Around Nunavut

More diamonds found near Rankin Inlet

By -none-

Shear Minerals Ltd. and the Stornoway Diamond Corp. announced this week they’ve again turned up large numbers of diamonds from four kimberlite deposits in their Churchill project near Rankin Inlet. The deposits are known as Kahuna, Notch, Jigsaw and PST003.

In examining 19.5 tonnes of kimberlite taken from the four sites, the companies found 250 macrodiamonds and 3,477 microdiamonds.

“The partners remain encouraged about the potential for recovering commercial sized diamonds from these bodies and the economic prospects of the project, which is well located close to tidewater in a mining-friendly jurisidiction,” said a Shear-Stornoway press release issued this week.

After Dec. 5, when the two companies announced the first set of promising exploration results, Shear’s share price made a 300 per cent gain, rising from about 40 cents a share to above $1.20. This week, Shear fell slightly to $1 a share.
Shear owns 51 per cent of the project, and Stornoway owns 35 per cent. BHP Billiton owns 14 per cent.

Share This Story

(0) Comments