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Diamond & Specialty Minerals Summary for May 6, 2024

2024-05-06 18:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was an upbeat 103-72-135 as the TSX Venture Exchange rose eight points to 590. Dr. Stuart Blusson's long-running diamond explorer, Archon Minerals Ltd. (ACS), dropped three cents to 32 cents on 1,000 shares when it last traded a board lot in mid-February.

Calling Archon a diamond promotion would be laughable -- the company does not even have a website, much less an enthusiastic presence at any of the dog-and-pony shows where Howe Street companies vie for investor attention. Nevertheless, Archon has been a bit more active in the one forum it does use -- forced by regulatory decree or course -- the mandatory quarterly reports.

Archon is one of Canada's most senior diamond companies, having launched in 1995, but most of its exploration effort occurred before the Great Recession, and most of that was paid for through loans provided by Dr. Blusson. At last report, Archon owed nearly $55-million to Dr. Blusson through non-interest-bearing loans, and it owes another $12.5-million in convertible debentures and interest -- nearly all of that to Dr. Blusson as well.

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