Shares of Diamond Fields International (DFI-T) soared 46 or nearly 64% to $1.18 in mid-afternoon trade on the Toronto Stock Exchange on Thursday after the marine diamond reported the recovery of a 17-carat diamond from its Luderitz concession of the coast of Namibia.
The stone is the largest recovered since DFI and partner Trans Hex Group of South Africa began operations in May of last year. It is also believed to be the largest stone ever recovered in the marine concessions off Luderitz.
In its first month of operation the joint venture recovered 3,100 carats from the Marshall Fork geological feature, and by late October, another 6,600 carats had been recovered.
Marshall Fork has been estimated to carry a grade of 0.5 carat per sq. metre of seafloor, in an area of 865,000 sq. metres; estimates put the grade of the 2.1-million-sq.-metre Diaz Reef feature at 0.22 carat per sq. metre.
Recoveries to date by the DFI-Trans Hex joint venture indicate an average stone size for the mined portion of the Marshall Fork deposit to be 0.33 carats.
The partners say the recovery of the 17-carat stone indicates the presence of a marine diamond transport system with higher-than-expected energy. The two expect to recover more large stones from Marshall Fork and continue to evaluate the possibility of an alternative source for the large stones within Namibia.
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