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Diamond & Specialty Minerals Summary for June 14, 2022

2022-06-14 19:48 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was terrible yet again at 69-141-100 as the TSX Venture Exchange fell another 21 points to 650. Another day without word of a budget or work program at the FalCon diamond project in central Saskatchewan sent Ewan Mason and Ken MacNeill's Star Diamond Corp. (DIAM) another cent lower, to 27.5 cents on 214,000 shares.

Yari Nieken's Margaret Lake Diamonds Inc. (DIA), down 1.5 cents to 16 cents on 9,000 shares Monday, is ramping up its financing drive as it looks to be an active participant in the Diagras diamond project, just northeast of Diavik in the Northwest Territories. As well, it has a more recent pursuit: uranium at Mormon Lake in Arizona. This is quite a turnaround for what had been a down-on-its-luck explorer through a series of management shuffles over the past several years -- a new tack that has not gone unnoticed.

Indeed, Patrick Power, president and chief executive officer of Arctic Star Exploration Corp. (ADD: $0.08), Margaret's majority co-venturer at Diagras, recently acknowledged that "Margaret Lake is not Margaret Lake anymore" -- the implication being that the old Margaret Lake was poorly funded and unable to carry on as an active partner. "The [new] people behind it are serious," Mr. Power concluded.

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