Stornoway Diamond Corporation
(TSX:SWY)
(the “Corporation” or “Stornoway”)
is providing an update on exploration at its 100% owned Adamantin
Project located approximately 100km south of the Renard Diamond
Project and 25km west of the Route 167 Extension in north central
Québec. Till sampling at Adamantin during 2015 confirmed the
presence of indicator mineral anomalies interpreted to be sourced
from undiscovered kimberlites with diamond potential, with one till
sample returning a diamond. Drilling during March and April
resulted in the discovery of 11 distinct kimberlite bodies. Diamond
recovery results have now been received from these 11 bodies, and
no diamonds were recovered. In total 300 kilograms of kimberlite
were processed for micro-diamond recovery by caustic dissolution
and 2,500 kilograms for macro-diamond recovery by dense media
separation. All samples were processed at Microlithics in Thunder
Bay, Ontario.
Matt Manson, President and CEO, commented: “We
are disappointed by these early diamond results from Adamantin.
Nevertheless, we believe additional kimberlites remain undiscovered
on the property and we have not yet explained our promising
indicator mineral chemistry and the diamond that was recovered in a
till sample in 2015. We have expanded our land position at the
project and re-focused our exploration attention at additional
geochemical sampling and geophysics, with a view to returning to
drilling next year should results warrant.”
The Adamantin Project now comprises 28,171
hectares of claims in three blocks, following recent additional
acquisitions. During July and August field crews collected ground
geophysical data to better define known kimberlites and to outline
untested anomalies. Till samples were collected in specific areas
of interest to better constrain targets for future work, as well
within the newly acquired land packages where historical data
suggests the presence of additional kimberlites.
Qualified Persons
Disclosure of a scientific or technical nature
in this press release was prepared under the supervision of Robin
Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a “qualified
person” under NI 43-101.
About Stornoway Diamond
Corporation
Stornoway is a leading Canadian diamond
exploration and development company listed on the Toronto Stock
Exchange under the symbol SWY and headquartered in Montreal. Our
flagship asset is the 100% owned Renard Diamond Project, on track
to becoming Québec’s first diamond mine. Stornoway is a growth
oriented company with a world-class asset, in one of the world’s
best mining jurisdictions, in one of the world’s great mining
businesses.
On behalf of the BoardSTORNOWAY DIAMOND
CORPORATION/s/ “Matt Manson”Matt MansonPresident and Chief
Executive
For more information, please contact Matt Manson
(President and CEO) at 416-304-1026 x2101or Orin Baranowsky (Vice
President, Investor Relations and Corporate Development) at
416-304-1026 x2103 or toll free at 1-877-331-2232
Pour plus d’information, veuillez contacter M.
Ghislain Poirier, Vice-président Affaires publiques de
Stornoway au 418-254-6550, gpoirier@stornowaydiamonds.com
** Website: www.stornowaydiamonds.com Email:
info@stornowaydiamonds.com **
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
This information and these statements, referred to herein as
“forward-looking statements”, are made as of the date of this press
release and the Corporation does not intend, and does not assume
any obligation, to update these forward-looking statements, except
as required by law.
These forward-looking statements include, among
others, statements with respect to Stornoway’s objectives for the
ensuing year, Stornoway’s medium and long-term goals, and
strategies to achieve those objectives and goals, as well as
statements with respect to Stornoway’s beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. Although
management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. Forward-looking statements relate to future events or
future performance and reflect current expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to: (i) the amount of Mineral Reserves,
Mineral Resources and exploration targets; (ii) the amount of
future production over any period; (iii) future exploration plans;
(iv) future market prices for rough diamonds; (v) sources of and
anticipated financing requirements.. Any statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as “expects”, “anticipates”, “plans”, “projects”,
“estimates”, “assumes”, “intends”, “strategy”, “goals”,
“objectives”, “schedule” or variations thereof or stating that
certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements are made based upon
certain assumptions by Stornoway or its consultants and other
important factors that, if untrue, could cause the actual results,
performances or achievements of Stornoway to be materially
different from future results, performances or achievements
expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and
future business prospects and strategies and the environment in
which Stornoway will operate in the future, including the price of
diamonds, anticipated costs and Stornoway’s ability to achieve its
goals, anticipated financial performance, regulatory developments,
development plans, exploration, development and mining activities
and commitments, and the foreign exchange rate between the US and
Canadian dollars. Although management considers its assumptions on
such matters to be reasonable based on information currently
available to it, they may prove to be incorrect. Certain important
assumptions by Stornoway or its consultants in making
forward-looking statements include, but are not limited to: (i)
receipt of regulatory approval on acceptable terms within commonly
experienced time frames; (ii) anticipated geological formations;
(iii) Stornoway’s interpretation of the geological drill data
collected and its potential impact on stated Mineral Resources and
mine life; and (iv) future exploration plans and objectives;.
Additional risks are described in Stornoway's most recently filed
Annual Information Form, annual and interim MD&A, and other
disclosure documents available under the Corporation’s profile at:
www.sedar.com.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. We caution readers
not to place undue reliance on these forward- looking statements as
a number of important risk factors could cause the actual outcomes
to differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates, assumptions and intentions
expressed in such forward-looking statements. These risk factors
may be generally stated as the risk that the assumptions and
estimates expressed above do not occur, including the assumption in
many forward-looking statements that other forward-looking
statements will be correct, but specifically include, without
limitation: (i) risks relating to variations in the grade,
kimberlite lithologies and country rock content within the material
identified as Mineral Resources from that predicted; (ii) the
uncertainty as to whether further exploration of exploration
targets will result in the targets being delineated as Mineral
Resources; (iii) developments in world diamond markets; (v) slower
increases in diamond valuations than assumed; (iv) risks relating
to fluctuations in the Canadian dollar and other currencies
relative to the US dollar; (v) uncertainty of results of
exploration in areas of potential expansion of resources; (vi)
changes in exploration results; (vii) risks relating to the receipt
of regulatory approval; (viii) the effects of competition in the
markets in which Stornoway operates; (ix) operational and
infrastructure risks; and (x) the additional risks described in
Stornoway's most recently filed Annual Information Form, annual and
interim MD&A and Stornoway's anticipation of and success in
managing the foregoing risks. Stornoway cautions that the foregoing
list of factors that may affect future results is not exhaustive,
and unforeseeable, new risks may arise from time to time.