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Diamond & Specialty Minerals Summary for April 29, 2021

2021-04-29 20:23 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a dour 78-101-121 as the TSX Venture Exchange fell five points to 945. Patrick Power's Arctic Star Exploration Corp. (ADD) posted a huge 11-cent gain to 24.5 cents on 9.17 million shares.

Mr. Power, president and chief executive officer, is taking advantage of his company's newfound bandwagon by raising more cash, although he may have moved too soon: Arctic Star is offering eight million flow-through shares at 10 cents to add a further $800,000 to its treasury. While a bargain today, the price is double that of the placement the company closed earlier this month -- the one that began in February with a modest $400,000 goal, a target that Mr. Power raised five times before Arctic Star eventually sold 40 million shares at five cents.

The new cash -- and the surge in market sentiment -- is for the Diagras project, just northeast of Diavik at the northeastern end of Lac de Gras, where Arctic Star has been producing new kimberlite discoveries by using promising new geophysical approaches on what had been an old, lacklustre project. At last report, Mr. Power and his vice-president of exploration, Buddy Doyle, were planning a $2.1-million program at Diagras, a significant increase over the $1.6-million proposed last summer, which at the time seemed unrealistically high for Arctic Star.

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