Stellar Diamonds and Stornoway Diamond Corporation Project Updates
7/10/2012 4:02:58 AM Shira
Stellar Diamonds plc (AIM:STEL), a London-listed diamond development and exploration company focused on West Africa, has started its Phase-2 resource expansion drilling of the kimberlite at it’s Tongo diamond project in eastern Sierra Leone.
Boart Longyear has been contracted to do the drilling and CAE Mining Africa has been hired to oversee the exploration drilling program.
“We are firmly focused on significantly expanding the resource at Tongo, which ha s shown exciting potential to date. This drilling and evaluation program is designed to double Tongo’s existing inferred diamond resource to over 1.2 million carats…. At current grades and diamond values, the in-situ value of the Dyke 1 kimberlite is estimated by the Company to be almost $300 per ton, making it potentially one of the highest known value per ton kimberlites globally. We expect the completion of drilling and upgrade of the resource statement during the fourth quarter of this year and I look forward to updating shareholders as we progress.,” said Stellar Diamonds CEO Karl Smithson.
In other news, Stornoway Diamond Corporation (TSX-SWY) has executed a statement of cooperation with the communities of Chibougamau and Chapais in Quebec. The statement calls for the responsible development of Stornoway’s Renard Diamond Project in a manner that responsibly addresses environmental protection and social responsibility.
In November 2011, Stornoway published a feasibility study for Renard that claimed Renard had great potential to become a significant producer of high value rough diamonds.
“The Declaration of Partnership with Chibougamau and Chapais is a further example of the framework of trust, transparency and cooperation with which we seek to develop Quebec’s first diamond mine….For Stornoway, the Declaration is an expression of the importance we place on Chibougamau and Chapais as commercial centers, and future civic partners, for the successful development of Renard,” said Stornoway’s CEO Matt Manson.
The Renard Diamond Project is scheduled to commence in 2015.