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Diamond & Specialty Minerals Summary for May 31, 2023

2023-05-31 20:50 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a weak 79-99-132 as the TSX Venture Exchange fell one point to 595. Patrick Power and Buddy Doyle's Arctic Star Exploration Corp. (ADD) closed unchanged at two cents on 1.39 million shares.

Arctic Star's stock has been flatlined since late last year thanks to an uncustomary silent off-season. Normally, Mr. Power, Arctic's founder and long-time chief executive officer, is a chatty Cathy about big plans in store for the coming year, but such proclamations were rarer than diamonds during the past winter. Indeed, the 2023 season has long come, and is all to soon to go, without a peep about the company's plan for the year at its Diagras project, just northeast of Lac de Gras.

Indeed, it appears Arctic Star's oft-touted plans to better delineate the big Sequoia kimberlite pipe may be delayed. Mr. Power and Mr. Doyle, Arctic's vice-president of exploration for the past 19 years, say that a dozen new holes are needed to better delineate Sequoia, adding to the six the company completed last year. Most of the needed new holes were to have been drilled in the 2022 program, but bad weather and an early spring left them uncompleted.

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