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Diamond & Specialty Minerals Summary for May 19, 2022

2022-05-19 19:54 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a cheerful 110-73-127 as the TSX Venture Exchange rose 14 points to 705 while polished diamond prices retreated 0.1 per cent. Lithium Americas Corp. (LAC) had a good day, leaping $1.85 to $32.23 on 2.03 million shares although its most recent news is now two weeks old.

Dr. Stewart Blusson's Archon Minerals Ltd. (ACS), up 1.5 cents to 19 cents when a board lot last traded in late April, is looking for royalty income down the road from the Buffer property, which surrounds the Ekati mine at Lac de Gras. With rough diamond prices near their all-time highs and with new technology available, Archon is cheering on the owner of Buffer, the now private Arctic Canada Diamond Corp. (ACDC), which rose like a phoenix from the bankrupt shards of Dennis Washington's Dominion Diamond Mines.

ACDC continues mining at Ekati, although all its current digs are long in the tooth. Moving to high-cost underground mining has extended the life at a few pipes and pit pushbacks have provided access to more diamonds at others. Meanwhile, the company is looking longingly at a resource of nearly 80 million carats sitting offshore in the big Jay pipe.

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