QUEBEC – With each update, Stornoway Diamond Corp. of Montreal continues to increase the resources at its Renard diamond project in the Otish Mountains. The indicated resource at what will be the province's first diamond mine is up 14% to 27.1 million ct contained in 35.45 million tonnes grading 76.4 cpht.
The company also converted 7.86 million tonnes grading 29.3 cpht (containing 2.3 million ct) of near surface material at Renard 65 from inferred to indicated. This calculation will allow open pit mining to proceed to 150 metres deep.
The total inferred mineral resource decreased 3.5% to 16.9 million ct. It now stands at 29.67 million tonnes grading 57 cpht.
The property continues to hold promise. Stornoway labeled another 25.7 million to 47.8 million ct (or 54.6 million to 74.9 million tonnes) as a "target for further exploration" to a depth of 775 metres, below which the kimberlites remain open.
Pre-production capital costs for the Renard project are $752 million. Please visit StornowayDiamonds.com for additional details.