Diamond Kimberlite Found in Saskatchewan

A diamond company has discovered kimberlite at a site in the Canadian prairie province of Saskatchewan, Diamond Intelligence reports. North Arrow Minerals Inc. broke into kimberlite as they were drilling at their 33,374-hectare Pikoo diamond project. The 2,000-meter drilling marks the first time that kimberlite was found in the Sask Craton region of the province at the bedrock level and is considered to be a positive sign that a nearby field can be tapped for the precious gems.

The ownership of the Pikoo project is split between North Arrow and the Stornoway Diamond Corporation, the firm that is operating the Renard diamond project in Quebec, eastern Canada. At present, North Arrow has a 80% stake in the project and Stornoway's share is 20%, but their contract contains a clause which allows Stornoway to double its shares in the project, according to Diamond Intelligence.

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