Diamond & Specialty Minerals Summary for Sept. 19, 2022
2022-09-19 20:56 ET - Market Summary
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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a weak 82-102-126 as the TSX Venture Exchange fell four points to 625. Patrick Power and Buddy Doyle's Arctic Star Exploration Corp. (ADD) nevertheless rose one cent to seven cents on 1.49 million shares.
Arctic Star finally has the diamond counts from its Arbutus kimberlite, an encouraging discovery near the old Finlay pipe on its Diagras property, just northeast of the Diavik mine at Lac de Gras. Investors were unenthused -- Arctic Star's stock dropped two cents to seven cents on the news -- largely because there were no commercial diamonds in the 194 kilograms of kimberlite and the rock yielded just 61 microdiamonds larger than a 0.105-millimetre sieve.
Despite the zero-grade result for commercial diamonds, Mr. Doyle, the company's vice-president of exploration since 2004, was generous in his praise for Arbutus -- the "second-best" find to date, he cheered. He pointed to the count of diamonds per hundred kilograms, 43 of them, to support his conclusion, but he also enthused that the stone counts were slower than usual to decay as the sieve sizes increased, which points to a favourable size distribution profile.