Stornoway Diamond Corporation (the "Corporation" or "Stornoway") is pleased to announce the commencement of the 2014 drill program at the Renard Diamond Project in Québec. The current drilling will test the resource potential of the Renard 2 kimberlite below the base of the currently defined Indicated Mineral Resource at 600 meters below surface, at which level Renard 2 is interpreted to be at its maximum size.
Two drill rigs are currently set-up on surface at Renard 2 and are undertaking tightly constrained, deep directional drilling from within the kimberlite. The objectives of the program are:
- The conversion of the estimated 6.2 mCarats of Inferred Mineral Resources between 600m and 700m below surface at Renard 2 (5.2 mTonnes at 119 carats per hundred tonnes, or "cpht") to an Indicated Mineral Resource;
- The addition of additional Inferred Mineral Resources at Renard 2 from 700m to at least 800m depth, an interval within which Stornoway has previously estimated resource upside in the form of a "Target for Further Exploration" of between 4.2 and 7.3 mCarats; and
- The exploration of Renard 2 below 800m to a depth of 1000m or greater through deep, wild-cat drilling.
The reader is cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a Mineral Resource.
The 2014 Renard drill program will be fully funded from the proceeds of the $10m private placement of flow-through shares undertaken by Stornoway in late 2013. Drilling will continue into the summer, with an update to the Renard Mineral Resource Statement to follow.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves, as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.85 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. Readers are cautioned that the potential quality and grade of any target for further exploration is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. All kimberlites remain open at depth. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project. Disclosure of a scientific or technical nature in this press release was prepared under the supervision of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a "qualified person" under NI 43-101.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive
Source: http://www.stornowaydiamonds.com/