- The Quiet Summer of 2011, and Honest Work
- Respectable Showing For the Diamond Sector at PDAC 2011
- PDAC 2011 – this March
- Promising Diamond Find by Metalex in Northern Ontario, Plus Grades from Chidliak and Movement at Renard
- Peregrine Finds 1.15 Carat Diamond at Chidliak
- Stornoway Diamond Corp. Works to Expand Resources at Renard Project
- 2010 Toronto Resource Investment Conference
- Newsworthy Week For Canadian Diamond Companies
- Different Types of Diamonds at Fort à la Corne
- Kimberlites and Diamonds of Western Canada
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Promising Diamond Find by Metalex in Northern Ontario, Plus Grades from Chidliak and Movement at Renard
Posted by David
High Counts from the James Bay Lowlands
Metalex Ventures Ltd. reported recovery of 800+ relatively coarse (0.425-0.85 mm) diamonds in part of a RC drill sample from the T1 kimberlite in the James Bay lowlands. The kimberlite is part of the Kyle Lake project and is 94.2% owned by MTX and 5.8% owned by Arctic Star Diamond Corp.: TSX-ADD.
The Kyle Lake project is near the ” Ring of Fire” chromium and PGE metals region of northern Ontario. This region has been the focus of exploration by companies such as Cliffs Natural Recources (NYSE-CLF), Noront Resources Ltd (TSX.V-NOT), and KWG Resources Inc (TSX.V-KWG). Although the region has been the focus for diamond exploration since the 1990′s and is home to De Beers’ Victor (Attawapiskat) diamond mine.
What is interesting aside from the high number of coarse diamonds is that it came from a small section of the T1 kimberlite: 138-153 m depth. The company is awaiting detailed results, particularly on analysis of the coarser (>0.85mm) portions of the sample. Complete diamond counts will be released when all samples from the hole have been processed.
As a bit of speculation, that this hole is RC could mean that the true diamond distribution of this zone in the kimberlite could be coarser than what is seen in this sample. This is due to the fact that diamond breakage is rather high in RC drill-hole samples. The mechanics of the process is such that the drill bit: usually tri-cone or drag-bit, and the circulation process is quite rough on the hard, yet brittle diamonds. This is compared to traditional diamond drill core sampling followed by caustic fusion that typically has better preservation of large stones. The advantages to RC drilling is that it is far cheaper and often faster.
Investors should keep in mind that it is really the two factors of diamond valuation and diamond grade, and not diamond counts, that determine the economics of a diamond mine. In addition to working on the final results from the T1 kimberlite, MTX is also having a bulk sample from the nearby U2 pipe assessed.
Diamond Grade News Out of Chidliak
Yesterday morning, Peregrine Diamonds Ltd. released that they had determined a grade of 1.04 c/t from their mini-bulk sample of the CH-7 kimberlite from the Chidliak property. The 47.2 t (dry) sample returned 49.07 c of stones larger than 0.85 mm. The largest three diamond crystals were 6.53, 2.18, and 1.24 c. The sample was collected by trenching the kimberlite outcrop to a depth of 2 m.
Eric Friedland, CEO, is quoted in the press release: “We are pleased to see a grade of one carat per tonne and a population of gem quality diamonds in this mini-bulk sample from CH-7, results that certainly justify a large bulk sample of this pipe and are another illustration of the excellent potential forChidliak to host a diamond mine. We now have five kimberlites with economic potential in Arctic settings at Chidliak, and four of those are clustered within an area that has only an eight kilometre radius: CH-1, CH-6, CH-7 and CH-31. We hope to add to this growing list of potentially economic kimberlites as more microdiamond results from the 34 kimberlites discovered this year are received. As we await all the results from the 2010 exploration programme, including a 14 tonne sample collected from CH-6, we are completing our 2011 exploration strategy which will entail the further evaluation of known kimberlites with economic potential, including the planning for larger bulk samples, as well as the discovery of more diamondiferous pipes starting next March with the drilling of a number of compelling lake-based targets.”
Firm Contracted for Environmental and Social Impact Assessment of Renard
Also yesterday, Stornoway Diamond Corp. awarded a contract to Roche ltd. Groupe-conseil to investigate the environmental and social impact of the future Renard diamond mine in central Quebec. The Renard mine will be Quebec’s first diamond mine and has a current NPV of $885 million (CAN). The engineering and environmental consulting firm will investigate the corporate social responsibility (CSR) factors that surround the project. Attention to CSR by communities, governments, and companies has increased over the past ten years to the point where having a social license to operate is almost as important as having an economic deposit. Understanding the CSR issues surrounding a project has become a necessity for companies with assets in the first world. Signing on an experienced group such as Roche is an important step in the processes to obtaining all of the necessary permits for the Renard mine.
Disclaimer: The author holds shares of SWY. Relevant comments are welcome and encouraged. Spam comments will be deleted. This article is based on the opinions and experience of the author. Please conduct due diligence when investing. ©KIM Report 2010 www.kimreport.com