Stock Symbol: DIAM:
TSX
SASKATOON, April 23, 2020 /CNW/ - Star Diamond Corporation
("Star Diamond" or the "Corporation") announced today that Rio
Tinto Exploration Canada Inc. ("RTEC") has commenced the processing
of bulk samples from RTEC's trench cutter program. These bulk
samples, estimated by RTEC to be approximately 8,271 wet tonnes,
were collected during 2019 on the Corporation's Star Kimberlite and
are stored on-site in approximately 6,848 cubic metre bulk bags.
The on-site bulk sampling plant (the "BSP") was fabricated by
Consulmet (Pty) Ltd of South
Africa. The BSP uses X-ray transmission sorting technology
to recover any large diamonds present (6 to 25 millimetres).
All the 0.85 to 6.0 millimetre kimberlite fraction is
then processed through a DMS cyclone to prepare a diamond-bearing
heavy mineral concentrate for the recovery of the 0.85 to 6.0
millimetre diamonds. A secondary crushing circuit, using a
high-pressure rolls crusher, aims to maximize the liberation of
smaller diamonds from the kimberlite. Star Diamond has been advised by RTEC that it is
has completed commissioning of the BSP.
The mineral concentrates produced by the BSP are expected to be
shipped, on an ongoing basis, to an off-site facility for final
diamond recovery and reporting of such recovery to Star Diamond and RTEC.
Star Diamond currently expects
that all or substantially all of the bulk samples collected during
2019 will be processed through to final diamond recovery and
reported over the balance of calendar 2020, provided that there are
not any unexpected material delays in this process including
arising from COVID-19 issues. Star
Diamond looks forward to providing periodic updates
regarding the bulk sample processing and results obtained in
accordance with its public disclosure obligations.
About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. Shares of the Corporation trade on the TSX
Exchange under the trading symbol "DIAM". The Corporation's
Fort à la Corne kimberlites (including the Star - Orion South
Diamond Project) are located in central Saskatchewan in close proximity to established
infrastructure, including paved highways and the electrical power
grid, which provide significant advantages for future mine
development.
All technical information in this press release has
been prepared under the supervision of George Read,
Senior Vice-President of Exploration and
Development, a registered
Professional Geoscientist in
the Provinces of Saskatchewan and
British Columbia and Mark Shimell,
Project Manager, a registered
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, PEA or TFFE constitute forward-looking statements.
Forward-looking statements contained or implied in this press
release include, but are not limited to, the Corporation's
expectations regarding the processing of bulk samples and the
timeline for doing so.
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 RTEC or the Corporation, risks related to the
legal proceedings commenced by the Corporation against RTEC, the
effects of competition in the markets in which the Company
operates, the impact of the COVID-19 pandemic, risks related
to the operation of the BSP and the processing methods being used
by RTEC and the effectiveness thereof, 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