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Grizzly Diamonds claims strong kimberlite find
The Edmonton Journal
Published: 2:03 amEDMONTON -- Shares of Grizzly Diamonds Ltd. (TSX V: GZD) rose almost 15 per cent Tuesday after the company said it was "highly encouraged" by initial diamond results from two new kimberlites at its Buffalo Head Hills play in northern Alberta.
A total of 54 diamonds greater than 0.075 mm and 26 diamonds greater than 0.106 mm were recovered from a 56.6 kg sample of the BE-02 kimberlite.
The 0.954 microdiamonds per kilogram ranks it among the top 10 initial microdiamond results from the 28 diamondiferous kimberlites discovered by several companies in the area west of Red Earth Creek.
Two diamonds were recovered from a 265.35 kg sample from the BE-01 kimberlite.
They are the first new kimberlites discovered in the area in five years.
Further exploration is planned for BE-02 this summer, including a ground gravity survey and follow-up drilling. Grizzly said.
Shares closed at $1.08, up 14 cents, or 14.8 per cent.
