Star Diamond Corp. (DIAM), Ken MacNeill and George Read's eternal Saskatchewan diamond promotion that has been perpetually stalled near 20 cents for the past seven years, added one-half cent to 20.5 cents on 125,000 shares. The company's loyal retail shareholders, many of them believers since the late 1990s, are hoping that results of a big bulk sampling program at the Star pipe in central Saskatchewan will vindicate their faith in the company's work in the mid-2000s that suggested the mammoth pipe was economic.
The results of Star Diamond's earlier tests were enough to entice Rio Tinto PLC into an option deal, but not enough that Rio would proceed without a detailed check on its partner's data. If the grade and diamond values of the 12,000-tonne test pan out, Rio will complete a big test of the Orion South pipe next year, which could blast Star's stock free of its 20-cent shackle. A good result from Star could also auger well for another of Star Diamond's projects, the big Buffalo Hills property in Northern Alberta, and for another of Star's co-venturers, Randy Turner's Canterra Minerals Corp. (CTM: $0.02).