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Diamond & Specialty Minerals Summary for May 8, 2024

2024-05-08 18:54 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a mediocre 79-94-137 as the TSX Venture Exchange fell three points to 590. Owen King's True North Gems Inc. (TGX) was unchanged at 6.5 cents on 1,000 shares. True North quietly made required option payments at the end of April to sustain its acquisition of the Nabikok property, 50 kilometres southwest of Val d'Or in Quebec. The property sits in gold country but is a lithium prospect, and it has enough going for it that Glen MacDonald's AuQ Gold Mining Inc. (AUQ: $0.19) agreed to earn a 50-per-cent interest in the prospect last summer. It can do so by spending $600,000 over three years, including $100,000 in the first year.

"Developing North American precious metal resources," screams AuQ's website, but from the get-go the company applauded Nabikok as an "early-stage lithium-bearing spodumene pegmatite prospect" -- geologese that sinters to moose pasture lying in an area with scattered lithium occurrences. Indeed, while True North did some preliminary work late in 2022, it was limited to geophysics.

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