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Diamond & Specialty Minerals Summary for April 21, 2021

2021-04-21 20:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a cheerful 127-52-121 as the TSX Venture Exchange surged 14 points to 928. New data from diamond guru Paul Zimnisky continues to show that the rally in rough diamond prices has peaked. The surge began a year ago, in the depth of the COVID-19-induced trough that saw prices fall 12 per cent in a few weeks. Since then, prices have risen nearly 20 per cent, but the rally ended a month ago. Mr. Zimnisky's global rough diamond price index dipped another 0.1 per cent last week, putting it 0.3 per cent below its late March high.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) gained one-half cent to 11.5 cents on 420,000 shares. The improved rough diamond market and activity -- in the field and in the courtroom -- at the Fort a la Corne (FalCon) project in central Saskatchewan has explorers casting their eyes farther to the north once again. That activity could spell new interest in the area east of La Ronge, where North Arrow is hanging on to its dormant Pikoo project. The prospect was big news in 2013, when North Arrow drilled a higher-grade kimberlite at PK-150, but the project has been inactive since 2017.

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