Diamcor Mining Inc. (TSXV:DMI) seeks to clarify that the most recent resource estimate for Krone-Endora at Venetia Project remains the inferred mineral resource estimate of 1,314,000 carats contained within 54,258,600 tonnes set forth in the 2009 Report.
As quoted in the press release:
The Company’s news release dated October 11, 2011 referred to an increase in the tonnage quantity attributable to identified gravel material on the Company’s Krone-Endora at Venetia Project (“Krone-Endora” or the “Project”), including an increase of 97.5% in the tonnage estimate attributable to the Basal Zone gravels over the Basal Zone tonnage estimate in the Company’s initial technical report filed on July 30, 2009 (the “2009 Report”) under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The drilling data used by the Independent Qualified Person to estimate new tonnage quantities did not include data pertaining to grade and quality as the drilling programme was only intended to identify the location, extent and thickness of the Upper Zone and Basal Zone gravels within the areas previously explored by DeBeers as well as within additional surrounding areas (the “Additional Areas”) and was not intended to identify grade or mineral resources relating to the areas drilled. The most recent resource estimate in respect of the Project remains the inferred mineral resource estimate of 1,314,000 carats contained within 54,258,600 tonnes set forth in the 2009 Report. NI 43-101 restricts disclosure of quantities that are not a mineral resource, and the company retracts tonnage quantities at the Krone-Endora project in excess of those supported by the 2009 Report.
The Company wishes to restate its disclosure with respect to the Additional Areas to clarify that the Additional Areas represent an additional exploration target covering approximately 200-230 hectares of surface area. The exploration target is conceptual in nature and there has been insufficient exploration to estimate ranges of tonnage and grade. The Company’s prior disclosure concerning the Additional Areas was not intended to imply any increase to the mineral resource estimates or contained diamond quantities for the Project beyond the disclosure contained in the 2009 Report and it is uncertain whether additional exploration efforts will result in the Additional Areas being delineated as a mineral resource.