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Diamond & Specialty Minerals Summary for Sept. 14, 2023

2023-09-14 20:38 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was an upbeat 101-73-136 as the TSX Venture Exchange added five points to 588. Dr. Michael Gunning's VR Resources Ltd. (VRR), which surged to an intraday high of 24.5 cents on 2.4 million shares Tuesday and remained buoyant at the 20-cent mark on Wednesday, rose 1.5 cents to 21.5 cents on 171,000 shares today. The sudden surge was the result of news -- but few details -- about a diamond recovery from processing the first small batch of kimberlite recovered from the company's Northway pipe in Northern Ontario.

A lack of detail is usually bad news, and while gung-ho investors typically overreact to news --leaping before they look -- the second wave of buyers remain optimistic, despite not finding some key details upon taking a closer look to better understand the result. Among the information missing about the recovery of a single microdiamond is a key detail that would allow investors to assess its significance. Indeed, when promoters fail to say how long or wide a diamond is, or how much it weighs, it is best to take it as a Howe Street signal that the recovered gem was tiny.

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