Canada’s newest diamond discovery has been made near Deschambault Lake, sparking cautious optimism of an economic boost that could be felt as far away as Flin Flon.
North Arrow Minerals, an ambitious junior miner, last month confirmed it has recovered diamonds at its highly touted Pikoo project.
Ken Armstrong, president and CEO of North Arrow, said the findings represent “an exceptional result” and establish the Deschambault Lake region as “a new diamond district in Canada.”
According to North Arrow, a 209.7-kg drill core sample returned 745 diamonds larger than the 0.106-mm sieve, including 23 diamonds larger than the 0.85-mm sieve.
Intact
Over 95 per cent of the diamonds were described as intact, white octahedrons and aggregates – making them suitable for gem use.
That’s almost five times the global average for diamond finds, 20 per cent, according to the Prince Albert Daily Herald.
The Vancouver-based North Arrow says a study of the mineral chemistry is now underway.
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In a news release, Armstrong said the company has over $6 million in cash and is “well positioned” to further advance the discovery.
Earlier this year, North Arrow completed a 10-hole drill program at Pikoo, accessible just north of Deschambault Lake, a reserve 140 road km outside Flin Flon.
Over the summer, North Arrow announced it had intersected kimberlite, a rock in which diamonds are formed.
But at the time it was not known what the discovery meant, since kimberlite sometimes, but not always, contains diamonds.
It’s still not known what the diamond find may mean in the long-term. As northerners well know, this region is replete with mineral deposits that never progress to the development stage.
It’s also worth noting that the TSX Venture Exchange and its regulation services provider have not yet accepted responsibility for the accuracy of North Arrow’s statements.
North Arrow retains the right to earn an 80 per cent interest in the Pikoo project by completing an option work program consisting of 2,000 metres of diamond drilling.
