and jan 22Huge diamond shows Stornoway potential
Stornoway Diamond Corp. shares were up more than 2% Tuesday as investors left Monday's market meltdown behind to contemplate Stornoway's latest diamond find.
On Monday the company said it has plucked a 3.64 carat stone from its 70%-owned Aviat property in Nunavut. The company said the diamond is the largest stone to be recovered from Aviat and represents one of 11 significant diamondiferous kimberlites recovered from the AV2 kimberlite.
"The recovery of the 3.64 carat stone demonstrates for the first time that Aviat has potential for large, high quality gemstones – an important value-driver for any diamond mine," Raymond James analyst Bart Jaworski said in a note to clients.
"We look forward to additional results from the AV2 sample in the near term and believe the 2008 exploration season at Aviat has significant potential due to last year's identification of regional structures which will allow for enhanced drill target selection."
He maintained his "strong buy" rating and left his $1.70 price target unchanged.
David Pett