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Diamond & Specialty Minerals Summary for Nov. 23, 2021

2021-11-23 20:52 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a poor 68-113-119 as the TSX Venture Exchange lost six points to 959 while polished diamond prices rose 0.1 per cent. Patrick Power and Buddy Doyle's Arctic Star Exploration Corp. (ADD) closed unchanged at 5.5 cents on 645,000 shares. The company has preliminary results from the first phase of its airborne geophysical survey across the Diagras project, northeast of Lac de Gras in the Northwest Territories.

The survey, enthuses Mr. Power, "uses new technical and analytical techniques for discovering kimberlite" that were not available during the 1990s diamond rush. That rush -- a big push of exploration and a bigger shove of promotion -- led to the 1990s discovery of four diamond mines operating with well over a dozen economic kimberlites -- most of which are at Ekati and Diavik, just southwest of Diagras.

Mr. Power says that the Phase I program covered nearly half of the Diagras project including the area hosting Sequoia, a big new find scored by Arctic Star last spring, and the Birch kimberlite, another new discovery that is neither as big nor as diamondiferous as Sequoia. Further, Mr. Power and Mr. Doyle, his vice-president of exploration since 2004, say that the Phase I effort also covered the area hosting 11 of the old kimberlites discovered about 20 years ago by De Beers Canada. Phase II of the program will cover the rest of Diagras, and Mr. Power says that work is scheduled to start next spring.

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