Star Diamond Corporation ("Star Diamond or the Corporation") is pleased to announce that the Corporation has completed a study into the abundance of Type IIa diamonds in the Trench Cutter diamond parcels recovered from the Early Joli Fou ("EJF") geological units at the Star Kimberlite, as defined by the Star Diamond geological model. The Star Kimberlite is located within the Fort à la Corne diamond district of central Saskatchewan, Canada (which contains the Star - Orion South Diamond Project), on mineral dispositions held in a joint venture with Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada"). During 2019, Rio Tinto Canada completed the drilling of ten bulk sample holes (trenches) on the Star Kimberlite using a Trench Cutter Sampling Rig. This study confirms that unusually high proportions of Type IIa diamonds are present in the Star Kimberlite. Of particular note is the exceptionally high proportion of Type IIa diamonds in the larger size fractions of the EJF of which 53 percent (8 of the 15) of the largest stones, 4 carats and above are Type IIa. This study also confirms and augments earlier studies conducted by Star Diamond of Type IIa diamonds at Star (26.5 percent, +11 DTC (0.32 carats) and above) (see News Releases dated June 09, 2010 March 4, 2019 and May 02, 2022 ). Type IIa diamonds are very rare and account for less than 2 percent of all natural rough diamonds mined from kimberlites. Many high-value, top colour, large specials (greater than 10.8 carats) are Type IIa diamonds, which include all ten of the largest known rough diamonds recovered worldwide.
The number and the percentage of Type IIa diamonds for the Trench Cutter EJF samples are documented in the table below.
Star EJF Kimberlite (Diamonds +9 DTC (0.18 carats) to 15 carats)
Number of Type IIa Diamonds
As can be seen from the table above, a significant number of diamonds from the EJF geological units of the Star Kimberlite have been analyzed and typed from the Trench Cutter program. The diamonds analyzed represent a spectrum of diamond sizes from +9 DTC (+0.18 carats) through all the large stones, up to diamonds of over 15 carats. The largest Type IIa diamond identified is a 16.96 carat stone.
The twelve highest value stones from the EJF trench cutter samples (3 carats and above) are listed in the table below. Of note is that nine of these twelve highest value stones are Type IIa. Diamond descriptions and valuations were completed by Mr. Nelson Karun , Diamond Specialist, Saskatchewan Research Council ("SRC") Diamond Services, on behalf of Star Diamond:
2 VTLB: Very Top Light Brown Polishes to the equivalent of H colour
The previous three highest value stones, recovered from the Star and Orion South Kimberlites and valued at the SRC, are shown in the table below.
Only a small number of active diamond mines regularly produce Type IIa diamonds with the most important of these mines being Letseng-la-Terae (Letseng Mine) in the Kingdom of Lesotho and more recently Karowe in Botswana . While Letseng is a low grade (1.5-3 cpht) kimberlite and Karowe has a grade of approximately 15 cpht, they are probably the most prolific source of large high-value Type IIa diamonds, which contribute to making Letseng and Karowe highly economic deposits. Type IIa diamonds contain no nitrogen or boron impurities and are frequently either top white colours (D, E, F or G) or any shade of brown. Many pink and brownish-pink diamonds are also Type IIa. Type IIa diamonds usually have anhedral crystal shape and exhibit a range of elongated, distorted, or irregular morphologies. Most importantly, many high-value, top colour, large specials (greater than 10.8 carats) are Type IIa diamonds, which include all ten of the largest known rough diamonds recovered worldwide, from the 890 carat Incomparable to the 3,106 carat Cullinan .
Statistics on the proportions of Type IIa diamonds produced by diamonds mines are not freely available. However, Bowen et al (2009) published Type IIa FTIR measurements for 484 plus two carat diamonds from the Letseng Diamond Mine. The Letseng Mine has a low grade of some 1.5 to 3 cpht but is highly economic as a result of its unusually high average diamond price ( US$2,131 per carat in 2018). Letseng accounts for some 30 percent of the world market share of diamonds greater than 25 carats and has produced some of the biggest gem quality diamonds recovered in the past number of years including the 910 carat Lesotho Legend, 603 carat Lesotho Promise, the 550 carat Letseng Star, the 493 carat Letseng Legacy and the 478 carat Light of Letseng. These are all Type IIa diamonds. The Karowe Mine of Lucara Diamond Corp. has also produced some record Type IIa diamonds in the past few years, notably 1,758 carat Sewelo, which is the second largest gem diamond ever recovered, the 1,109 carat Lesedi La Rona , which is the third largest gem diamond ever recovered and sold for US$53 million , and the 813 carat Constellation, which was sold for the record price of US$63.1 million .
