Stock Symbol: DIAM: TSX
SASKATOON, SK, March 9, 2022 /CNW/ - Star Diamond Corporation
("Star Diamond") is pleased to announce an update on the Fort à la
Corne Joint Venture.
Fort à la Corne Joint
Venture ("FalCon Project")
Star Diamond is pleased to report
that technical meetings concerning the FalCon Project took place on
March 3 and 4, 2022 in Saskatoon, Saskatchewan, Canada. Star
Diamond received in-person presentations from both Rio Tinto
Exploration Canada Inc. ("RTEC") and Rio Tinto Plc personnel
concerning data analysis and exploration activities that have been
underway by RTEC over the last two years. In addition, online
presentations were also conducted by Rio Tinto specialists located
in Perth, Australia.
Topics of interest covered during these technical meetings
included: 1) Star Kimberlite trench cutter bulk sampling program
results, 2) Diamond size and quality analysis, 3) 'Orbit' project
update, 4) Mineability study, 5) Geological model and resource
update, 6) Community and stakeholder engagement, 7) Environmental
and permitting and, 8) Green energy and carbon mineralization. In
the coming weeks Star Diamond will
be reviewing materials relating to these topic areas with RTEC as
the Company collaborates on 2022 programs and budget to be approved
by the Joint Venture Management Committee ("JVMC") for the period
commencing May 31, 2022. As the
Company analyzes the information presented at these technical
meetings and materials relating to these topic areas, the Company
may provide further details and/or results of these studies.
Ewan Mason, Chair of the Board of
Star Diamond said: "George Read and I were impressed with the detail
and depth of the technical evaluation that the Rio Tinto/RTEC
technical team has been performing over the past two years. Once
our technical team has had a chance to review the enormous amount
of data delivered we will update our shareholders accordingly."
About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged
in the acquisition, exploration and development of mineral
properties. Shares of Star
Diamond trade on the Toronto Stock Exchange under the
trading symbol "DIAM". Star Diamond holds, through a joint
venture arrangement with RTEC (a wholly-owned subsidiary of Rio
Tinto), a 25% interest in certain Fort à la Corne kimberlites
(including the Star – Orion South Diamond Project). These
properties 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. Rio Tinto refers to their Fort à la Corne
mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of
an independent Preliminary Economic Analysis (the "PEA") on the
Project. The PEA (on a 100% basis) estimated that 66 million carats
of diamonds could be recovered in a surface mine over a 38-year
Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of
Return ("IRR") of 19% and an after-tax payback period of 3.4 years
after the commencement of diamond production (see news release
dated April 16, 2018).
All technical information in this press release has
been prepared under the supervision of George Read,
Senior Technical Advisor, 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 Star
Diamond's "Qualified Persons" under the definition
of NI 43-101.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements" and/or
"forward-looking information" (collectively, "forward-looking
statements") within the meaning of applicable securities
legislation. All statements, other than statements of historical
fact, are forward-looking statements. Forward-looking statements in
this press release include, but are not limited to, statements with
respect to the Fort à la Corne project, anticipated meetings,
budgets and programs to be presented to the JVMC, programs and
expenditures incurred by RTEC since November
6, 2019, technical evaluations by RTEC, and the project's
potential to be a significant contributor to both the local
communities and the broader Saskatchewan economy.
These forward-looking statements are based on Star Diamond's current beliefs as well as
assumptions made by and information currently available to each of
them 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 Star
Diamond, 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
Star Diamond's most recently filed
Annual Information Form, annual and interim MD&A.
Although the management of Star
Diamond consider the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to them, those assumptions may prove to be
incorrect. When making decisions with respect to Star Diamond, investors and others should not
place undue reliance on these statements and should carefully
consider the foregoing factors and other uncertainties and
potential events. Star Diamond does not undertake any
obligation to release publicly revisions to any forward-looking
statement to reflect events or circumstances after the date of this
release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued forward-looking statement constitutes a reaffirmation of
that statement. Continued reliance on forward-looking statements is
at investors' own risk.
SOURCE Star Diamond Corporation