Star Diamond (TSX:DIAM) said today that a total of 3,534 diamonds weighing 210.68 carats have been recovered from its bulk sample trench excavated on the Star Kimberlite by Rio Tinto
The company’s Fort à la Corne kimberlites, which includes the Star – Orion South Diamond
project, are located in central Saskatchewan
“We are pleased by the recovery of the three larger 10.13, 8.10 and 7.29 Type IIa diamonds from Rio Tinto Canada’s ninth trench. The recent recovery of larger Type IIa diamonds from Rio Tinto Canada’s bulk sample program continues to strengthen our expectation for recovery of large, high value diamonds in a future producing diamond mine,” said Ken MacNeill, President and CEO of Star Diamond. “There were also 5.15 and 3.44 carat diamonds recovered from the ninth trench, with the 3.44 carat diamond being an “H” (near colourless) octahedron.”
The company said that a preliminary economic analysis on the project 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 (7%) of $2.0 billion after tax, an internal rate of return of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production.
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