A B.C. company looking for diamonds in the Northwest Territories says it has found nickel instead.
The stock price of Vancouver-based junior mining company GGL Diamond Corp. went through the roof on April 4 when it announced it had found "nickel mineralization" in the Winter Lake area.
The company said in a news release that it may turn out to be Canada's first nickel discovery since Voisey's Bay in Labrador.
The stock that earlier in the month was trading on the TSX Venture Exchange at 13 cents zoomed to $1.45 on the 4th before retreating to around 75 cents.
Since making the discovery, GGL has staked additional claims. Its claims now cover an area about 80 kilometres in length and up to 20 kilometres wide.
It's not known yet whether there is enough nickel to make a commercial mine. Results of one assay test showed about 0.45 per cent nickel content, GGL said.
