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Diamond & Specialty Minerals Summary for May 15, 2024

2024-05-15 17:38 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 83-79-148 as the TSX Venture Exchange fell three points to 537. Ewan Mason's Star Diamond Corp. (DIAM) continues to tread water with its Fort a la Corne diamond project in central Saskatchewan. A resource update, expected by the end of June, is the next news that might break the company out of its multiyear funk. Star lost one-half cent to 7.5 cents on 99,000 shares today.

Despite what Howe Street promoters might hope, not all Quebec pegmatites are stock-propelling sources of economic grades of lithium. Jonathan Buick's Champion Electric Metals Inc. (LTHM) lost one of its precious few cents Tuesday, closing at five cents on 3.18 million shares on word of assays from its maiden drill program at the Western prospect on its Lithium project -- yes, that is its name as well as the target mineral -- in the James Bay region of Quebec.

When the company wrapped up its 10-hole, 2,263-metre maiden drill program in mid-April, it was already focused on just two of the holes. The seventh hole, the company cheered, had hit an 18.8-metre near-surface zone with spodumene-rich pegmatite. The eighth hole also hit spodumene -- a 5.9-metre pegmatite intercept that also began near surface.

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