Shear Minerals Ltd announced the discovery of the new high interest SAZ kimberlite float and a $500,000 exploration program at the Chesterfield Inlet Diamond Project, in Nunavut.

The exploration will be conducted in partnership with mining giant Rio Tinto Exploration Canada Inc and Stornoway Diamond Corporation.

Shear Minerals chose a total of 33 priority targets as large tonnage kimberlite targets. A 10-person experienced crew is currently at the Josephine Lake Camp and will follow up targeted anomalies on the ground.

“The goal for this project in 2010 is to discover new kimberlites with large tonnage potential. The discovery of the new SAZ kimberlite float suggests the presence of high diamond potential kimberlites in the Chesterfield area,” said Pamela Strand, President and CEO of Shear Minerals Ltd. “With drilling now underway we hope to quickly confirm whether a target is a high diamond potential kimberlite to warrant further follow-up.”

The SAZ kimberlite float was discovered by prospecting in a series of nine frost boils within a 65m area. The kimberlite fragments are weakly magnetic, angular and are believed to be proximal to the source. Visually the kimberlite is described as being "typical" of the high diamond potential kimberlites at Churchill (“Type B”) with large olivine macrocrysts, green-blue phlogopite and visible pyrope garnets, the company said.