WWW International Diamond Consultants undertook the diamond valuation on a parcel recovered from the project’s Q1-4 bulk sample.
North Arrow said the parcel of 383.55 carats of diamonds was valued at $13,795 or $36 per carat and a modelled range of possible values was also produced with a potentail low model price of $43 per carat and a possible high model price of $92 per carat.
North Arrow president and CEO Ken Armstrong said: "The valuation of this small diamond parcel is further challenged by the presence of two distinct diamond populations, including a population of rare Type Ib yellows diamonds.
"The occurrence of two identifiable diamond populations within a single deposit is unusual and was not known to exist at Q1-4 when the 2014 sample program was conceived."
Further evaluation of the project includes the recovery of a larger diamond parcel with enough carats from each of the two populations to enable for a more confident assessment.
North Arrow has been working to earn an 80% stake in the Qilalugaq project from Stornoway Diamond by completing an option work program, which include the collection and processing of the existing bulk sample.
The Qilalugaq property was originally staked by BHP Billiton Diamonds and subsequently optioned by Stornoway in 2006.
In 2010, Stornoway acquired a 100%stake in the project, which has undergone various phases of exploration. A total of eight kimberlite pipes have been identified within the project apart from several laterally kimberlite dyke systems.
