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Diamond & Specialty Minerals Summary for June 22, 2022

2022-06-22 20:02 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a bleak 47-129-134 as the TSX Venture Exchange fell 12 points to 640. Another day has passed in silence as investors remain in the dark about the plan and the budget for work that was to have started at the end of May at the FalCon project in central Saskatchewan, a joint venture between Ewan Mason and Ken MacNeill's Star Diamond Corp. (DIAM) and its 75-per-cent majority partner, Rio Tinto Exploration Canada Inc. (RTEC). Not surprisingly, the silence has not been golden: Star shed another cent to 25 cents on 463,000 shares today.

What news there has been from Star has been about its bounty of Type IIa diamonds, the nitrogen-and-boron-free gems that dominate the top end of the world's largest and most valuable diamonds. Mr. MacNeill, president and chief executive officer for the past 19 years, and Mr. Mason, Star's chairman since early 2019, eagerly tout the abundance of Type IIa gems as a sure sign that the mammoth Star and Orion South pipes host an eyepopping quantity of huge gems -- diamonds that will surely backstop the two pipes to a profitable mine.

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