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Diamond & Specialty Minerals Summary for Sept. 28, 2023

2023-09-28 20:40 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a bright 116-67-127 as the TSX Venture Exchange added six points to 556. Dr. Stuart Blusson's Archon Minerals Ltd. (ACS) traded for the first time in two weeks, closing unchanged at 21.5 cents on 5,000 shares. There was nothing new -- there rarely is -- as Archon news releases are as rare as its diamonds.

The hits keep coming for Blake Hylands's Lithium Ionic Corp. (LTH). The company has drilled a 15-metre interval averaging 1.94 per cent lithium oxide at its Bandeira project in Minas Gerais, Brazil. Several other holes also did well with both grades and thicknesses diminishing gradually. Mr. Hylands, chief executive officer, was suitably pleased with the infill and expansion drilling, which he says, "continues to yield positive results." Lithium Ionic jumped 22 cents to $2 on 705,000 shares on the news from the latest eight holes.

Mr. Hylands was particularly buoyed by assays from two of the holes -- the headline hit and a second test that yielded 1.91 per cent lithium oxide over 10 metres -- as the holes confirmed a 250-metre downdip extension of a large and widening pegmatite that extends over 800 metres from surface, reaching a depth of 450 metres. Just two weeks ago, Mr. Hylands applauded comparable assays from infill drilling that he believes will "bode well for [an] upcoming mineral resource update."

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