Shares of North Arrow Minerals TSXV:NAR rocketed 54% on November 5 after the explorer announced the results of drilling at its Pikoo diamond project in Saskatchewan.
The Vancouver-based company’s president and CEO Ken Armstrong said the recovery of “such relatively high counts of +0.85-millimetre diamonds from the first kimberlite discovered at Pikoo is an exceptional result and establishes Pikoo and the northern Sask Craton as a new diamond district in Canada.”
The company announced a 209.7-kilogram sample of drill core from the PK150 kimberlite at Pikoo—discovered by North Arrow earlier this year—returned 745 diamonds larger than the 0.106-mm sieve size, including 23 diamonds larger than the 0.85-mm sieve size.
North Arrow, which still has $6 million in the bank to fund future drilling at the site, also announced its intention to vest its 80% earn-in option on Pikoo as part of an agreement with Stornoway Diamond TSX:SWY.
In afternoon dealings North Arrow, which is also advancing a diamond project in Nunavut and in the Lac de Gras district of the Northwest Territories, was trading off its highs for the day up 46% at $0.57 on the Toronto Venture exchange.
More than 302,000 shares versus usual daily volume of less than 30,000 shares had changed hands by 3:30 p.m. EST on November 5.
Reprinted by permission of MINING.com