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Diamond & Specialty Minerals Summary for Jan. 26, 2022

2022-01-26 18:42 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a 90-90-120 draw as the TSX Venture Exchange fell fractionally to 846 while polished diamond prices were flat. Manganese X Energy Corp. (MN) popped up 3.5 cents to 31.5 cents on 2.5 million shares today despite a dearth of news over the past two weeks.

Darren Bahrey and Adam Vary's Strategx Elements Corp.(STGX) gained eight cents to 28 cents on 127,000 shares. The company, which went public in two weeks ago, is cheering a cobalt property in the East Arm area of Great Slave Lake. The project, dubbed 939, is centred on a grassroots discovery the company made in 2018 through its "generative efforts," says Mr. Bahrey, president and chief executive officer. The grass has now grown sufficiently that Strategx is "currently prioritizing targets to complete a first-phase discovery drill program."

There is enough fudge in the statement to prevent or delay a drill program, but Mr. Bahrey then scrapes it away, adding that the drilling will start once the company gets the required permits. The formal proclamation of a discovery awaits the drilling, but Mr. Bahrey is already enthusing about the project being a "new and exciting discovery" based on a series of lake sediment samples that returned up to 0.49 per cent cobalt -- some of the highest grades from freshwater sediment samples in Canada.

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