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Diamond & Specialty Minerals Summary for May 24, 2023

2023-05-24 20:30 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a weak 63-113-134 as the TSX Venture Exchange fell five points to 606. Ellerton Castor's Canada Carbon Inc. (CCB), locked for years in a dispute with the community near its Miller graphite project in southwestern Quebec, rose one-half cent to 3.5 cents on 1.37 million shares despite having no news.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) lost one-half cent to five cents on 68,000 shares. The company has sold 22.89 million regular shares at six cents and 13.07 million flow-through shares at eight cents, raising a total of $2.42-million. This tops the $2-million that the company set out to raise last month. The cash, say Mr. Armstrong, president and chief executive officer, and Mr. Thomas, chairman, is for lithium exploration, mainly at DeStaffany, southeast of Yellowknife.

None of the cash appears destined for any of North Arrow's diamond projects, although at least one of the company's directors, Dr. Christopher Jennings, appears eager to carry on with gems. Dr. Jennings has bought a 0.5-per-cent royalty on the Loki diamond project, south of Lac de Gras, for $374,000 -- a sale that boosts his royalty holding in Loki to 2.5 per cent. As well, Dr. Jennings will get one million North Arrow shares should that company discover a new kimberlite at Loki, and a further five million shares will go his way if the company defines a resource on the project.

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