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Diamond & Specialty Minerals Summary for May 9, 2023

2023-05-09 20:04 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a mediocre 79-88-143 as the TSX Venture Exchange rose fractionally to 620. Azincourt Energy Corp. (AAZ), looking for lithium in Newfoundland, was one of the many unchanged, closing at four cents on 1.99 million shares.

Dean Taylor's Diamcor Mining Inc. (DMI) closed unchanged at 12 cents on 104,000 shares. The company says that it will be "proceeding with an extensive drilling and bulk sampling program" over much of its Krone-Endora at Venetia diamond project in northeastern South Africa. The work, it cheers, is "aimed at further identifying and locating additional material" known to have shifted and eroded from the nearby Venetia kimberlite. Venetia has been a lucrative mine for De Beers over the past few decades, despite several hundred metres of the pipe having disappeared through geological processes over aeons past.

Diamcor has a resource estimate for Krone-Endora, but it will turn a not so sweet 16 next year, and Diamcor's long-term future lies beyond that zone of gravels identified on just a 650-hectare sliver of the nearly 6,000-hectare property. A decade of trial mining in that small area has provided the company with plenty of infrastructure -- two processing plants, heavy equipment and the like -- along with what Diamcor self-congratulates as "unique approaches to mining using advanced technology and techniques."

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