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Diamond & Specialty Minerals Summary for Oct. 31, 2024

2024-10-31 16:57 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a bleak 63-102-145 as the TSX Venture Exchange fell 11 points to 601. Dermot Desmond's diamond miner and promotional laggard, Mountain Province Diamonds Inc. (MPVD), edged toward its all-time low of 10.5 cents, dropping one-half cent to 13 cents on 22,000 shares today.

Chris Donaldson's Tinone Resources Inc. (TORC) added two cents to 12.5 cents on 87,000 shares Wednesday on word it has drilled a 29-metre near-surface interval grading 0.71 per cent tin at its Great Pyramid project in Tasmania, Australia. The hit included a 14-metre stretch that averaged 1.03 per cent tin. A second hole yielded 0.56 per cent tin across 37 metres from surface, with the uppermost seven metres grading 0.91 per cent tin. In all, four of the five new holes intercepted tin.

Tinone also drilled two holes to test for the presence of high-grade, fault-related tin mineralization associated with the project-scale Pyramid Hill fault. Unfortunately, the targeting may have been a bit faulty, as the drill encountered the fault at a shallower than anticipated depth -- which may be why the second hole failed to hit mineralization. As for the first, well, it managed just three discrete near-surface zones with modest grades -- the best being a nine-metre hit averaging 0.25 per cent nickel.

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