Stock Symbol: DIAM: TSX
SASKATOON, April 12, 2018 /CNW/ - George H. Read, P. Geo., Senior Vice President
Exploration and Development of Star Diamond Corporation ("Star
Diamond" or the "Corporation") is pleased to announce that Rio
Tinto Exploration Canada ("RTEC"), Bauer Maschinen GmbH ("Bauer")
and Nuna Logistics Limited ("Nuna") have finalized contractural
arrangements for the manufacture, supply and operation of equipment
to be used for the next phase of large diameter, bulk sample
drilling on the Star Kimberlite. Recent work has focused on the
specific sites for the ten hole locations on the Star Kimberlite
and the documentation of the geological units to be encountered in
the overburden and kimberlite to be intersected at each location.
The proposed locations on the Star Kimberlite have been drill
tested with Sonic core in the overburden, and HQ drill core in the
kimberlite, to ensure that the overburden and kimberlite
stratigraphy is accurately characterised. RTEC will execute the
proposed sampling program.
Bulk Sample Drilling Equipment
RTEC aim to use a Bauer BC 50 Cutter mounted on a Bauer MC 128
Duty-cycle Crane to drill and sample to depths of up to 250 metres
below surface. Each ten metres of advance down hole aims to
excavate some 100 tonnes of kimberlite. Bauer cutter rigs are used
around the world for complex engineering projects. Bauer has
indicated that this will be the first time in the world that this
technology will be used in an active project to reach a depth of
250 meters. Bauer has committed to build and deliver the equipment
to RTEC by mid-2018 with drilling to commence this year.
Each of the sample locations will first require stabilization of
the near surface overburden. RTEC have confirmed the commencement
of the mobilization of the soil stabilization rig from the Diavik
Diamond Mine in the North West Territories.
Senior Vice President Exploration and Development, George Read, states: "Star Diamond Corporation
is pleased with the recent progress made on RTEC's proposed plan
for additional bulk sample drilling on the Star
Kimberlite. Star Diamond looks forward to working with RTEC on
their due diligence work on the Star Kimberlite."
About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. The Corporation's Star-Orion South Diamond Project is
located in central Saskatchewan
some 60 kilometres east of the city of Prince Albert. The
Project is in close proximity to established infrastructure,
including paved highways and the electrical power grid, which
provide significant advantages for future mine development. The
Technical Report on the Revised Resource Estimate for the Star -
Orion South Diamond Project dated November
9, 2015 provided an updated Mineral Resource Estimate for
the Star and Orion South kimberlite deposits: Indicated Mineral
Resources of 393 million tonnes containing 55.4 million carats of
diamonds at a weighted average price of US$210 per carat. In addition to the Indicated
Mineral Resource Estimate, the Star and Orion South Kimberlites
include Inferred Resources containing 11.5 million carats. During
2017, the Corporation granted RTEC an option to earn up to a 60%
interest in the Corporation's Fort à la Corne mineral properties
(including the Star-Orion South Diamond Project) on the terms and
conditions contained in the Option Agreement (see News Release
dated June 23, 2017).
All technical information in this press release has been
prepared under the supervision of George
Read, Senior Vice-President of Exploration and Development,
Professional Geoscientist in the Provinces of Saskatchewan and British Columbia, and Mark Shimell, Project Manager, Professional
Geoscientist in the Province of Saskatchewan, who are the Corporation's
"Qualified Persons" under the definition of NI 43-101.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined
by certain securities laws, including the "safe harbour" provisions
of Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "expect", "plan", "intend",
"forecast", "target", "project", "guidance", "may", "will",
"should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook. In
particular, statements regarding the Corporation's future
operations, future exploration and development activities or other
development plans constitute forward-looking statements. By their
nature, statements referring to mineral reserves, mineral resources
or TFFE constitute forward-looking statements.
Forward-looking statements in this press release include, but
are not limited to statements with respect to the Corporation and
RTEC's objectives for the ensuing year, includng the proposed
sampling program.
These forward-looking statements are based on the Corporation's
current beliefs as well as assumptions made by and information
currently available to it and involve inherent risks and
uncertainties, both general and specific.
Risks exist that forward-looking statements will not be achieved
due to a number of factors including, but not limited to,
developments in world diamond markets, changes in diamond prices,
risks relating to fluctuations in the Canadian dollar and other
currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing
budget priorities of the Corporation or its partners, the effects
of competition in the markets in which the Corporation operates,
the impact of changes in the laws and regulations regulating mining
exploration, development, closure, judicial or regulatory judgments
and legal proceedings, operational and infrastructure risks and the
additional risks described in the Corporation's most recently filed
Annual Information Form, annual and interim MD&A. The
Corporation's anticipation of and success in managing the foregoing
risks could cause actual results to differ materially from what is
anticipated in such forward-looking statements.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, those assumptions may prove to be
incorrect. When making decisions with respect to the Corporation,
investors and others should not place undue reliance on these
statements and should carefully consider the foregoing factors and
other uncertainties and potential events. Unless required by
applicable securities law, the Corporation does not undertake to
update any forward-looking statement that is made herein.
SOURCE Star Diamond Corporation