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Diamond & Specialty Minerals Summary for May 17, 2022

2022-05-17 20:51 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was an upbeat 122-74-124 as the TSX Venture Exchange added 11 points to 712 while polished diamond prices edged lower. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) jumped four cents to 75 cents on 703,000 shares.

Mountain Province is a busy driller this spring at its still 100-per-cent-owned Kennady North project, 10 kilometres north of the Gahcho Mine, in which it holds a 49-per-cent interest. The company is looking to expand its existing diamond resource sufficiently to entice De Beers Canada, its Gahcho Kue co-venturer, to assume an interest in the Kennady North project and add its kimberlites to the mine plan.

Mr. Wall, president and chief executive officer, says that about half the planned 6,000 metres of drilling has been completed and he is already deeming the work a success, with kimberlite intersected in 16 of 20 holes drilled so far. Earlier, Mr. Wall said that his company was using a "new geophysical tool" across a large area of interest between the previously identified Kelvin and Faraday kimberlites, and this work resulted in the identification of the North anomaly, immediately northeast of the Faraday 1-3 kimberlite, and the South anomaly, southwest of the Faraday 2 kimberlite.

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