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Diamond & Specialty Minerals Summary for June 23, 2022

2022-06-23 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a dreary 50-134-126 as the TSX Venture Exchange slid nine points to 631 while polished diamond prices were flat. UEX Corp. (UEX) rose one-half cent to 35 cents on 3.25 million shares following yesterday's 1.5-cent drop to 34.5 cents on two million shares.

It has been a tough spring for Maritz Smith's Alphamin Resources Corp. The stock was trading near $1.10 in early spring but inexplicably shot above $1.40 in mid-April and early May. A month later, the stock just as inexplicably and nearly as quickly returned to the $1.10 level. A new decline kicked in two weeks ago, despite the company declaring an updated resource calculation for its Bisie mine in the eastern Democratic Republic of the Congo a few days earlier.

The new calculation listed Mpama South with 840,000 tonnes indicated at 2.53 per cent tin and nearly five million tonnes inferred at 2.5 per cent tin, about 145,000 tonnes of the metal. At Mpama North, the companion deposit currently being mined, Alphamin lists 3.3 million tonnes at 4.01 per cent tin, about 133,000 tonnes. Despite that good news, like the tin, the threat of drama lies just below the surface in the DRC.

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