Fourier Transform Infrared ("FTIR") Spectrometry is used to determine the concentration and aggregation state of nitrogen within the diamonds using industry standard methods. All analyses of nitrogen content and aggregation state were carried out at the SRC high security diamond facility, with 24-hour video surveillance. The SRC's Geoanalytical Laboratories is accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory.
Senior Technical Advisor to Star Diamond, George Read , states: "The presence of a significant proportion of Type IIa diamonds recovered in the Star Kimberlite by the Trench Cutter greatly increases the potential for the recovery of large (plus 100 carat), high-value diamonds from a future mine. Analysis of the trench cutter diamond parcels indicates a significant proportion of Type IIa diamonds, many of which are top white in colour with high value. The presence of high-value diamond groups (Type IIa) greatly strengthens the future potential diamond pricing from the Star Kimberlite."
Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with Rio Tinto Canada (a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto refers to their Fort à la Corne mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of an independent Preliminary Economic Assessment (the "PEA") on the Project. The PEA (on a 100% basis) estimated that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of Return ("IRR") of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see news release dated April 16, 2018 ).
All technical information in this press release has been prepared under the supervision of George Read, Senior Technical Advisor to Star Diamond, a registered Professional Geoscientist in the Provinces of Saskatchewan and British Columbia and Mark Shimell, Project Manager, a registered Professional Geoscientist in the Province of Saskatchewan , who are the Corporation's "Qualified Persons" under the definition of NI 43-101.
Bowen, D.C. Ferraris, R.D. Palmer, C.E. and Ward, J.D. (2009) On the unusual characteristics of the diamonds from Letseng-la-Terae kimberlites, Lesotho . Lithos Vol. 112S pp.767 – 774.
Breeding, C.M. and Shigley, J.E. (2009) The "Type" classification system of diamonds and its importance in gemology . Gems & Gemology Vol. 45 No. 2 pp. 96 – 111
This news release contains forward-looking statements as defined by certain securities laws, including the "safe harbour" provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. In particular, statements regarding the Corporation's future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves, mineral resources, PEA or TFFE constitute forward-looking statements. Forward-looking statements contained or implied in this press release include, but are not limited to, the potential proportion of Type IIa diamonds in kimberlites located in the Fort à la Corne diamond district of central Saskatchewan, Canada (which includes the Star, Orion South , Orion North and Taurus Kimberlites), diamond valuations and the potential for the recovery of large high quality diamonds.
These forward-looking statements are based on the Corporation's current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Rio Tinto Canada or Star Diamond, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Star Diamond's most recently filed Annual Information Form, annual and interim MD&A.
Although the management of Star Diamond consider the assumptions contained in forward-looking statements to be reasonable based on information currently available to them, those assumptions may prove to be incorrect. When making decisions with respect to Star Diamond, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Star Diamond does not undertake any obligation to release publicly revisions to any forward-looking statement to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk.
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Chris Dessi: US$1.2 Trillion Diamond Market Ripe for Unlockingyoutu.be
The diamond market is worth an impressive US$1.2 trillion, but remains relatively untouched by investors.
Speaking to the Investing News Network (INN) at the recent Vancouver Resource Investment Conference (VRIC), Chris Dessi, chief revenue officer at Diamond Standard, explained how the company is looking to change that.
"Of the US$1.2 trillion worth of diamonds, less than 1 percent is held as an investment," he explained. "We've effectively unlocked that by creating the diamond standard — the literal diamond standard."
Diamond Standard has developed regulator-approved physical bars and coins that contain equivalent sets of diamonds and are each backed by a blockchain token. The firm also launched a fund in May, and is exploring other avenues to give investors exposure to the industry, including exchange-traded funds and a futures contract.
"These are all things that are planned as a suite of services, investment vehicles," said Dessi. "The way we like to look at it is it's almost like Apple (NASDAQ:AAPL) — all of these different investment vehicles that are communicating with each other that are just part of the roadmap of us unlocking that US$1.2 trillion market."
Cormac Kinney, founder and CEO of Diamond Standard, previously explained to INN that he expects the company's products to boost investors' diamond holdings to about 15 percent of the market, up from the current 1 percent. Reiterating that goal, Dessi commented, "It's about a US$200 billion green pasture in front of us."
