14th May 2014 08:49
LONDON (Alliance News) - Stellar Diamonds PLC Wednesday said it has seen higher diamond grades than previously reported at its Tongo project in Sierra Leone after the processing of bulk sample material.
The West Africa-focused diamond development company said that processing at the Dyke-1 kimberlite region at Tongo has already yielded 730 carats with an undiluted grade of 134 carats per hundred tonnes, 12% above its previously calculated resource grade of 120 carats per hundred tonnes.
The company said that after re-processing of the sample material it expects further increases to its resource grades, which should enhance the project's global resource and economics.
The site's JORC resource currently stands at 1.1 million carats at a grade of 120 carats per hundred tonnes for one of four kimberlite dykes within the licence area.
Stellar Diamonds said it now plans to end its bulk sampling in June when a 1,000 carat parcel of diamonds will be made available as part of a definitive feasibility study at the site, which is due for 2015.
The company is also currently advancing its Baoule kimberlite pipe project in Guinea towards trial mining in 2014 after recently raising GBP1.9 million through a share placing.
Stellar Diamonds shares were up 5.3% to 1.29 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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