06:25:50 EDT Tue 26 Sep 2023
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Diamond & Specialty Minerals Summary for June 5, 2023

2023-06-05 20:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a positive 95-78-137 as the TSX Venture Exchange rose fractionally to 609. Dr. Michael Gunning's VR Resources Ltd. (VRR), which jumped six cents to 28 cents on 1.09 million shares, is pressing ahead with its diamond program in Northern Ontario.

Late last week the company said it was seeking $800,000 in aid of further work at its Northway kimberlite discovery between Kapuskasing and Moosonee. VR is selling 2.05 million flow-through shares at 19.5 cents and 2.22 million regular shares at 18 cents, each block to raise $400,000. The new shares are going to two current institutional shareholders of the company.

Some of the hard cash will support VR's working capital requirements, but the bulk of the financing is slated for drilling a second hole at Northway, and for processing the kimberlite for microdiamond recovery. The company completed one hole as advertised last month, but then moved the rig to its Hecla-Kilmer rare earth project, 12 kilometres to the southwest. Now, Dr. Gunning, chief executive officer, says that he and his crew will return the rig to Northway for one more hole before the spring program wraps up.

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