with customary flair, that Graphite Creek has potential to become a critical domestic graphite supply for the United States for a long time to come.

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