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Diamond & Specialty Minerals Summary for March 23, 2023

2023-03-23 20:45 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 93-79-138 as the TSX Venture Exchange rose two points to 608. Star Diamond Corp. (DIAM), down one-half cent to 8.5 cents on 53,000 shares, continues to tread water as it works to free itself from the dead weight of Rio Tinto, its inactive FalCon partner.

Kiki Smith and Dr. Weiguo Lang's Ultra Lithium Inc. (ULT), down one-half cent to 7.5 cents on 7,000 shares, has assays from its channel sampling program at the Forgan Lake lithium property in Northwestern Ontario. The No. 1 channel averaged 1.81 per cent lithium oxide and encouraging amounts of rare metals across a 10-metre run. A second 10-metre channel did nearly as well, averaging 1.29 per cent lithium oxide plus comparable grades of rare metals.

Dr. Lang, chief executive officer, applauded these first results as further validating the presence of near-surface high-grade lithium mineralization at Forgan Lake. He and his crew are therefore "excited to receive more results" from additional channel sampling, as well as from a drill program completed last year. Expect plenty more assays, as Ultra completed at least 31 holes spanning 3,500 metres by mid-October in that drill program and the effort was still in progress at that time.

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