Watch the interview above for more from Dessi. You can also click here for our full VRIC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVDF) ("Mountain Province", or the "Company") is pleased to announce the appointment of Ms. Kelly Stark-Anderson to its Board of Directors. Her appointment follows the departure of Dean Chambers who has chosen the step-down due to other commitments.
An accomplished executive in the Canadian mining industry, Ms. Stark-Anderson has over 25 years experience in the legal, M&A, financing and governance areas, combined with deep experience in Environmental, Social, Governance (ESG) matters. Ms. Stark-Anderson is currently the Executive Vice President Corporate Affairs, General Counsel & Corporate Secretary and Corporate Compliance Officer for Dundee Precious Metals Inc. (TSX:DPM) and previously has acted as Vice-President, Legal and Corporate Secretary for SSR Mining Inc. Ms. Stark-Anderson led her own firm providing corporate/commercial, governance and securities compliance services to public, private and crown entities. Ms. Stark-Anderson's deep experience in ESG, legal, financing and M&A will be a valuable addition to the Company's board.
Jonathan Comerford , the Company's Chairman, commented:
"We are extremely happy to have Kelly join our Board of Directors. Her legal expertise and strong ESG experience are areas we were seeking to strengthen on our Board, which together with her extensive governance experience will be extremely beneficial as the Company advances through 2022 and beyond. The recent national award received by the Gahcho Kué mine for a collaborative monitoring program with the indigenous Ní Hadi Xa community is one example of the important work we do, and Kelly will bring a fresh perspective to our ESG approach. I would also like to thank Dean for his considerable contribution to the Board of Mountain Province during a very challenging time for the Company, and wish him well in his future endeavors."
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province ; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province , certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province . Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
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SOURCE Mountain Province Diamonds Inc.
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Star Diamond Corporation ("Star Diamond" or the "Corporation") is pleased to announce that all of the nominees listed in the management proxy circular dated March 29, 2022 were elected as directors of the Corporation at its annual meeting of shareholders held on May 18, 2022 (the "Meeting").
Details of the voting results for the election of directors are set out below:
In addition, shareholders also approved at the Meeting a resolution to re-appoint KPMG LLP as the Corporation's independent auditors.
Voting results for all matters will be posted on SEDAR at www.sedar.com .
Star Diamond is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc. (a wholly-owned subsidiary of Rio Tinto plc), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan, Canada , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.
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Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces interim exploration results for its 100%-held Kennady North Project. The Kennady North Project consists of over 107,000 hectares of claims and leases that completely surround the Gahcho Kué Diamond Mine. The 2022 exploration program is focussed on finding new kimberlites based on a detailed analysis of historical technical information including ground and airborne geophysics, kimberlite indicator minerals, and geological mapping. Approximately 3,000 of the ongoing 6,000 meter winter drill program have been completed.
" We began 2022 with a plan to launch an aggressive winter exploration campaign over Kennady North, and we have achieved that plan. We have discovered kimberlite in three of four targets tested to date, and completed all of our scheduled airborne and ground geophysics. In the final weeks of our winter program, we will continue to drill-test as many priority anomalies as feasible with the intent to discover more kimberlite and add value to the Kennady North Project. As a pure Canadian diamond producer and explorer, we see this as an important time to aggressively explore for new Canadian diamond production"
Of the sixteen targets identified four have been tested by drilling so far. Drilling will continue through the rest of the winter 2022 program which is expected to culminate at the end of May. Summer exploration will start in Q3 with emphasis on follow-up sampling of indicator mineral results generated from the 2021 till sampling program, which are expected to be complete by the end of Q3. A review of all winter 2022 ground geophysical data continues through Q2 with the intent to drill areas of interest ("AOI") with land-based anomalies in the summer program.
To date, 2,935 meters from 20 drillholes have been collected from the North Anomaly, South Anomaly, KS Anomaly and G6 Anomaly. These anomalies were defined using ARRT (a high-resolution ground resistivity system developed by Aurora Geoscience Ltd., Yellowknife ), and by ground gravity. Both systems recognize the physical contrast between competent country rock and country rock adjacent to kimberlite that is broken and altered from emplacement of the kimberlite. Locations for these anomalies relative to the Kelvin and Faraday kimberlites are shown in the first set of images.
