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Stornoway’s 2014 Renard Drill Program

Jan 22nd, 2014

Stornoway’s 2014 Renard Drill Program

Stornoway Diamond Corporation (TSX-SWY) is pleased to provide an update on the planned 2014 resource expansion drill program at the Renard Diamond Project in Québec. This program 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 at its maximum size. The program will be fully funded from the proceeds of the $10m private placement of flow-through shares announced by Stornoway on November 13, 2013 and which closed on December 3, 2013. Drilling will commence early in the second quarter and continue into the summer. The 2014 drill program will comprise tightly constrained, deep directional drilling from within the Renard 2 kimberlite body. This work will provide information on diamond content, geology, dilution, density and kimberlite geometry necessary for resource conversion. 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 aggressive exploration of Renard 2 below 800m to a depth of 1000m or greater through deep, wild-cat drilling. In addition, Stornoway will review, and drill if warranted, four additional kimberlites at Renard, which are not contained within the current Mineral Resource at Renard and which have had limited previous assessment.

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. Matt Manson, Stornoway’s President and CEO, commented: “Stornoway’s principal focus is the timely completion of mine project financing, for which discussions are active and ongoing. Project construction is expected to commence upon the completion of this financing process. As a separate and on-going priority, the 2014 drill program allows us to continue the process of resource growth at Renard through the period of project construction. This project represents one of the most important new sources of large, high value diamonds in the world, with extensive resource upside outside of the current Mineral Reserve. Between 25.7 to 47.8 mCarats have been designated a “Target for Further Exploration” at Renard on top of the existing 27.1 mCarats of Indicated Resource and 16.5 mCarats of Inferred Resource. Our January 2013 Optimization Study describes an 11 year mining project based on a 17.9 mCarat Mineral Reserve drawn solely from the Indicated Resource in Renard’s 2, 3 and 4. In 2013 we were successful in converting a large portion of the Renard 65 kimberlite into an Indicated Resource for its inclusion in the mine plan, following a bulk sample program in 2012. Now, the opening of the Renard Mine Road allows us to transport to site the larger drill rigs required to test the resource potential of the Renard 2 kimberlite at depth, which at the current drilling is twice as large than at surface, with a higher diamond content than at surface, and open to depth.”

 

Source

Stornoway Diamond Corporation

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