The new owners of the Jericho diamond mine in Nunavut, which closed in 2008, plan to start drilling in the existing open pit this spring.

Shear Minerals made a $38-million cash and stock deal to buy the property from bankrupt Tahera Diamond in July.

"We're going to look at everything that went wrong," said Pamela Strand, CEO of Shear Minerals. "We've got a number of questions about the geological resource — that's the first part — secondly, the milling, because of the low recovery of diamonds, and thirdly, the permitting: Our water licence is up for renewal."

The company will take about a year to come up with a plan to reopen the mine, she said.

Much of the machinery and equipment that Jericho used at the site has been removed by creditors, but the major facilities, such as the pit, office and accommodation buildings, remain intact.

Jericho is in the Kitikmeot, about 420 kilometres north of Yellowknife.