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Diamond & Specialty Minerals Summary for March 7, 2023

2023-03-07 21:11 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a bleak 66-132-112 as the TSX Venture Exchange fell 10 points to 626. Dr. Michael Gunning's VR Resources Ltd. (VRR), arguably Canada's latest diamond explorer, rose one-half cent to 15 cents on 137,000 shares.

VR Resources plans to drill a hole down the throat of what it believes is a big kimberlite pipe on its Northway property, a rare earth prospect between Kapuskasing and Moosonee in Northern Ontario. The company says it tested a target with a single reconnaissance hole last summer and the hole intersected a diatreme breccia pipe beneath sedimentary cover.

The test hit only the weathered uppermost portion of the eastern edge of the Northway pipe, the company says, but geochemical work, ongoing since then, appears encouraging. This assessment is "based on the array of kimberlitic textures present in just 40 metres of drill core," enthuses Dr. Gunning, chief executive officer. Therefore, VR Resources plans a follow-up test this spring into and across the centre of the magnetic low anomaly, which is 1.2 kilometres in diameter.

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