April 18, 2022
Star Diamond Corp. (TSX:DIAM, BUY, C$1.20 target, Timothy Lee) reported preliminary results from its Orbit exploration program, conducted at its 25%-owned Fort a la Corne diamond project in Saskatchewan. The project is under JV with Rio Tinto’s (LSE:RIO, Not Rated) Canadian subsidiary, Rio Tinto Exploration Canada Inc. (RTEC), which owns a 75% interest. The current NI 43-101 resource at the project includes two kimberlites, Star and Orion South, however the property hosts over 60 kimberlites that have been identified to date. Recent exploration on these earlier stage targets has brought forward several high-priority targets which include 1) three kimberlites (K120, K147, and K148) at Orion North that could potentially add to the resource, and 2) additional targets at Orion Centre (K145), Taurus (K150, K118, and K112), and K119 (map), all of which have several positive attributes but require further evaluation. These high-priority targets show desirable characteristics such as 80-100m zones of kimberlite with an abundance of olivine macrocryst, a significant number of diamond stability field garnets, and micro-diamond populations with size-frequency equivalent to or coarser than the Star kimberlite, in addition to less than 120m of overburden. The company is continuing to review and analyze information presented in technical meetings with Rio Tinto and plans to release additional news related to this review. Meanwhile, RTEC is in the process of developing additional diamond evaluation work on these kimberlites. We believe these results further demonstrate the exploration upside on this district-scale property. Based only on two kimberlites, Star and Orion South, the Fore a la Corne project is a world-class diamond project, yet the property still has significant exploration potential beyond these two. Read more
