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Diamond & Specialty Minerals Summary for March 8, 2023

2023-03-08 21:29 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a weak 68-105-137 as the TSX Venture Exchange slipped one point to 625. One of diamond exploration's walking dead lurched back to life just ahead of this year's edition of the Prospectors and Developers Association of Canada (PDAC) dog and pony show in Toronto.

The regeneration of Adia Resources Inc., a subsidiary of Altius Minerals Corp. (ALS), comes five years after Altius first touted the Lynx diamond project in northeastern Manitoba at a PDAC gathering. The revived Lynx project may be more a lithium and rare earth project -- or perhaps gold -- than a diamond play, but Altius does still pay lip service to the diamond potential of Lynx. (Altius, a "business unit converting mineral lands to equities and future royalties," its website enthuses, lost 27 cents to $22.30 on 187,000 shares today.)

Adia, which also has De Beers Canada as a minority shareholder, has applied to add another 61,000 hectares of ground to the existing 84,000-hectare Lynx property near Knee Lake and Oxford House. The primary target on the new claims is lithium, as there is a non-compliant historical resource at Godslith, just to the southeast, with 4.6 million tons grading 1.14 per cent lithium oxide. Further, pegmatite occurrences have been noted, but not tested, on the Lynx ground.

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