Shares in the Eric Sprott-backed company, which started trading on the TSX Venture Exchange on November 29 following its reverse takeover of Consolidated Westview Resource Corp, shot up 150% yesterday to close at C60c.
"The recovery of micro-diamonds is extraordinary given that the primary objective of the laboratory process was to extract kimberlite indicator minerals, not diamonds," president and CEO Bruce Counts said.
One grey and two yellow micro-diamonds were recovered from the +0.1mm to -0.3mm size fraction in a rock sample from target 0702 at the project.
No kimberlite indicator minerals or micro-diamonds were recovered from the five other samples submitted for testing.
Counts said the 2018 field programme would collect samples specifically for micro-diamond testing.
Rosseau Asset Management and Eric Sprott held 15.2% and 8.7% of the company on its TSX-V debut.
Lithoquest had C$4.87 million (US$3.77 million) in working capital at the start of 2018 and planned to spend $3.5 million (US$2.7 million) on a two-phased exploration approach at its North Kimberley project.