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Diamond & Specialty Minerals Summary for Oct. 23, 2024

2024-10-23 17:29 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a humdrum 61-99-150 as the TSX Venture Exchange slid 14 points to 612. Marc Branson's Weekapaug Lithium Ltd. (GRUV) added one cent to eight cents on 1.08 million shares. Weekapaug had been a one-half-center until it came alive in early September, a week before the company made public its acquisition of the Firstbrook property in Northeastern Ontario. (The market can be uncannily prescient on occasion: Weekapaug ran to 3.5 cents ahead of the news and has zigzagged slowly higher since then.)

The company is now touting an arrangement with Aster Funds Ltd., through which it will complete a regional remote-sensing gas survey across about 1.2 million hectares of ground in Northeastern Ontario. The area to be covered includes the company's now 2,100-hectare Firstbrook hydrogen project, which it doubled in size in early October, a month after the initial staking.

Weekapaug Lithium is beavering away at building an area play on the back of what Mr. Branson, chief executive officer, applauds as "the recent hydrogen discovery" just to the east, in the Lac Temiscamingue region of Quebec. Essentially, the company and Aster are looking for signatures akin to what Quebec Innovative Materials Corp. (QIMC: $0.35) turned up on its Quebec property. Already buoyed by the plan, ahead of any results, Mr. Branson enthuses that his company "is embarking on an aggressive plan to test additional lands in both British Columbia and Alberta, [looking] to define key areas of interest for further land acquisition."

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