Stock Symbol: DIAM: TSX
SASKATOON, May 8, 2019 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development of Star Diamond Corporation ("Star Diamond" or the "Corporation") is pleased to announce that Rio Tinto Exploration Canada Inc ("RTEC") have initiated field activities and programs on several fronts in the Fort à la Corne diamond district of central Saskatchewan, Canada, on mineral dispositions held 100 percent by Star Diamond, in preparation for RTEC's bulk sample drilling program on the Star - Orion South Diamond Project. RTEC refers to Star Diamond's mineral dispositions in the Fort à la Corne diamond district as Project FalCon.
The Cutter Soil Mixing ("CSM") program recently recommenced on the Corporation's Star Kimberlite, to complete the five remaining panels (see News Release dated October 1, 2018). The CSM program is intended to stabilize the unconsolidated sand overburden for each of the planned ten bulk sample holes on the Star Kimberlite. Following the CSM stabilization program, RTEC aim to use a Bauer BC 50 Cutter mounted on a Bauer MC 128 Duty-cycle Crane ("Trench Cutter Sampling Rig ") to drill and sample to depths of up to 250 metres below surface. Each ten metres of advance down hole aims to excavate some 100 tonnes of kimberlite. Bauer cutter rigs are used around the world for complex engineering projects. Bauer has indicated that this will be the first time in the world that this technology will be used in an active project to reach a depth of 250 meters.
Other recent site activities by RTEC include the expansion of the on-site person camp to accommodate up to 150 persons (formerly 90 persons); the completion of the 29.3 by 33.5 metre insulated and heated sample storage building adjacent to the site where the foundations have been cast for the bulk sampling processing plant. The components for the processing plant are on site and plant assembly will commence now that the foundations have been completed. The bulk sample plant has been fabricated by Consulmet in South Africa in modular, containerized units. The bulk sample plant will use a modern flowsheet and the latest X-ray transmission ("XRT") sorting technology to ensure any large diamonds present (up to 25 millimetres) are recovered with minimal breakage.
Senior Vice President Exploration and Development, George Read, states: "Star Diamond Corporation is encouraged by the level of activity on site and the pace at which tasks are being completed in preparation for the bulk sample drilling program on the Corporation's 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". The Corporation's Fort à la Corne kimberlites (including the Star - Orion South Diamond Project, or "Project") 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.
All technical information in this press release has been prepared under the supervision of George Read, Senior Vice-President of Exploration and Development, 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.
Caution Regarding Forward-Looking Statements
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, RTEC's and the Corporation's objectives for the ensuing year, including the proposed bulk sampling program.
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 the Corporation or its partners, the effects of competition in the markets in which the Corporation operates, 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 the Corporation's most recently filed Annual Information Form, annual and interim MD&A. The Corporation'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 management 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 Corporation, 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 law, the Corporation does not undertake to update any forward-looking statement that is made herein.
SOURCE Star Diamond Corporation
For further information: [email protected] or (306) 664-2202, www.stardiamondcorp.com