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Diamond & Specialty Minerals Summary for July 24, 2020

2020-07-24 19:36 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a so-so 88-75-140 as the TSX Venture Exchange rose 11 points to 691 while polished diamond prices inched upward. John Lee's Silver Elephant Mining Corp. (ELEF) added three cents to 43 cents on 2.01 million shares. The company is plodding along at its Gibellini vanadium project in Nevada, which it hopes to mine. (The company is well named: the gestation period of Gibellini is quite elephantine even for Howe Street. The project has been kicked about by several exploration juniors for the past 40 years. While Mr. Lee did get it into the second trimester with a 2018 dream sheet, progress remains painfully slow -- elephantine, in fact.)

Matthew Wood's rejigged metals promotion, Aranjin Resources Ltd. (ARJN), is out of the diamond business, save for a modest royalty on the Catalao project in Brazil. Aranjin, unchanged at 4.5 cents Thursday and untraded today, has sold its Brazilian gem prospects to an unnamed private investor group for future considerations. The term "future considerations" is well known in professional sports, when a team dumps a has-been for next to nothing -- and on Howe Street, the implication is similar.

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