Jaibaras Diamond Project Update - Drilling to Commence Within Three Weeks
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/09/17 -- Five Star Diamonds Limited (TSXV: STAR) (the "Company" or "Five Star Diamonds") is very pleased to provide the following update on its 100% owned Jaibaras Diamond Project (the "Jaibaras Project" or "the Project") in Para State, Brazil.
Highlights
The Jaibaras Diamond Project is located in Para State in Brazil and comprises one mineral property with 522.26 hectares. De Beers discovered the Jaibaras kimberlite cluster in 1990 during intensive Brazilian exploration. Their work included sampling for Kimberlite Indicator Minerals ("KIMs") and chemistry, aeromagnetic and ground magnetic surveys, drilling, trenching, microdiamond sampling and geochronology. The kimberlites were demonstrated to be diamond positive.
To date eight kimberlite targets at the Jaibaras Project have been identified.
Exploration work executed to date includes;
To view figure 1, please visit the following link:
ONGOING AUGER DRILLING PROGRAMME
An auger drilling evaluation programme has recently been completed at J4. The programme comprised seven auger holes for a total of 27.60 linear metres with six of the holes intersecting a kimberlitic pipe.
A 12kg sample from one hole was treated and submitted to a KIM''s study. The kimberlite saprolite intersected on auger hole JAI-035 contains;
Kimberlite indicator sampling at the J4 kimberlite pipe has returned the most promising results ever seen by Five Star Diamonds in Brazil.
The auger drilling evaluation programme will now continue with testing J5-J8 targets.
To view figure 2, 3 and 4, please visit the following link:
ONGOING PROGRAMMES
The Company is planning to conduct the following exploration activities over the next two months;
PILOT PLANT
The 5tph Pilot Plant from Catalao (wash and rotary pan concentrate plant) is now being demobilized and packed for relocation to the Jaibaras Project where trial mining is scheduled to commence towards the end of 2017. In line with this a trial mining licence application for the Jaibaras Project will be submitted in the coming months.
ABOUT FIVE STAR DIAMONDS
Five Star Diamond''s is focused on acquiring and developing advanced staged diamond projects in Brazil. Since it was established, it has pursued an accelerated growth strategy and aims to be one of the first producers of diamonds from kimberlite deposits in Brazil. The Company is targeting development of sustainable kimberlite pipes and is not involved in alluvial diamond mining with its associated environmental issues. The Company works closely with local, state and federal authorities in Brazil to foster an open, transparent and legal diamond industry in Brazil.
The flagship project of Five Star Diamonds is the 100% owned advanced stage Catalao diamond project located in the famous Coromandel diamond district of Brazil. In addition, the Company owns 22 other diamond kimberlite projects, including the Jaibaras Diamond Project, comprising an aggregate of 72 exploration licences and applications covering a total area of 123,667 hectares. The Company now controls a dominant and highly enviable position in the Brazilian kimberlite diamond sector.
Five Star Diamonds has now successfully listed on the TSX-V, under the ticker symbol STAR, and looks forward to an aggressive work programme at its diamond projects across Brazil. This release is part of many announcements expected over the coming months and we look forward to keeping shareholders updated on our progress as we move towards building a truly unique Brazilian Diamond Company.
On behalf of the Board
Five Star Diamonds Limited
Matthew Wood
Chairman of the Board, President and CEO
Qualified Person
Mr Paulo Ilidio de Brito
BSc Geology
Paulo de Brito is a geologist based in Brazil, has over 30 years of experience in the mining industry, dealing primarily with gold, copper, nickel and industrial minerals. Paulo is a Principal of consulting group Brasgeo and was until recently Exploration Manager of Paringa Resources Limited. Previously, he worked as a senior geologist with WMC Resources Ltd for 18 years until the closure of their activities in Brazil in 2002.
Mr. de Brito, a member of AIG (Australian Institute of Geoscientists) and a member of AusIMM (The Minerals Institute) and a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.
Cautionary Note Regarding Forward-looking statements
Information set forth in this news release contains forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, many of which are beyond the Company''s control. Such factors include, among other things: variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company''s inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Five Star Diamonds Limited
Joe Burke
GM Marketing
Five Star Diamonds Limited
Rajan "Raj" Rai
+1 778 835 9200
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Datum: 09.05.2017 - 06:30 Uhr
Sprache: Deutsch
News-ID 1503329
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Mining & Metals
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