Peregrine Diamonds says it has found a lot of gem diamonds in a bulk sample from the Chidliak project near Iqaluit.
The sample collected last spring contains more than 600 carats of commercial-size diamonds.
Dozens of diamonds weigh more than one carat and the largest is more than 3.5 carats.
The company says the results show the CH-6 kimberlite is one of the highest grade kimberlite pipes in the world.
Peregrine will now continue studying its results, to determine the viability of a diamond mine at Chidliak.
It says plans are already underway to continue exploration in 2014 and 2015 despite De Beers pulling out of the project earlier this year.