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Diamond & Specialty Minerals Summary for Feb. 12, 2020

2020-02-12 18:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a so-so 76-78-148 as the TSX Venture Exchange rose three points to 576. Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD) had a good day, gaining eight cents to $1.10 on 398,000 shares. The company is expected to reveal its 2019 financials in late March. It has also been promising an updated mine plan for Gahcho Kue, which it shares with De Beers Canada.

John Dyer's Power Group Projects Corp. (PGP), unchanged at 6.5 cents on 125,000 shares, has a third deal with Glenn Kasner's RJK Explorations Ltd. (RJX.A: $0.24) covering RJK's hunt for diamonds and another Power Group property near Cobalt in Northeastern Ontario. This new arrangement covers 640 hectares of ground 11 kilometres south of Cobalt and immediately west of RJK's Kon property, where that company drilled its first two kimberlites recently.

RJK will pay Power Group $12,000 annually for three years for the right to test with one hole any targets it identifies. Should RJK elect to continue, it will hold a 60-per-cent interest in the project. Power will hold the rest -- if it chooses to pay its share of the costs. Should it choose otherwise, Power will have a 1.5-per-cent gross overriding royalty. (The terms are similar should RJK hit something other than kimberlite, except the joint venture would be an equal partnership.)

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