TSX: DIAM
SASKATOON, May 11, 2020 /CNW/ - Star Diamond Corporation
("Star Diamond" or the "Corporation") announced today that Rio
Tinto Exploration Canada Inc. ("RTEC") recently provided the
Corporation with microdiamond results from the PQ3 (83 millimetre)
core hole 120FB001, which RTEC drilled in November of 2019. This
hole was drilled on the Corporation's K120 Kimberlite, which forms
part of the Orion North kimberlite cluster. The Corporation noted
that the microdiamond results provided contained two macrodiamonds,
the largest weighing 0.552 carats. This 0.552 carat diamond
fragment has been broken from a larger stone. In total, 323
diamonds were recovered from this consignment of drill core, with
two of these diamonds being macrodiamonds (see table below).
![Star Diamond Corporation (CNW Group/Star Diamond Corporation) Star Diamond Corporation (CNW Group/Star Diamond Corporation)](https://mma.prnewswire.com/media/1166242/Star_Diamond_Corporation_Fort___La_Corne_Kimberlites__Orbit_Dril.jpg)
Senior Vice President Exploration and Development, George Read, states: "The occurrence of a 0.55
carat diamond in a microdiamond sample is anomalous and speaks to
the potential for a coarse diamond size frequency distribution and
supports previous evaluation work conducted by Star Diamond
Corporation on the Orion North Kimberlites. Since 2004 the
Corporation has completed 45 core holes and 16 large diameter drill
("LDD") holes on K120. A total of 3,415 macrodiamonds weighing a
total of 298 carats were recovered from the LDD samples. The
Corporation's K120 LDD diamond parcel includes 19 diamonds over 1
carat and the three largest stones are 7.5, 3.8 and 3.3 carats,
respectively. These recent results from RTEC's drill program are
extremely encouraging and emphasize the evaluation potential of the
extensive volumes of kimberlite outside of the present focus on the
Star and Orion South kimberlites."
RTEC has been performing additional exploration programs (which
RTEC refers to as "FalCon Orbit" programs) to investigate and
prioritize the Corporation's Fort à la Corne kimberlites
outside of the Star and Orion South kimberlites.
|
Orion North K120
Core Hole # 120FB001
Number of Diamonds
per Sieve Size (Millimetre Square Mesh Sieve)
|
Microdiamonds
|
+0.106
-0.150
|
+0.150
-0.212
|
+0.212
-0.300
|
+0.300
-0.425
|
+0.425
-0.600
|
+0.600
-0.850
|
185
|
86
|
33
|
16
|
1
|
0
|
Macrodiamonds
|
+0.850
-1.180
|
+1.180
-1.700
|
+1.700
-2.360
|
+2.360
-3.350
|
+3.350
-4.750
|
+4.750
|
0
|
1
|
0
|
0
|
1
|
0
|
Total Number of
Diamonds: 323 Total Sample Weight:
231.45 kilograms (dry)
|
The cut-off between
micro- and macrodiamonds is 0.85 millimetres.
|
Diamond results reported in this news release are based on
caustic fusion processing and diamond sorting completed for RTEC by
Saskatchewan Research Council's ("SRC") Geoanalytical Laboratories
located in Saskatoon,
Saskatchewan. SRC is an independent mineral process
laboratory facility which is accredited to the ISO/IEC 17025
standard by the Standards Council of Canada as a testing laboratory for diamond
analysis.
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