Seven drillholes completed at the North Anomaly have identified depth-extensive zones of highly altered country rock intermixed with intersects of hypabyssal kimberlite ('HK') ranging from 0.03 to 6.93 meters in thickness (average thickness 1.54m ). Suspected volcaniclastic kimberlite ('VK') has been intersected in three drillholes and ranges from 0.16 to 2.13 meters in thickness (average 0.95m ), with 3D modeling of the drilling indicating lateral continuity for the VK. For Kelvin and Faraday kimberlites at Kennady North, VK comprises the greatest volume and its presence in the exploration drilling is considered a good indication for volume potential at the North Anomaly.
At the South Anomaly all five drillholes have HK present with thicknesses ranging from 0.68 to 6.96 meters (average 3.23m ). Country rock breccia consisting of highly comminuted gneiss mixed with kimberlite has also been observed, and is indicative of volume potential for the South Anomaly.
Four of six drillholes at the KS anomaly intersected HK kimberlite ranging from 0.22 to 1.49 meters in thickness. The present interpretation for the KS anomaly is that the system is lacking the kimberlitic fluids necessary to break up country rock and provide volume for VK to develop. A table of drill results for the North, South and KS Anomaly is provided below.
1 Intersects are not true thicknesses. 2 Initial measurements from field logs may change with further drillhole surveying and logging.
The target AOI were selected from recently-compiled studies of glacial geology and kimberlite indicator mineral (KIM) dispersions over the project area. Additional target AOI were selected after a review of historical geophysical data for Kennady North. These datasets were reviewed during several in-house workshops held in late 2021 and early 2022, with final ranking of sixteen AOI completed in a joint workshop held with De Beers in February 2022 . The sixteen AOI were scheduled for ARRT and ground gravity surveys during the winter program, with a total of 188.8 line-km of ARRT and 3,139 gravity stations completed over the targets. A map image of the AOI that received ground geophysics for drill-targeting is shown in the third image.
Drilling has started at the G6 anomaly, situated on the winter spur road to Gahcho Kué Mine. The G6 anomaly is the result of a 1997 DIGHEM airborne survey that delineated the Kelvin, Faraday and Gahcho Kué kimberlites. Recent drilling over follow-up coincident ARRT and ground gravity anomalies encountered no kimberlite. Assessment of the drill data is underway.
In addition to the ground geophysical surveys, a small airborne magnetic/electromagnetic survey was conducted over an unsurveyed area located one kilometer southeast of Gahcho Kué. A total of 1,291 line-km of data were collected over the area.
In 2021 over 600 till samples were collected over the project area, including the recently staked Kennady East claims. Preliminary results for 47 samples confirm the presence of pyrope, chromite and picroilmenite in esker samples from the southern portion of the Kennady East claims. The distribution of 2021 till samples and outline of the 2022 airborne geophysics program are shown in the fourth and final image.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Matthew MacPhail , P.Eng., MBA, and Tom E. McCandless , Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Caution Regarding Forward Looking Information This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province ; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province , certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parametres, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province . Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board
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SOURCE Mountain Province Diamonds Inc.
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Star Diamond Corporation ("DIAM", "Star Diamond" or the "Company") reports that the unaudited results of its operations for the quarter ended March 31, 2022 will be filed today on SEDAR and may be viewed at www.sedar.com once posted. A summary of key financial and operating results for the three months ended March 31, 2022 is as follows:
Overview Star Diamond Corporation is a Canadian natural resource company focused on exploring and developing Saskatchewan's diamond resources. Star Diamond holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada", a wholly-owned subsidiary of Rio Tinto plc or "Rio Tinto"), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project, or "Project"). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto Canada refers to their Fort à la Corne mineral properties as "Project FalCon".
Activities Relating to the Fort à la Corne mineral properties (including the Project) During technical meetings concerning the FalCon Project held in March 2022 , Rio Tinto Canada indicated to the Company that a number of desktop studies have been undertaken to evaluate the mineability and economic viability of the Project (see News Release dated February 17, 2022 ). Star Diamond recently received presentations from both Rio Tinto Canada and Rio Tinto personnel concerning data analysis and exploration activities that have been undertaken by Rio Tinto Canada over the last two years (see News Release dated March 9, 2022 ). Topics of interest covered during these technical meetings included: 1) Star Kimberlite trench cutter bulk sampling program results, 2) Diamond size and quality analysis, 3) 'Orbit' program update, 4) Mineability study, 5) Geological model and resource update, 6) Community and stakeholder engagement, 7) Environmental and permitting and, 8) Green energy and carbon mineralization. As the Company analyzes the information presented at these technical meetings and materials relating to these topic areas, the Company may provide further details and/or results of these studies.
