SearchGold Provides Drilling and Bulk Sampling Update on Stellar Diamonds plc
09 Dicembre 2010 - 3:30PM
Marketwired
SearchGold Resources Inc. ("SearchGold") (TSX VENTURE:
RSG)(FRANKFURT: S1O) is pleased to provide a progress on Stellar
Diamonds plc ("Stellar") and its African diamond operations.
With the recent commencement of drilling at the Company's
Droujba kimberlite pipe in Guinea and the ongoing bulk sampling at
Tongo in Sierra Leone, Stellar is delivering on its strategy of
developing its portfolio of kimberlite diamond projects.
Tongo Bulk Sampling Update, Sierra Leone
Highlights:
-- Tongo comprises four dykes each between 0.5km and 3km long in eastern
Sierra Leone
-- Previous mini-bulk sample of Dyke 1 returned 100 carats per hundred
tonnes at $144 /carat
-- Over 500 tonnes collected to date from first 60m section of Dyke 1
-- Construction of processing facility nearing completion, first results
expected in early 2011
A bulk sample of approximately 500 tonnes has been collected to
date from a 60m section of the Tongo kimberlite Dyke 1, with
drilling and blasting now being employed under the supervision of
an experienced and qualified underground diamond miner. The
kimberlite dyke varies in width from 50cm to over 100cm and
although the side walls are stable, support levels are being
incorporated to ensure a safe working environment. The objective of
the bulk sampling programme is to yield between 1,000 to 2,000
carats for grade and valuation purposes.
Karl Smithson, Stellar's Chief Executive Officer, commented:
"I am pleased to report that good progress is being made at the
Tongo kimberlite diamond project after some initial delays on
importing the processing plant. The construction of the processing
facility is almost complete and we anticipate the first results in
early 2011. In the meantime we are stockpiling ore from Dyke 1 with
the target of a total sample of approximately 1,500 tonnes that is
representative of the kimberlite. Our previous mini bulk sampling
results of Dyke 1 returned encouraging grades of 100 carats per
hundred tonnes, with all the diamonds being of gem quality and
valued at $144 per carat in June 2010. The same parcel was valued
at up to $189 carat in late 2008."
Droujba Drilling Update, Guinea
Highlights:
-- 20 hole (3,000m) diamond drilling programme has commenced at Droujba
pipe
-- Trial mining and drilling in 1960s to 20m depth with grades of up to
200cpht reported
-- Microdiamond analysis to be undertaken on selected kimberlite core
-- Geophysical surveys suggest the Droujba pipe is potentially larger than
previously thought
-- Other unresolved geophysical anomalies to be drilled which may result in
new kimberlite discoveries
-- A 270-carat stone was reportedly discovered in alluvial gravels near
Droujba
The Droujba kimberlite pipe is located approximately 50km to the
south east of Stellar's Mandala mine. The pipe was discovered in
the early 1960's by the Russian Aid Mission, which mapped and
drilled the pipe and determined it to be approximately 120m x 80m
in size, or 1 hectare. The Russians mined the kimberlite down to a
depth of 20m before the kimberlite became too hard to mine and
process with the technology utilised at that point in time. In 1964
the Russian Aid Mission left Guinea and the pipe has remained
undeveloped since. Diamond grades as high as 200cpth are reported
by the Russians, though there is no information on diamond quality.
However, a 270-carat stone is reported to have been discovered in
the alluvial gravels near to the pipe. A series of ground magnetic,
electro-magnetic and gravity surveys have previously been
undertaken by Stellar and West African Diamonds plc. These surveys
indicate that the size of the Droujba pipe could be twice as large
as originally mapped by the Russian explorers, with the potential
for a "blind" extension to the south west of the known pipe. Other
geophysical anomalies suggestive of undiscovered kimberlite pipes
will also be drilled as part of this programme.
Karl Smithson, Stellar's Chief Executive Officer, commented:
"We are very pleased to commence the drilling programme on the
Droujba pipe. Over the next few months we will be defining the
geological model of the pipe to a depth of 150m and collecting
representative samples for microdiamond analysis by the
Saskatchewan Research Council laboratory in Canada. The results of
this work will enable us to model and forecast the macrodiamond
(commercial) grade of the pipe which, if positive, will give us the
incentive to undertake a larger-scale bulk sample of the kimberlite
pipe in order to more accurately determine the diamond grade and
value. In addition, we will also drill some unresolved geophysical
anomalies with the objective of discovering new kimberlites in
proximity to Droujba."
Photographs of on-going work by Stellar will be made available
on SearchGold's web site.
About Stellar Diamonds plc
Stellar Diamonds plc is a London (AIM: STEL) listed diamond
mining and exploration company that has a portfolio of projects in
West Africa. Two projects in Guinea, Mandala and Bomboko, are in
mining and trial mining respectively, which provide cash flow to
the Company. Stellar also owns full rights over four high-grade
kimberlites that are to be the focus of future development. In
Sierra Leone at the Tongo project a bulk sampling programme is
currently underway on one key kimberlite to assess the diamond
grade and value, whereas at the Kono project underground trial
mining has produced 4,200 carats as part of an economic evaluation
exercise. In Guinea Stellar's Droujba kimberlite pipe and Bouro
kimberlite dykes are located in proximity to Stellar's Mandala
project and demonstrate high diamond grades. Droujba will be
drilled in the near future.
About SearchGold Resources Inc.
SearchGold is a Canadian-based mining exploration company whose
primary mission is to target, explore and develop gold deposits in
Africa. The Company is currently involved in Burkina Faso, Gabon
and Guinea; it has recently been evaluating mining projects in new
African jurisdictions, which are geographically accretive with its
current position. Through innovative corporate transactions,
SearchGold has been able to retain an interest in all the important
assets it has acquired and developed during its existence as a
public company and intends on leveraging its long established
presence in Africa to pursue its development. SearchGold holds two
million shares of Stellar Diamonds plc. Please see:
www.stellar-diamonds.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: SearchGold Resources Inc. Philippe Giaro President
& CEO +32-473-52-30-29 phgiaro@skynet.be www.searchgold.ca
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