Star Diamond, Canterra minerals joint venture Buffalo Hills completes diamond valuation

Star Diamond (TSX: DIAM) and Canterra Minerals (TSXV:CTM) have completed an estimate of the diamond valuation and the abundance of Type IIa […]
Star Diamond CEO says valuations from Buffalo Hills diamonds are “encouraging.” Star Diamond photo

Star Diamond (TSX: DIAM) and Canterra Minerals (TSXV:CTM) have completed an estimate of the diamond valuation and the abundance of Type IIa diamonds from the from K6, K14, K91 and K252 kimberlites of Buffalo Hills, a joint venture between the two companies in north-central Alberta. Each holds a 50% interest in the Buffalo Hills project.

The diamond valuation exercise has shown that kimberlites K14 and K6 have elevated modelled diamond prices, US$160 per carat and US$180 per carat, respectively. The K6 parcel includes three fancy yellow stones, the K14 four fancy yellow and the K252 a fancy orange stone. The two highest value stones, which are both from the K6, are 1.06 carats US$532 and 1.07 carats US$506. These diamond parcels are too small for rigorous diamond value estimates.

The diamond typing exercise has shown presence of Type IIa diamonds, in elevated proportions, in all four of these Buffalo Hills kimberlites. The diamonds analysed represent a spectrum of diamond sizes from +0.026 carats to 1.2 carats.

Type IIa diamonds are very rare and generally account for less than 2% of all natural rough diamonds mined world-wide from kimberlite deposits. Only a small number of active diamond mines regularly produce Type IIa diamonds with the most notable of these mines being Cullinan diamond mine in South Africa, Letseng diamond mine in the Kingdom of Lesotho and, more recently, Karowe diamond mine in Botswana.

 "We are encouraged that the high diamond price estimates for these kimberlites are significantly above the world average rough price of US$116 (2021). This work has also shown elevated proportions of Type IIa diamonds, in addition to the stunning colours in these sample parcels. We will be discussing with our partner what further work may be warranted at site," said Ewan Mason, interim CEO of Star Diamonds.

For more information, visit www.stardiamondcorp.com.

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