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Diamond & Specialty Minerals Summary for Nov. 15, 2022

2022-11-15 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a weak 79-113-118 as the TSX Venture Exchange fell eight points to 593. Recharge Resources Ltd. (RR) jumped 4.5 cents to 37.5 cents on 2.48 million shares. The company is busy working and touting its Georgia Lake lithium project in Northwestern Ontario.

Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) closed unchanged at 63 cents on 143,000 shares. Mountain Province is pleased with a recent kimberlite discovery at its 49-per-cent-owned Gahcho Kue mine, 250 kilometres northeast of Yellowknife in the Northwest Territories -- so much so that it cheers the discovery as offering synergies that could entice De Beers Canada, its majority partner at Gahcho Kue, to add Mountain's 100-per-cent-owned Kennady North kimberlites, sitting just 10 kilometres northeast, into the mine plan.

Mr. Wall, president and chief executive officer, applauded interim results from summertime drilling at the northwestern end of the Hearne kimberlite as showing a significant body of kimberlite not known previously. The find, called the Hearne Northwest Extension, was observed in the pit wall with sufficient expanse to warrant the delineation drilling. That work produced intersections of up to 114.5 metres, Mr. Wall cheered, deeming the discovery "testament to the prospectivity of the Gahcho Kue and Kennady lands, where a large orebody can sit right next to an open pit that we have been mining, and remain undiscovered for so long."

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