Kennady Diamonds announces drill results from biggest sample yet
Canada's Kennady Diamonds (TSX-V: KDI) has reported "exceptional" diamond recoveries from its Kennady North project 280 kilometres north-east of Yellowknife.
"The sample grade of 8.44 carats per tonne is exceptional and confirms that the Kelvin-Faraday kimberlite cluster has a coarse diamond size distribution as well as the potential to host a high grade diamond resource," said Patrick Evans, the company's CEO, in a statement.
It seems investors were also impressed with the results: Kennady jumped 41% on the Toronto venture exchange on Tuesday, trading at $2.85 per share.
The 1.1 tonne sample announced on Tuesday is the largest the company has processed to date. The three largest diamonds from the drilling include 2.48 carat, 0.90 carat and 0.75 off-white transparent rocks.
So far, 64% of the recovered diamonds are white and transparent.
In light of the "very encouraging results," the diamond miner says it will look into fast-tracking bulk samples of the kimberlites.
Kennady Diamonds owns 100% of the Kenneday North project which is located close to the Gahcho Kue venture between De Beers Canada and Mountain Province. Gahcho Kue recently received environmental approval from a government and aboriginal review board.