Northwest Territories diamond project stalled

Petroleum News Staff

De Beers Canada and Mountain Province Diamonds have shelved plans for its Gahcho Kue diamond project at Kennady Lake in the Northwest Territories for at least 12 months.

The partners said April15 that the diamonds found at the site —including one they discovered last year worth an estimated C$60,000 — are not valuable enough to advance the project to the next stage.

John Kaiser, an analyst who tracks diamond exploration, said De Beers wants more time to assess a new dyke, one of many “dyke-like bodies all over the place” whose size and significance remains unknown.

No summer exploration plans have been announced for the area.