The stock price of diamond company Kennady rose by a full 7% on the Toronto Stock Exchange after the firm announced a new discovery of kimberlites at its Kennady North diamond mine, Mining.com reported. On Thursday afternoon, Kennady stock climbed from $1.00 to $1.07.
Within a week and a half of drilling, the company reached kimberlite at a depth of about 47 meters, Kennady said in a press release, and as drilling continues past 169 meters below the surface, it is still burrowing through kimberlite.
Kennady chief executive officer Patrick Evans stated that the results of its geophysical tests were quite similar to the positive results achieved by the firms diamond-mining neighbors, which include De Beers Canada and Mountain Province Diamonds. Evans noted that the latter had only recently announced the discovery of several dozen new diamond mining targets, most of which were labeled as 'high priority'.