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Diamond & Specialty Minerals Summary for Aug. 7, 2024

2024-08-07 17:45 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 67-93-150 as the TSX Venture Exchange fell eight points to 533. Douglas Eaton and David Kelsch's GGL Resources Corp. (GGL) closed unchanged at four cents on 3,000 shares. The company touts promising geophysics and geochemistry as support for an abundance of potential kimberlite targets at the Stein project, on southern Boothia peninsula in central Nunavut. Many of these targets are drill ready, enthused GGL in its just filed quarterly report, adding that Stein has the potential to "deliver a new diamondiferous kimberlite district."

Perhaps so, but the story has changed little since the summer of 2019, when GGL proclaimed that its ground geophysical surveying had delivered "compelling results." GGL, which is working toward earning a 60-per-cent interest in Stein from Patrick Power's Arctic Star Exploration Corp. (ADD), had planned to drill targets in 2020, but the COVID lockdowns prevented the work. (GGL has met most conditions for the earn-in arrangement, but it needs to drill a kimberlite to complete the deal.)

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