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Diamond & Specialty Minerals Summary for Sept. 19, 2024

2024-09-19 16:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 89-78-143 as the TSX Venture Exchange added six points to 582. Marc Branson's Weekapaug Lithium Ltd. (GRUV) added one-half cent to 4.5 cents on 1.15 million shares. The company, launched early this year to explore the Nakina lithium property in Northern Ontario, began the week with word it is offering between 16.67 million and 23.33 million shares at three cents each. The up to $700,000 in new cash that it is seeking is for property development, working capital and debt repayment.

Lithium prices have been in a deep slump of late, and while Weekapaug still touts Nakina, its stock sagged to just one-half cent early this year. And there it sat for most of the past six months -- until it suddenly awakened two weeks ago, seemingly in anticipation of a new promotion. Lo and behold, word of an explorational switcheroo came last week, when Mr. Branson, chief executive officer, said the company had staked 1,000 hectares of ground near Firstbrook, in the Timiskaming region of Northeastern Ontario.

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Is there any relation between Jakson Inwentash and Sheldon Inwentash? If it's a father and son duo there might be more promotion there than originally expected. Whe Sheldon was on a streak it sometimes turned out well for co-investors, but there has also been serious disasters over the years.

Posted by Francois Desrosiers at 2024-09-20 10:52