Stornoway Diamond Corporation and Shear Minerals have announced the signing of an indicative proposal with Kennecott Canada Exploration to jointly explore the northern areas of the Churchill Diamond Project, currently referred to as the Chesterfield Inlet Diamond Project.



This new partnership will open up the exploration of the northern regions that have not been significantly explored in comparison to the balance of the Churchill Diamond Project. Stornoway Diamonds reported that a comprehensive geophysical and geochemical review is underway and crews will commence field follow-up during this field season.



The Chesterfield Inlet Diamond Project comprises approximately 70,000 acres located within and near the indicator mineral dispersion North Corridor of the larger Churchill Diamond Project.



Under the terms of the agreement, Stornoway and Shear have jointly granted Kennecott the right to acquire up to 70% interest in the diamond rights to the Chesterfield Inlet Diamond Project.



The main Churchill Diamond Project and Chesterfield Inlet Diamond Project is owned 62.3% by Shear and 37.7% by Stornoway, and is comprised of the diamond rights to more than 760,000 acres in the Kivalliq region of Nunavut, Canada.