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Diamond & Specialty Minerals Summary for Jan. 10, 2020

2020-01-10 18:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a pleasant 94-48-168 as the TSX Venture Exchange gained four points to 582. Ken MacNeill and George Read's Saskatchewan diamond explorer Star Diamond Corp. (DIAM) hit an eight-year high, ending the day up seven cents to 50 cents on 2.9 million shares. Investors have been waiting impatiently for details of the joint venture between Star and Rio Tinto at FalCon, but silence appears to be working wonders for Mr. MacNeill and his crew -- so far.

Dr. Stuart Blusson's Archon Minerals Ltd. (ACS), unchanged at 41 cents on 2,000 shares, still has hope that it will receive big royalty payments from Dennis Washington's private Dominion Diamond Mines Ltd., but if it does, it could be a long wait. The company's main shot at pulling in big cheques rests with the Jay project, northeast of Misery and the four rich Diavik kimberlites. Jay, in the waters of Lac du Sauvage, a bay at the northeastern end of Lac de Gras, hosts a reserve of 45 million tonnes grading 1.8 carats per tonne, nearly 80 million carats. Unfortunately, those gems were worth barely $50 (U.S.) per carat at last report, so Dominion shelved the project two years ago, just after Mr. Washington, a Missoula-based billionaire, bought the then-public company.

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