16th Feb 2016 08:48
LONDON (Alliance News) - Stellar Diamonds PLC on Tuesday said it has shipped a parcel of diamonds extracted from its Baoule project in Guinea to Antwerp where they will be sold at an auction next month.
The parcel contains 3,341 carats from Baoule, and the goods will be cleaned and assorted in Antwerp ahead of the auction in March. The auction will form part of the ongoing trial-mining evaluation of the Baoule pipe in order to determine the diamond grade and value of the deposit, it said.
"Stellar's objective is to mine and process 100,000 tonnes of kimberlite, which is now over 70% complete and is yielding results in line with expectations. Based on the current grade realised and previous drilling results the company is still targeting a resource in the region of 3.0 million carats at Baoule," said the company.
This will be the third diamond sale from Baoule, where Stellar has recovered a total of 8,830 carats under trial mining conditions. The previous two sales conducted in 2015 generated USD700,000 in revenue from the sale of 5,173 carats.
Last month, Stellar said it had recovered a 55-carat diamond from trial mining at Baoule, which confirmed the presence of large stones at the project, but did not state Tuesday whether that diamond was included in the diamond parcel that has been delivered to Antwerp.
Stellar shares were trading up 1.5% to 10.15 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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