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Diamond & Specialty Minerals Summary for Feb. 24, 2021

2021-02-24 21:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a solid 124-81-95 as the TSX Venture Exchange reclaimed 20 points to 1,060. Glenn Kasner's busy Ontario diamond explorer, RJK Explorations Ltd. (RJX), lost one-half cent to 26 cents on 349,000 shares. The company has discovered its eighth kimberlite in the past year, another discovery in a small area on its Bishop project, east of Lake Timiskaming in the Nipissing district of Northeastern Ontario. The company drilled nine holes into the most southerly target yet at Bishop, producing true thicknesses varying from 9.5 metres to 24 metres, starting between six and 23.5 metres of surface.

The new discovery, which is supported by a geophysical anomaly comparable in surface area with the other Bishop kimberlites, lies beneath an old quarry used to supply material for logging roads in the area. (Given that the overburden is between 10 to 25 metres deep, considerably deeper than on the more northerly kimberlites, one assumes that logging roads in the area are not covered with potentially diamond-bearing rock.) In any case, the old quarry gives the new discovery its name, the Gravel Pit kimberlite.

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