Gem-quality diamonds have been recovered from the U2 kimberlite pipe in Ontario, Canada, majority owner Metalex Ventures reports.

The company reports that a high proportion of the diamonds recovered in sampling fall into larger size categories, which has a bearing on the average per-carat value for the diamond project.

The high proportion of white and colored diamonds at the site is described as "exceptional." Forty-six percent of the diamonds recovered to date are white, 26% are gray, and 19% are brown. Diamonds of the rare pink and green hues comprise 1% and 0.4%, respectively, of the total stones found to date.

Twenty-three of the 35 largest diamonds found thus far at the project are white, and white diamonds comprise 60.7% of the total parcel by weight.

The third and fourth sample drill holes have each yielded a diamond of 0.72 carats.