Shares in Peregrine Diamonds Ltd. (TSX: PGD.TO) more than doubled Thursday following the release of a report detailing the company's discovery of diamond-related kimberlite on its Nanuq property in Nunavut.
According to the Vancouver-based company, "Two of the three kimberlites discovered at Nanuq to date are among the largest diamondiferous kimberlites yet discovered in the eastern Arctic of Canada."
The firm's stock was up $0.40 to $1.15 at Thursday's market close, with trading volume at 826,456 shares on the day.
Peregrine began its first core drilling at Nanuq this past summer. It targeted three distinct "magnetic anomalies," which resulted in the kimberlite discovery.
The company said that with at least 10 additional magnetic anomalies identified on the property, it's confident that additional kimberlites will be discovered at Nanuq when drilling resumes next year.
Peregrine's share price range during the past week: between $0.75 and $1.15; 52-week high: $2.60; 52-week low: $0.74.