VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) said complete caustic fusion and mineralogy results from the first drill hole into the kimberlite breccia pipe on its Northway property in Northern Ontario have confirmed the diamond potential of the property.
The company said a micro-diamond fragment was retrieved from the uppermost part of the kimberlite material intersected in drill hole NW22-001.
VR's shares added 33.3% to C$0.2 late morning on Tuesday on the news of the discovery.
The micro-diamond is clear, free of inclusions, transparent, colorless, and a fragment of a larger diamond, according to the company.
Analysis from this section of the drill core returned an eclogitic pyrope-almandine garnet with Mg-ilmenite inclusion and six chromite grains, of which two fall within the diamond stability field.
Caustic fusion and mineral composition results are pending for holes 002 and 003, which were collared at the same site about 450 metres northwest of Hole 001.
VR CEO Michael Gunning noted that the clear and colourless fragment of a larger diamond is preserved in the pyroclastic mudstone crater facies at the top of the breccia pipe, and the composition of underlying Kimberley-type pyroclastic diatreme breccia falls within the kimberlite–melilite compositional range.
“The clear fragment of a larger diamond is believed to be local in nature, that is, from the diatreme breccia pipe complex in which it occurs, because the host kimberlitic mudstone was deposited in a waterlain, maar-type depression filled with pyroclastic material which lacks exotic rock fragments from elsewhere,” he said in a statement.
“Further, the kimberlite pipe was emplaced into a larger-scale depression, a graben, which was filled by sandstone deposition in a Devonian seaway, thereby preserving the top of the breccia pipe.”
He added that the company will explore and evaluate the diamond potential of an entire field of targets, including Northway, which potentially represents a new field of Devonian-aged diamondiferous kimberlite pipes in the northern Superior craton in northern Ontario, located along the Ontario Northern Railroad.
VR Resources evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and most recently, a kimberlite breccia pipe discovery and field in northern Ontario.
- Updated with share price movement -
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