Dunnedin Ventures Inc. (CVE:DVI) (OTCMKTS:OCPFF) announced that exploration work at its Kahuna project in Nunavut revealed a discrete target area for possible new sources of diamonds.
The Vancouver-based company collected approximately 750 till samples from the Josephine Target Area during the fall of 2018, 109 of which revealed abundant high-quality diamond indicator materials (DIM), a potential new area of nearly three square kilometres. The source of the DIM has not been found.
Dunnedin's shares jumped 6.7% on Wednesday afternoon to $0.08 on the Toronto Stock Exchange.
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“The Josephine Target Area is the most intriguing and prospective area on the Kahuna project,” said Claudia Tornquist, president of Dunnedin. “We believe it has exceptional potential for the discovery of one or several large diamond sources.”
Over the near term, the focus of the junior miner’s exploration program will remain on its portfolio of large-scale copper porphory projects in Canada and the US, including the recently acquired Mohave copper-molybdenum-silver project in Arizona.
Kahuna hosts a high-grade, near surface diamond resource and numerous kimberlite targets. Dunnedin will continue exploration work for kimberlite pipes within the newly defined target area.
