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Stornoway Diamond Corporation

Publié le 29 janvier 2008

Reports Diamond Content of 162 Cpht from 20.6 Tonne Aviat Sample

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January 29, 2008

STORNOWAY REPORTS DIAMOND CONTENT OF 162 CPHT FROM 20.6 TONNE AVIAT SAMPLE
Potentially large diamond resource identified at AV267

Stornoway Diamond Corporation (TSX-SWY) and Hunter Exploration Group are pleased to report a diamond content of 162 carats per hundred tonnes (cpht) from Dense Media Separation (DMS) processing of 20.6 dry tonnes from the AV2 kimberlite (interpreted as an outcrop exposure of the larger AV267 sheet) at the Aviat Project, located on the Melville Peninsula in eastern Nunavut, Canada. AV267 is one of eleven significantly diamondiferous kimberlites identified at the 2.2 million acre project.� The recovery of a 3.64 carat gem quality stone from initial processing of this sample was previously reported on January 21, 2008.

Stornoway's CEO Eira Thomas stated: "AV267 has returned the highest diamond recoveries and coarsest diamond distribution from Aviat to date. This result, combined with initial tonnage estimates from previous work, points to a large potential diamond resource. The recovery of a 3.64 carat gem (see picture at http://www.stornowaydiamonds.com/av2_outcrop_3_003.jpg) further supports the possibility of commercial diamond values.� We are very encouraged by these new developments and are now in position to move forward with a conceptual resource study and a larger bulk sample."

Dense Media Separation (DMS) processing of 20.6 tonnes (dry) of kimberlite collected in three subsamples from surface expressions of the AV267 kimberlite returned a total of 33.36 carats of diamonds, indicating a diamond content of 162 cpht for stones retained on a 0.85mm square mesh screen. The 3.64 ct gem quality white dodecahedron recovered from this work is the largest stone from the Aviat Project to date.

Sample

Dry Weight (tonnes)

No. Stones >0.85mm

Carats 1

Diamond Content2 (cpht)3

Largest Diamonds (carats)

2007 AV267

20.6

978

33.359

162

3.64, 0.551, 0.525


1 Represents stones retained on a +0.85mm square mesh screen

2 The estimated diamond content, expressed as carats per hundred tonnes, may not be representative of the overall diamond content of the body due to a number of factors, including location and size of the samples

3 Carats per hundred tonnes

 

 

 

 

As currently identified, the AV267 sheet outcrops at surface in at least three locations, which in the past were referred to as the AV2 Lower, AV6 and AV7 exposures. The 20.6 tonne sample of AV267 reported above was collected in close proximity to the original AV2 Lower site.� Historical DMS processing of small tonnage samples collected from each of those three separate outcrop sites returned a composite 5.44 carats of diamonds from 6.66 dry tonnes, for an average diamond content of 82 cpht, as shown individually by disclosure date below:

Disclosure Date

Sample Type

Dry Weight (tonnes)

Carats1

Diamond Content2 (cpht)3

Largest Diamond (carats)

11-Jan-07

AV2 Lower

2.19

1.58

72

0.19

11-Jul-06

AV7

2.32

1.78

77

0.19

21-Jun-06

AV6

2.15

2.08

97

0.1

 

 

 

 

 

 

1 Represents stones retained on a +0.85mm square mesh screen

2 The estimated diamond content, expressed as carats per hundred tonnes, may not be representative of the overall diamond content of the body due to a number of factors, including location and size of the samples

3 Carats per hundred tonnes

 

 

 

 

AV267 is one of seven separate kimberlite sheets intersected over an area measuring about 1.5 by 3.5 km within the Eastern Sheet Complex, part of the Tremblay Corridor. These shallowly dipping (8 to 20 degrees), macrocrystic, hypabyssal kimberlite sheets with associated zones of kimberlite breccia are thought to be part of a sequence of layered, horizontally stacked sheets separated by vertical distances of 10 to 30m. The Company is investigating the hypothesis that the eastern kimberlites represent occurrences of a single system of stacked kimberlite sheets underlying the entire 1.5 by 3.5 kilometer area. One such sheet alone would represent a substantial potential tonnage of diamondiferous material. Additional drilling is required to properly test this conceptual model.

