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Diamond & Specialty Minerals Summary for Nov. 8, 2022

2022-11-08 17:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 111-80-119 as the TSX Venture Exchange rose eight points to 602. Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) was unchanged today on 17,000 shares.

North Arrow continues working quietly in the background at its Naujaat diamond project in central Nunavut. While the company has said nothing formally since it got the last of its diamond counts from a 2,000-tonne bulk sample of the Q1-4 kimberlite in July, its co-venturer, Peter Ravenscroft's Australia-based Burgundy Diamond Mines Ltd., has been chattier on the hustings back home.

Burgundy paid for the $5.6-million bulk sample that North Arrow excavated in 2021 and processed at a snail's pace over the following months, all in exchange for a 40-per-cent interest. The next stage is a 10,000-tonne test of Q1-4, and Burgundy can boost its interest to 60 per cent by paying for that effort. That arrangement has not moved past the letter of intent stage and Mr. Armstrong, North Arrow's president and chief executive officer, downplays the possibility, perhaps to limit disillusionment should Burgundy not proceed with the option.

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