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Diamond & Specialty Minerals Summary for Feb. 7, 2024

2024-02-07 20:26 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a mediocre 77-87-146 as the TSX Venture Exchange fell fractionally to 547. Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) closed unchanged at four cents on 6,000 shares. Mr. Thomas, chairman and one of Howe Street's original diamond promoters, stuck with gems longer than nearly all his peers. Arguably he is still willing to shell out cash for a diamond venture, but these days most of North Arrow's cash goes to lithium exploration.

That will continue, thanks in part to a new arrangement -- one struck with a diamond explorer more tenacious than Mr. Thomas. North Arrow, you see, was facing a required $1-million payment to Dr. Christopher Jennings's private Springbok Holdings Ltd., a stock-based payment that could have been triggered this year if North Arrow spends as planned on the hunt for lithium at the Lac de Gras (LDG) property, a sprawling project just south of Lac de Gras in the heart of Canada's diamond district.

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