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Diamond & Specialty Minerals Summary for Nov. 28, 2022

2022-11-28 20:32 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a miserable 68-126-116 as the TSX Venture Exchange fell one point to 574. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) lost two cents to 55 cents on 104,000 shares. The company has wrapped up its field exploration program at Kennady North, its 100-per-cent-owned, 113,000-hectare property surrounding its 49-per-cent-owned Gahcho Kue mine, 250 kilometres northeast of Yellowknife in the Northwest Territories.

The 2022 program focused on making new discoveries, not on further delineation of three smaller but rich kimberlites found about 10 kilometres northeast of Gahcho Kue, the company says, and by that measure, the results were deemed a success. Nevertheless, Mountain Province's stock shrugged off the news, mainly because the drilling failed to yield a substantial find.

Mr. Wall, president and chief executive officer, cheers the discovery of the KE kimberlite area -- KE presumably being Kelvin East, as the area is about 450 metres east of the Kelvin kimberlite pipe. Name and location aside, the company says KE is a "new and distinct occurrence" defined by three holes that confirmed a series of hypabyssal kimberlite sheets. The maximum intercept among the 13 hits in the three holes was just 2.13 metres, but Mr. Wall says that they appear to be "new and distinct from the nearby Kelvin deposit -- just in case you missed the implication the first time.

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