Lithoquest Diamonds Inc (CVE:LDI) unveiled Monday potentially encouraging results from its North Kimberley Diamond project in Western Australia, where two new kimberlites have been found.
Kimberlite is the name given to igneous rock, which sometimes contains diamonds, and samples will now be submitted to the lab for geochemical analysis, indicator mineral recovery, and diamond testing. Diamond results are expected before the end of the year, the firm revealed.
The firm said 928 metres (m) of drilling was completed in 11 reverse circulation (RC) holes on targets 1805, 1826 and 1827 during this year's program and kimberlite was hit at targets 1805 and 1826.
"These new discoveries reinforce the diamond potential of the North Kimberley Diamond project and validate the technical team's approach to exploration," said Bruce Counts, the chief executive at Lithoquest.
"Kimberlite 1805 is particularly exciting given the extent of the anomaly and potential for a significant volume of material. We are well positioned to continue advancing the project and look forward to providing diamond results to the market in the coming weeks."
The firm also revealed that no kimberlite was intersected at target 1827 but that it remains prospective and further work was planned for next year.
Lithoquest also said that drilling was also conducted on the 1804 kimberlite discovered last year in a bid to gain better understanding of body geometry and size.
The hole there hit 53 m of kimberlite from a depth of between 132 m and 185 m and a reinterpretation of the geophysical signature suggests that the dimensions of the kimberlite are 40 m by 120 m.
Geochemical testing and indicator work will be completed to determine if new kimberlitic units were hit, said the firm.
Shares in Toronto were unchanged at C$0.075.
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