18th Mar 2014 09:51
LONDON (Alliance News) - Stellar Diamonds PLC saw its shares rise Tuesday after it said that bulk sampling at its Tongo kimberlite dyke project in Sierra Leone had continued to yield high grades and exceptional quality diamonds.
In a statement, the company said the sampling, being done as part of its definitive feasibility study, was producing consistent "outstanding" gem quality diamonds, with stones up to 6.7 carats in size. Its said processing to date had yielded 551.6 carats at an average grade of 126.3 carats per hundred tonnes.
The company also expects grades to further increase as more diamonds are recovered through re-processing. It wants to recover a minimum 1,000 carat parcel so it can confirm diamond grades and values.
"The results from the on-going bulk sampling programme are excellent and continue to underscore the high grade nature of the Tongo Dyke-1 kimberlite," Chief Executive Karl Smithson said in a statement.
"The presence of larger gem stones up to 6.7 carats in size bodes well for the diamond valuation, which will be undertaken as part of the definitive feasibility study that is on track for delivery towards the end of 2014," the CEO added.
Stellar Diamonds shares were up 11.1% at 2.11 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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