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Stellar sees high diamond grade, value at Sierra Leone project

27 march 2012

West Africa-focused Stellar Diamonds said it discovered a significant maiden diamond resource at its Tongo Kimberlite Dyke Project, in Sierra Leone.
It said the first Joint Ore Reserves Committee (JORC) compliant estimate showed a 660,000 carat inferred resource for Dyke-1 with a resource grade of 120 carats per hundred tonnes.
Stellar added that the diamonds’ value of between $225 and $270 meant an in-situ diamond value for the site so far of between $148 million and $178 million.
Cut-off grades were +1.0mm.
“The maiden resource at Tongo provides a very strong base from which to move forward with our strategy focused on accelerating our kimberlite projects through to production,” company chief executive Karl Smithson said.
He said there was 25 percent of the mapped strike of Dyke-1 yet to be drilled into the resource category.
Similar operational kimberlite dyke hosted diamond deposits in South Africa are mined to a depth of 700m below surface.
“Furthermore, additional resource potential exists from other nearby kimberlite dykes, including the 1km long Dyke-4 which has recently been bulk sampled and returned a diamond grade of 109cpht and an average diamond value of $100 per carat,” he said.
Stellar was also advancing the Droujba kimberlite pipe in Guinea, the Tongo and Kono kimberlite dyke projects in Sierra Leone.  

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished