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Diamond & Specialty Minerals Summary for May 3, 2021

2021-05-03 19:57 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a positive 102-90-108 as the TSX Venture Exchange rose three points to 958 and polished diamond prices stayed flat.

The hits keep coming for Patrick Power and Buddy Doyle's Arctic Star Exploration Corp. (ADD) at its Diagras project, just northeast of Diavik in the Northwest Territories. Arctic Star, which lost 3.5 cents to 18.5 cents on 3.7 million shares today, was a three-center for most of the past year, but star-like it soared as high as 27.5 cents late last week, a belated reaction to the company's drill success. (Rumours abound about diamond recoveries, but for them to be true, the truckers hauling the rock to Kelowna for processing would have to have their own portable lab.)

The most recent kimberlite strike occurred at Sequoia, the big electromagnetic and gravity -- but non-magnetic -- anomaly near the old Jack Pine kimberlite that De Beers Canada discovered in the 1990s by drilling a magnetic target. (De Beers found nearly two dozen kimberlites on the property by drilling magnetic targets, but none of them produced more than a smattering of diamonds. As a result, the company optioned off and later abandoned the project in the mid-2000s.)

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