Stornoway Reports 2,213 Carats Recovered From Renard 4
Tuesday, August 14th, 2007
Stornoway Diamond Corporation has provided complete diamond recovery results from the Renard 4 kimberlite, the third individual kimberlite bulk sample to be completed as part of the Renard bulk sample program in north-central QuÃ©bec. Stornoway, and 50:50 joint venture partner SOQUEM INC., have successfully completed a program of sampling at Renard designed to recover a minimum 6,000 carats of diamonds from three separate kimberlite pipes. Renard 4 has now returned a total of 2,213 carats of diamonds from five separate sub-samples with a combined dry sample weight of 1,659 tonnes, representing an overall diamond recovery of 133 carats per hundred tonnes (cpht) for stones retained on a +1 DTC screen. Diamond recovery from individual sub-samples varied between 80 cpht and 184 cpht, with the largest diamond weighing 5.92 carats.
Diamond recovery from the Renard 2, 3 and 4 bulk sample program is now complete. A total of 6,497 carats have been recovered from 6,036 dry tonnes of processed kimberlite. A sufficient parcel of diamonds has now been recovered from each of Renards 2, 3 and 4 to proceed to an independent, open market valuation exercise. It is anticipated that this will occur in September 2007, with results expected early in the fourth quarter.
Eira Thomas stated, â€œThe latest bulk sample results at Renard have confirmed a high grade zone at the northern end of Renard 4, with a diamond content 27% higher than previous, reported results in this area. Overall, diamond recovery from the Renard bulk sample program has exceeded our expectations. The successful completion of this phase of the program now allows us to proceed to a market valuation of the Renard diamonds ahead of a NI 43-101 compliant resource calculation to be undertaken later in the year. This will be the first formal resource statement at Renard, and an important milestone in the road towards QuÃ©becâ€™s first diamond mine.â€
The five largest diamonds recovered from Renard 4 are a 5.92 carat brown octahedron, a 3.71 carat light off-colour makeable, a 3.70 carat brown clivage, a 3.67 carat light off-colour gem octahedron, and a 3.38 carat colorless gem octahedron.
The five individual sub-samples from Renard 4 reported above were collected from a trench developed upon a northern, â€œcomplexâ€ zone of the pipe, which is exposed close to the surface under a thin till cover. Previous sampling of this zone had indicated that it was comprised of higher grade material than the rest of Renard 4, and presented an opportunity to collect a sample of diamonds large enough for a statistically meaningful diamond valuation. Mapping within the trench has outlined several geological units within this zone, including a tuffisitic kimberlite breccia, hypabyssal kimberlite dykes, country rock breccias and granite. Only the tuffisitic kimberlite breccia and the hypabyssal kimberlite were sampled. Delineation drilling suggests the complex zone has a depth extent of at least 188 and has the potential to contribute a meaningful proportion of high grade kimberlitic material within a Renard 4 resource model.
Recovered diamond content from individual sub-samples, and the complete Renard 4 trench sample, does not conform to the definition of a â€œmineral resourceâ€ grade established by National Instrument (â€œNIâ€) 43-101. Stornoway is in the process of establishing detailed geological models for each of the Renard kimberlites to be utilized in a subsequent NI 43-101 compliant resource calculation. As a component of this work, individual geologic units observable within the pipes will be reconciled with diamond recovery information.