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Diamond & Specialty Minerals Summary for Oct. 2, 2023

2023-10-02 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a mediocre 56-137-117 as the TSX Venture Exchange slumped 13 points to 545. Dr. Michael Gunning's VR Resources Ltd. (VRR) nevertheless regained one cent to 10 cents on 537,000 shares.

The company has received its diamond counts from the two long holes it drilled earlier this year into the big Northway kimberlite in Northern Ontario. VR Resources applauded the results in a long-winded news release late last week even though a toddler could have made the tiny count -- assuming the tyke could see the minuscule gems. No matter, Dr. Gunning claims to be enthused, although the market predictably savaged VR's stock.

Northway, briefly a 34-center in summer after it drilled an unexpected third hole at Northway, sat perched at 15 cents through the dying days of summer. The stock had a rapid two-way dash to 24 cents in mid-September on word it had recovered a single microdiamond from a small amount of kimberlite drilled from the fringe of the pipe. (VR Resources now says that the full core from that discovery hole had been processed and it weighed nearly 140 kilograms.)

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