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Diamond & Specialty Minerals Summary for Oct. 27, 2020

2020-10-27 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was an 85-85-130 draw as the TSX Venture Exchange added six points to 708. Adriaan Bakker's Vanadiumcorp Resource Inc. (VRB) closed unchanged at 4.5 cents on 503,000 shares. The company has been quiet since it raised $98,000 at seven cents in August. The cash was destined for the Lac Dore vanadium project, southeast of Chibougamau in north-central Quebec. At the time, Mr. Bakker, president and chief executive officer, said he was looking forward to completing a maiden mineral resource estimate for the project "in the coming months." (That maiden is not to be confused with the earlier version, that debuted several years ago, only to be retracted a few years later.)

Two of Canada's former diamond darlings continue to struggle, as the future for rough diamonds remains uncertain. Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD), $7.18 when its Gahcho Kue mine began production four years ago, closed unchanged at 40 cents on 144,000 shares today. The company, which admits it is in "serious financial difficulty," needs a quick price rebound to improve its balance sheet.

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