The FalCon 'Orbit' exploration program conducted by Rio Tinto Canada has resulted in a number of kimberlites being prioritized for additional diamond evaluation work (see News Release dated April 12, 2022 ). Rio Tinto Canada geologists of the Orbit exploration team have, over the past few years, used a spectrum of evaluation techniques to review and prioritize the Fort à la Corne kimberlites outside of the Star and Orion South Kimberlites, which have already been subject to extensive evaluation. This program has highlighted the kimberlites of Orion North (K120, K147, K148) as having significant potential to add to the FalCon Project. Orion Centre (K145), Taurus (K150, K118, K122) and K119 stand out in the field as having number of the attributes sought but require further work to completely evaluate. The locations of these kimberlites relative to Star and Orion South are shown on the map, which is available on the Star Diamond website. Rio Tinto Canada has indicated that it is in the process of developing additional diamond evaluation work to be conducted on these kimberlites. The evaluation techniques used thus far by the Orbit exploration team to prioritize these Orion North, Orion Centre and Taurus Kimberlites have included: componentry method of core logging; diamond inclusion studies; garnet colour studies; trace element geochemistry; thermobarometry; and microdiamond sampling. These studies have highlighted the kimberlites of Orion North (K120, K147, K148) as satisfying Rio Tinto Canada's Ore Grade Width Intercept ("OGWI") requirements and that these kimberlites will require additional evaluation work. Orion Centre (K145), Taurus (K150, K118, K122) and K119 indicate the potential to deliver OGWIs.
The Company recently announced the completion of a major study into the abundance of Type IIa diamonds in the diamond parcels recovered from the Early Joli Fou ("EJF") Geological Units at the Orion North and Taurus Kimberlites. These diamonds were recovered by Star Diamond between 2006 and 2008 from 48-inch large diameter drilling ("LDD") programs. This study confirms that unusually high proportions of Type IIa diamonds are present in both the Orion North and Taurus Kimberlites. Of particular note is the remarkably high proportion of Type IIa diamonds in the Orion North 147/148 EJF (52%) of which 66% of the 24 stones, 3 grainer (0.66 carats) and above are Type IIa. This study also confirms and augments an earlier study of Type IIa diamonds being present in the Fort a la Corne kimberlites with Star at (26.5 percent) and Orion South Kimberlite (12.5 percent) (see News Releases dated June 09, 2010 & March 04, 2019 ). Type IIa diamonds are very rare and account for less than 2 percent of all natural rough diamonds mined from kimberlites. Many high-value, top colour, large specials (greater than 10.8 carats) are Type IIa diamonds, which include all ten of the largest known rough diamonds recovered worldwide.
Activities relating to other mineral properties The Company recently announced that pursuant to a Quitclaim, Surrender and Assignment of Interest Agreement dated May 11, 2022 , the Company has acquired an additional joint venture interest of approximately 17% in the Buffalo Hills project for nominal consideration (see News Release dated May 12, 2022 ). As a result of the transaction, Star Diamond and Canterra Minerals Corporation each hold a 50% interest in the Buffalo Hills project. Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada , the Buffalo Hills project is a significant and accessible field of diamond bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, Canada .
Year to Date Results For the quarter ended March 31, 2022 , the Company recorded a net loss of $0.9 million or $0.00 per share (basic and fully diluted) compared to a net loss of $1.1 million or $0.00 per share for the same period in 2021. The losses during these quarters were due to operating costs and exploration and evaluation expenditures incurred by the Company exceeding interest income earned on cash and cash equivalents.
During April 2022 , the Company completed a private placement whereby an aggregate of 16,666,667 Units were issued for proceeds of $5.0 million (see News Releases dated April 6, 2022 and April 22, 2022 ). Each Unit was comprised of one common share and one warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of $0.40 , for a period of two years from the closing of the private placement.
Condensed Consolidated Statements of Financial Position
Exploration and evaluation, capital and other assets
Investment in Wescan Goldfields Inc.
Net loss for the period
Net loss per share for the period (basic and diluted)
Condensed Consolidated Statements of Cash Flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Outlook The provincial environmental approval of the Project received in 2018, alongside the previous positive federal decision, marked a major milestone for the Project. In addition, the positive results of the 2018 independent PEA show that the Project can be economically developed and operated while providing direct employment for hundreds of people throughout the construction phase and hundreds of people continuously over its estimated 38 year mine life.
