Shares of Kennady Diamonds (CVE:KDI) were rising Tuesday afternoon after the company unveiled diamond recovery results from its Faraday spring drilling program at its Kennady North project in Canada's Northwest Territories.
The company said the sample grade was 5.10 carats per tonne, with a total weight of the sample of 4.76 carats. Approximately 933 kilograms of kimberlite recoved from Faraday was processed at a lab at the Saskatchewan Research Council (SRC), according to the Toronto, Ontario-based diamond explorer's statement.
"The Faraday sample grade of 5.10 carats per tonne is outstanding and amongst the highest diamond sample grades recorded in Canada," said chief executive Patrick Evans.
"This result confirms that the Faraday kimberlite has the potential to host a high grade diamond resource."
Besides the outstanding sample grade, the company said almost all the "commercial" size diamonds are described as transparent and either white/colorless or off-white.
Approximately 75 percent have either no, or only minor inclusions, Kennady said.
Together with grade, diamond quality is a key value driver.
"We are very pleased with the Faraday diamond recovery results and are keenly looking forward to the diamond recovery results from the Kelvin 25 tonne mini-bulk sample that is currently being processed at the SRC," Evans added.
More than 10 tonnes of kimberlite have been recovered to date from the Kelvin kimberlite pipe, said the company.
The Canadian junior owns 100 percent of the Kennady North project, which sits immediately north, west and south of the Gahcho Kue diamond mine under development by De Beers and Mountain Province Diamonds.
Shares were at last check up almost 6 percent at C$6.40 in Toronto on Tuesday, rising to as high as C$6.58 earlier today.