Drilling to date has intersected AV267 over approximately 2km of strike length and up to 500m down dip. True thickness averages about 3m, with most intersections ranging from 2.5 to 4.0m. At the present time the sheet is thought to thicken from northeast to southwest, achieving widths of up to 7m. Three roughly rectangular and contiguous 'blocks' of kimberlite within the AV267 sheet have been tested with an irregular drill pattern. The first block (9 holes in kimberlite) tested a strike length of about 900m and a down dip extension of about 350m, and represents a body striking at 100 degrees and dipping about 8 degrees to the southwest. The second block (12 holes in kimberlite) has a strike of 800m and a down dip extension of about 500m. This block strikes at 065 degrees and dips 8-10 degrees to the southeast. Both of these 'blocks' are open down dip. To the east, a third block of kimberlite (contiguous with the other two, and with a 065 degree strike and 8-10 degree southeast dip) has been intersected over a strike length 800m and a down dip extension of 400m.� Drilling in this area suggests the sheet pinches out both along strike and down dip.

Individual core intersections from the 2007 drill program on the AV267 kimberlite totalling 358.7 kg were submitted for caustic dissolution and returned coarse diamond counts that match well with the 20.6 tonne sample reported above. Caustic dissolution results are reported below:

Dry Wt (kg) NUMBER OF DIAMONDS PER SIEVE SIZE (MM SQUARE MESH SIEVE) Total Stones
0.106 to 0.150 0.150 to 0.212 0.212 to 0.300 0.300 to 0.425 0.425 to 0.600 0.600 to 0.850 0.850 to 1.18 1.18 to 1.70 1.70 to 2.36 2.36 to 3.35
358.7 143 127 98 70 42 18 8 10 0 2 518

The 2.2 million acre Aviat Project is located in eastern Nunavut on the Melville Peninsula and is a joint venture between Stornoway (74.8%), BHP Billiton (15.2%) and Hunter Exploration Group (10%).�

Stornoway Diamond Corporation is one of Canada's leading diamond exploration and development companies, involved in the discovery of over 150 kimberlites in six Canadian diamond districts. The Company benefits from a diversified diamond property portfolio, a strong financial platform and management and technical teams with experience in each segment of the diamond "pipeline" from exploration to marketing. Diamond results reported above are based on work completed by Microlithics Laboratories, Thunder Bay, Ontario, an independent mineral process laboratory currently providing services exclusively to Stornoway and its affiliates. The 20.6 tonne sample was processed through a 1.5 tph DMS plant designed to recover stones retained on a 0.85mm square mesh sieve. Kimberlite was prepared through a primary jaw crusher, with -10 mm material fed directly into the DMS.  All +10 mm material was subsequently reduced through secondary cone crushing. DMS concentrates were submitted for caustic fusion and the residues hand sorted to extract diamonds.  As part of Stornoway's ongoing QA/QC programs, DMS tails, concentrate residues and other materials are subject to audit.  Any significant changes to recovered diamond grades will be reported when available.  Stornoway's diamond exploration programs are conducted under the direction of Robin Hopkins P.Geol. (NT/NU), Vice President, Exploration, a Qualified Person under NI 43-101.

On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Eira Thomas"
Eira Thomas
Chief Executive Officer

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Stornoway Diamond Corporation

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CODE : SWY.TO
ISIN : CA86222Q8065
CUSIP : 86222Q806
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Stornoway Diamond est une société d’exploration minière d'or et de cuivre basée au Canada.

Stornoway Diamond est en développement de projets d'or, de cuivre, de diamants et de nickel au Canada, et détient divers projets d'exploration au Botswana et au Canada.

Son principal projet en développement est RENARD (FOXTROT) au Canada et ses principaux projets en exploration sont RAVEN, CHURCHILL, KINGORA, LDG, DARING LAKE, JEWEL, STARFISH, WALES ISLAND, SCEPTRE AND TIARA, HAMMER, QILALUGAQ, PORTAGE MINE, MELVILLE PENIN. et MELVILLE PENINSULA (AVIAT PROJECT) au Canada.

Stornoway Diamond est cotée au Canada. Sa capitalisation boursière aujourd'hui est 16,6 millions CA$ (12,6 millions US$, 11,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 14 mai 2004 à 9,80 CA$, et son plus bas niveau récent le 06 septembre 2019 à 0,01 CA$.

Stornoway Diamond possède 828 659 968 actions en circulation.

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