The Jericho diamond mine in Nunavut will soon see an investment of $4.6 million as per new owners Shear Diamonds Ltd. The mine was bought by them from Tahera Diamond Corp and Benachee Resources Inc. last summer.
Shear currently has eight diamond projects, including three advanced projects with development potential. Jericho, located in the Kitikmeot region, is Nunavut’s first and only diamond mine.
Julie Lassonde, executive chairman of Shear said that purchase of the Jericho Diamond Mine was a company-transforming acquisition. However, that was just the beginning. The scope of this year’s various programs demonstrates the significant work needed to fully understand the Jericho kimberlite complex and area.
There are three main exploration and development sites that the company has identified for working on at Jericho this year. A crew of five is already at the site to prepare the facilities that will be needed for the planned drilling program that will begin in early April 2011.
Pamela Strand, president of Shear Diamonds said that their entire team at Shear has worked very hard these past months to design and develop the strategies needed to best understand and upgrade the known resources at Jericho. She added that they will also be exploring to identify further resources at Jericho and the surrounding claims which host targets of significance.