Lithoquest Diamonds Inc (CVE:LDI), the exploration group, reported that an earlier agreement to acquire more licenses in Western Australia had been terminated.
At the tail end of last month, the firm said it had struck a deal to buy six new licenses in the North Kimberley region - contiguous to its 100%-owned North Kimberley diamond project.
READ: Lithoquest Diamonds strikes deal to triple footprint in prospective diamond district
The deal "to acquire 3,500 sq-km of Exploration Licenses in the North Kimberley region of Western Australia has terminated", the firm said in a brief stock market statement.
The firm's existing land package is accessible by tidewater and a seasonal road.
Lithoquest is led by an experienced management and during its first two years in operation, the company rapidly advanced the project with the discovery of the fist kimberlites in the region in more than 20 years.
Shares were unchanged at C$0.065 in Toronto.
Contact the author at giles@proactiveinvestors.com