QUEBEC – Stornoway Diamond Corp. intends to test the resource potential of the Renard 2 kimberlite underneath the indicated resource that extends 600 metres below surface. The program will be funded from the proceeds of the $10 million private placement the company made late last year.
The Renard 2 program has three major aims. Stornoway wants to covert an estimated 6.2 million ct of inferred resources between the 600- and 700-metre horizons to indicated resources. Between 700 and 800 metres, what had been a “target for further exploration”, will be defined as an inferred resource. Below 800 metres to at least 1,000 metres what the company calls “wild cat” drilling will be conducted.
Additional drilling may be done on four other kimberlites that are not currently contained within the mineral resource.
Meanwhile, Stornoway is pursuing financing to develop the Renard kimberlite as Quebec’s first diamond mine. Construction is to begin as soon as the financing is committed.
Learn about the Renard diamond project at StornowayDiamonds.com.