STAR - ORION SOUTH DIAMOND PROJECT REVISED MINERAL RESOURCES ESTIMATE EXHIBITS SIGNIFICANT INCREASE
TOTAL INDICATED: 72 MILLION CARATS, TOTAL INFERRED: 15 MILLION CARATS
Stock Symbol: DIAM: TSX
Highlights
- Indicated Mineral Resources on Star have increased 22 percent to 34.8 million carats and the grade has increased 20 percent to 19.4 cpht
- Indicated Mineral Resources on Orion South have increased 37 percent to 36.9 million carats and the grade has increased 32 percent to 17.9 cpht
-
Star Diamond has determined that no additional bulk sampling is required on the Orion South Kimberlite for the rigorous estimation of these Mineral Resources, and this results in the savings of millions of dollars in exploration expenditures and shaves significant time off the completion of the Pre-Feasibility Study ("PFS").
President & CEO,
Revised Mineral Resources Estimate
Table 1. Revised Mineral Resources Estimates for the Star and Orion South Kimberlites
Star Kimberlite Revised Mineral Resources Estimate |
|
Orion South Kimberlite Revised Mineral Resources Estimate |
||||||||
Resource |
Kimberlite |
Tonnes |
Grade |
Carats |
|
Resource |
Kimberlite |
Tonnes |
Grade |
Carats |
Indicated |
MJF |
21,822 |
6.6 |
1,437 |
|
Indicated |
EJF Outer |
46,673 |
16.3 |
7,593 |
Indicated |
EJF Outer |
47,659 |
16.9 |
8,045 |
|
Indicated |
EJF Inner |
94,177 |
25.7 |
24,219 |
Indicated |
EJF Inner |
84,090 |
24.0 |
20,168 |
|
Indicated |
|
65,746 |
7.8 |
5,125 |
Indicated |
|
13,960 |
18.1 |
2,525 |
|
Indicated |
TOTAL |
206,596 |
17.9 |
36,937 |
Indicated |
Cantuar |
12,060 |
21.7 |
2,622 |
|
Inferred |
EJF Outer |
41,236 |
15.5 |
6,400 |
Indicated |
TOTAL |
179,591 |
19.4 |
34,797 |
|
Inferred |
|
2,591 |
7.5 |
194 |
Inferred |
EJF Outer |
34,100 |
14.4 |
4,923 |
|
Inferred |
P3 |
6,093 |
12.2 |
742 |
Inferred |
|
9,982 |
17.6 |
1,761 |
|
Inferred |
TOTAL |
49,921 |
14.7 |
7,336 |
Inferred |
Cantuar |
5,488 |
21.0 |
1,154 |
|
|
|
|
|
|
Inferred |
TOTAL |
49,570 |
15.8 |
7,838 |
|
|
|
|
|
|
Table Notes Apply to Table 1
-
Canadian Institute of Mining and Metallurgy ("CIM") definitions were followed for classification of mineral resources. - Star Kimberlite Units: Cantuar,
Pense , EarlyJoli Fou ("EJF"), & MidJoli Fou ("MJF"). - Orion South Kimberlite Units: P3, Pense & Early
Joli Fou (EJF). - Mineral Resources are constrained within a Whittle optimized pit shell.
- Mineral Resources, which are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
- There is no guarantee that all or any part of the Mineral Resources will be converted into a Mineral Reserves.
- Grade values are rounded to the first decimal.
- The effective date of the Revised Mineral Resources estimate is
July 24, 2024 . - The EJF Inner and Outer kimberlite units for both deposits are based on detailed kimberlite geology recorded from the core logging of the pattern drilling program. The EJF Inner represents coarser grained EJF kimberlite that occurs within the volcanic crater and the EJF Outer includes finer grained EJF kimberlite that lies on and outside the crater rim. This Revised Mineral Resources estimate acknowledges that the transition from Inner to Outer is geologically gradational.
Senior Vice President Corporate Development,
The scientific and technical information contained in this press release has been prepared and verified by
Mineral Resources Estimation Methodology
Revised grade estimates at Star and Orion South have been based on a diamond industry standard approach using alignment of sample diamond size frequency distributions. Peter Ravenscroft explains: "This approach has allowed for the development of unbiased grade estimates that take into account the effects of using necessarily small samples in a diamond deposit with relatively low grade but coarse stone size. At Orion South, it has also provided a means of resolving sampling results from several sampling campaigns with different drilling methodologies and different sample plant flowsheets. Final alignment with underground bulk sample results and block model interpolation with appropriate smoothing has resulted in robust estimates of grade at a required level of detail for feasibility study of the Star and Orion South deposits."
Economic Assumptions
CIM standards and
Decision on Orion South Bulk Sampling
- Comprehensive sorting and valuation of all stones recovered from LDD and Underground sampling campaigns over the last 20 years, allowing for the combination of sample diamonds into significantly larger parcels.
- Detailed comparison of quality distributions between Orion South and Star, identifying some clear differences as well as some strong similarities, as would be expected from closely located kimberlites in the same cluster.
- Analysis of the relative precision of price estimates from samples of a different size, specifically where prices are influenced by large and high value stones as at Star and Orion South.
Qualified Persons
Next Steps
The Project
The Project is located in central
All technical information in this press release has been prepared under the supervision of
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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 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
Forward-looking statements in this press release include, but are not limited to statements with respect to the Revised Mineral Resources Estimate; pricing information and other assumptions and parameters; improvement in the Mineral Resource estimate; statements regarding the processing and analysis of, and reporting of results from, the TC bulk samples previously collected by RTEC; the re-optimization of the Star and Orion South open pits; the potential proportion of Type IIa diamonds in the Star and Orion South kimberlites and the potential for recovery of large high quality diamonds; the publication of the Technical Report; and the aim of the Company to undertake a PFS and Feasibility Study and timelines.
These forward-looking statements are based on
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