The successful completion of the 2017 consolidation of the Fort à la Corne mineral properties (including the Project) and the amended Fort à la Corne joint venture agreement that was announced in December 2021 defines a new phase for the Company. The arrangements announced in December 2021 are intended to ensure that key project milestones, and the certainty associated with them, will have been achieved before Star Diamond has to contribute any additional capital. Star Diamond will have no obligation to fund or contribute to carried interest costs until the commencement of commercial production, which will not occur until after the completion of construction of the diamond mine with it generally operating at certain specified thresholds for 90 days. Once a decision to develop the mine has been made and publicly announced, Star Diamond will have six months before it is required to begin contributing to its share of capital costs and expenditures incurred for construction of the mine.
As of May 12, 2022 , the Company had approximately $3.4 million in cash and cash equivalents (excluding $0.6 million in restricted cash). A portion of the Company's cash and cash equivalents will be used for programs (including remaining flow-through commitments) to further assess, evaluate and advance certain aspects of the Company's mineral properties, as well as for general corporate matters.
About Star Diamond Corporation Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Star Diamond trade on the Toronto Stock Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with Rio Tinto Canada (a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto refers to their Fort à la Corne mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of an independent Preliminary Economic Assessment on the Project. The PEA (on a 100% basis) estimated that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of Return ("IRR") of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see news release dated April 16, 2018 ).
This news release contains forward-looking statements as defined by certain securities laws, including the "safe harbour" provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. In particular, statements regarding the Company's future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves, mineral resources or the PEA constitute forward-looking statements. Forward-looking statements contained or implied in this news release include, but are not limited to, statements relating to the Company's ability to continue as a going concern; statements regarding programs previously performed by Rio Tinto Canada; statements regarding future programs by Rio Tinto Canada; statements related to diamond breakage and other reporting; disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, NPV and other costs and economic information, carats of diamonds to be recovered, after-tax payback period, tonnes of kimberlite to be mined, carats per tonne to be recovered (grade), diamond prices, project life, life of mine, capital costs, and length of pre-production period; statements related to mineral resources and/or reserves; statements related to the approval of the development of the Star - Orion South Diamond Project; statements relating to future development of the Star - Orion South Diamond Project and associated timelines; statements with respect to environmental permitting and approvals; the Company's need for and intention to seek additional financing; statements with respect to metallurgical and diamond investigations, assessments and test work including diamond breakage studies; the potential proportion of Type IIa diamonds in the Star, Orion South , Orion North and Taurus kimberlites and the potential for the recovery of large, high-quality diamonds.
These forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world diamond markets, changes in diamond valuations, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Rio Tinto Canada or the Company, the nature and outcome of studies, analyses, criteria or conditions that Rio Tinto Canada may consider relevant to its assessment of whether to seek to further invest in the Project or seek to develop the Project into an operating mine, the effects of competition in the markets in which the Company operates, the impact of the COVID-19 pandemic, risks related to diamond breakage from extraction and diamond recovery, risks related to the Company's need for additional financing and the Company's ability to raise that financing, the impact of changes in the laws and regulations regulating mining exploration and development, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in the Company's most recently filed Annual Information Form, annual and interim MD&A, news releases and technical reports. The Company's anticipation of and success in managing the foregoing risks could cause actual results to differ materially from what is anticipated in such forward-looking statements.
Although the Company considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to it, those assumptions may prove to be incorrect. When making decisions with respect to the Company, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Unless required by applicable securities laws, the Company does not undertake to update any forward-looking statement that is made herein.
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Star Diamond Corporation (TSX: DIAM) ("Star Diamond" or the "Corporation") is pleased to announce that, pursuant to a Quitclaim, Surrender and Assignment of Interest Agreement dated May 11, 2022 the Corporation has acquired an additional joint venture interest of approximately 17% in the Buffalo Hills project in north central Alberta, Canada for nominal consideration. As a result of the transaction, Star Diamond and Canterra Minerals Corporation (TSXV: CTM) each hold a 50% interest in the Buffalo Hills project.
Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada , the Buffalo Hills project is a significant and accessible field of diamond bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, Canada .
Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with RTEC (a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto refers to their Fort à la Corne mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of an independent Preliminary Economic Assessment (the "PEA") on the Project. The PEA (on a 100% basis) estimated that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of Return ("IRR") of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see news release dated April 16, 2018 ).
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