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Diamond & Specialty Minerals Summary for Sept. 1, 2020

2020-09-01 21:05 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a so-so 83-81-136 as the TSX Venture Exchange rose three points to 754 while polished diamond prices fell 0.1 per cent. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) closed unchanged at 55 cents on 290,000 shares. Lucara continues mining at its Karowe mine in Botswana, where an expansion is expected to keep the operation going into the 2040s. While mining has been going well, the COVID-19 pandemic has temporarily -- one hopes -- derailed the company's long train of profits from the low-grade, high-value mine.

Glenn Kasner's RJK Explorations Ltd. (RJK) rose six cents to 23 cents on 672,000 shares Monday but gave four back today, closing at 19 cents on 197,000 shares. The moves followed word that RJK has drilled more kimberlite at Paradis Pond, just south of Cobalt in Northeastern Ontario. The six new intersections of tuffisitic, sandy kimberlite diatreme breccias lie above granite bedrock and beneath a shallow layer of overburden, an arrangement that is "exceptionally rare," according to the company's project manager, Peter Hubacheck. His explanation suggests that the rock may be much younger than the 150-million-year-old kimberlite found nearby at the company's Kon property.

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