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Diamond & Specialty Minerals Summary for June 19, 2024

2024-06-19 17:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 74-72-162 as the TSX Venture Exchange fell three points to 571. Sherman Dahl's SKRR Exploration Inc. (SKRR) lost one cent to nine cents on 1,000 shares. The company is planning a five-hole drill program on the Clearwater West uranium project, located on the southwestern fringe of the Athabasca Basin district of northwestern Saskatchewan. The drilling will start in July, the company says, on what it calls an underexplored property where just three shallow holes had been completed nearly a decade earlier.

SKRR has an option to earn a 70-per-cent interest in the project from F3 Uranium Corp. (FUU), an arrangement just past its first birthday. To earn 50 per cent, SKRR paid $50,000 in cash and issued one million shares, and it must spend $3-million on exploration by the end of the second year. The company can increase its interest to 70 per cent by paying another $50,000 by the end of this year and spending a further $3-million by the spring of 2026. (F3 is also getting an additional one million shares thanks to an amendment early this year that delayed some of the required exploration work in the first 12 months of the agreement, which just ended.)

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