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Stornoway Diamond Corporation (TSX:SWY) released an updated Mineral Resource estimate for the Renard Diamond Project in north-central Quebec. Highlights include a total Indicated Mineral Resource of 27.1 million carats, representing an increase of 14% over the previous estimate, and a total Inferred Mineral Resource of 16.9 million carats, a 3.5% decrease compared to previous estimate.
Stornoway Diamond Corporation (TSX:SWY) released an updated Mineral Resource estimate for the Renard Diamond Project in north-central Quebec. Results of the Renard 65 bulk sampling completed in February 2013 are included in the new Mineral Resource estimate, as well as the results of recent geotechnical and hydrogeological drilling at Renard. Highlights include a total Indicated Mineral Resource of 27.1 million carats, representing an increase of 14% over the previous estimate, and a total Inferred Mineral Resource of 16.9 million carats, a 3.5% decrease compared to previous estimate.
As quoted in the press release:
The update follows the successful completion of the Renard 65 bulk sample earlier in the year and, additionally, incorporates refinements to the geological models and diamond content estimates of certain other kimberlites made since the project’s previous Mineral Resource statement was published in January 2011. Highlights of the new estimate are as follows:
- A total Indicated Mineral Resource of 27.1 million carats representing an increase of 14.0% over the previous estimate;
- The successful conversion of 2.3 million carats (7.86 million tonnes at 29.3 carats per hundred tonnes) of near-surface Renard 65 Inferred Mineral Resources to Indicated Mineral Resources, representing kimberlite amenable to open-pit mining to 150m depth;
- A total Inferred Mineral Resource of 16.9 million carats, a 3.5% decrease compared to previous estimate, as increased estimates of Inferred Mineral Resources at Renard 2, 4 and 9 partially offset the conversion of material from the Inferred to the Indicated category at Renard 65.
- An additional 25.7 to 47.8 million carats (54.6 to 74.9 million tonnes) have been designated a “Target for Further Exploration” to 775 m depth, below which each kimberlite remains open.
Click here to read the Stornoway Diamond Corporation (TSX:SWY) press release
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