Shear Announces the Recovery of 200.85 Carats of Diamonds and Completion of New Geological Model, Jericho Diamond Mine, Nunavut
October 06 2011 - 3:11PM
Marketwired
Shear Diamonds Ltd. (TSX VENTURE:SRM) today announces the recovery
of the first 200 carats of diamonds from trial tests performed in
the recently restarted recovery portion of Shear's 100% owned
Jericho Diamond Mine, Nunavut. In addition Shear has completed a
new geological interpretation and 3- D Model for the Jericho
Kimberlite Complex.
"The recoveries are an important part of proving Jericho's real
potential, and speaks to the lost grade from past operations. We
are excited to see that the diamond recoveries from the recovery
rejects tailings pile are in line with audits done by both Tahera
and Shear (refer to press release dated Februrary 8, 2011)" says
Julie Lassonde, CEO and Chair of Shear. "Diamond recoveries
continue during our plant trial, which has seen periodic stoppages
to address the inevitable issues which arise in recommissioning a
circuit that has been dormant for the past three years. Shear's
ultimate goal is to generate cash flow from diamond sales in the
coming months and continuing through all of 2012."
The diamond recoveries total 200.85 carats from 22.1 wet tonnes
of recovery reject and coarse processed kimberlite. 14 stones
greater than 0.5 cts have been recovered and the four largest
stones are 1.907, 0.978, 0.974, and 0.775 cts respectively.
The diamond recovery process includes on site processing of
material through a crusher, sorted and fed through the WHIMS, then
an X-ray flow sort and grease table followed by on site manual
diamond recovery and sorting. Shear is reporting total diamond
recoveries since the material being processed has already been run
through the plant during past operations is not representative of
the overall diamond count of the Jericho Kimberlite Complex as
stated in the resource.
Geology Update
Mineral Services Canada ("MSC") was contracted to undertake a
detailed geological analysis of all available historical drill core
(49 drill holes in total) complemented by systematically collected
thin sections and polished slabs (851 in total) for petrographic
analysis. Twelve kimberlite types and 13 domains were defined.
Shear believes this model better reflects the kimberlite
emplacement processes at work within the Jericho Kimberlite
Complex. The purpose of this exercise is to provide a basis for
increased confidence in geological continuity for future mine
planning.
The Jericho Kimberlite Complex is interpreted to represent a
series of pyroclastic kimberlite eruptions that were emplaced in a
general south to north direction from two vents known as the
South/Central and North Lobes. Geologic complexity arises from the
mixing of these events as well as the presence of remnants of
interpreted earlier phases found in areas not previously identified
by Tahera s previous geological model.
Geostrat Consulting Services ("Geostrat") was retained to
develop the 3-D Geological Model of the Jericho Kimberlite Complex
using Gemcom modeling software. This process involved working
closely with MSC to help develop robust geological domains that
represent a volcanologically permissive model with manageable
mining parcels that can be evaluated for grade modeling and/or
reconciliation.
Geostrat is also working to best, back -reconcile grades from
mining production to the newly interpreted 3- D Model geology, but
given that insufficient data was recorded over the mine life to
link recovered carats back to the mining blocks from which they
came, Shear will use this information to complement the new model,
with plans to complete its own due diligence in the next 12-18
months. Recommended follow up work includes collection of
geologically defined bulk samples from within the pit for the
purpose of grade estimation and diamond valuation plus additional
drilling.
Shear also announces the departure of Jennifer Burgess, VP
Exploration. The Board of Directors would like to thank Jennifer
for her many years of service. Pamela Strand., P. Geol., Shear's
President and a qualified person for purposes of National
Instrument 43-101 will be assuming Jennifer's duties.
About Shear Diamonds Ltd.
Shear is a Canadian-based company focused on diamond exploration
and development in Canada's North, where it explores established
diamond districts and has discovered new ones. Shear currently has
a portfolio of eight diamond projects, including three advanced
projects with development potential. Shear holds a 100% interest in
Jericho Diamond Mine and surrounding exploration assets, located in
the Kitikmeot region of Nunavut.
Qualified Person
Pamela Strand, P. Geol., Shear's President is a qualified person
for purposes of National Instrument 43- 101 who supervised the
preparation of the information forming the basis for this press
release.
On behalf of the Board of SHEAR DIAMONDS LTD.
Julie Lassonde, CEO & Executive Chairman
Pamela Strand, P. Geol., President
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization,
exploration results, resource or reserve estimates, anticipated
production or results, sales, revenues, costs, "best-efforts"
financings or discussions of future plans and objectives. There can
be no assurance that such statements will prove accurate. Such
statements are necessarily based upon a number of estimates and
assumptions that are subject to numerous risks and uncertainties
that could cause actual results and future events to differ
materially from those anticipated or projected. Important factors
that could cause actual results to differ materially from Shear's
expectations are in its documents filed from time to time with the
TSX or the TSX Venture Exchange and provincial securities
regulators, most of which are available at www.sedar.com. Shear
disclaims any intention or obligation to revise or update such
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Shear Diamonds Ltd. Julie Lassonde CEO & Executive
Chairman 416-479-8728 or 1-866-298-9695 Shear Diamonds Ltd. Pamela
Strand P. Geol., President 416-479-8728 or
1-866-298-9695www.sheardiamonds.com
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