TORONTO, ONTARIO--(Marketwired - July 25, 2017) - Five Star Diamonds Limited (TSX VENTURE:STAR) (the "Company" or "Five Star Diamonds") is very pleased to provide the following update on its 100% owned Jaibaras Diamond Project (the "Jaibaras Project" or "the Project") in Para State, Brazil.
Highlights
- Construction of the 0.5tph bulk sampling plant at Jaibaras is completed.
- A 20t bulk sampling has commenced on the J3 kimberlite target.
- On completion of bulk sampling at J3 kimberlite, the Company will process similar sized samples from J1, J2 and J4 kimberlite pipes. J5-J8 kimberlite pipes remain under assessment.
- The Company has two diamond core drilling rigs operating on the Jaibaras Diamond Project. Initial drilling results from the J1 and J2 kimberlite pipes are meeting the Company's expectations.
- A total of 34 diamond core drill holes have now been successfully completed on the J1 and J2 kimberlite pipe.
- Both drilling rigs are currently operating on the J2 kimberlite pipe and 14 holes have been completed.
JAIBARAS DIAMOND PROJECT, PARA STATE
The Company has commenced its bulk sampling and continues its drilling programme at the Jaibaras Diamond Project. The Company maintains two drilling rigs on site and has commenced a 20t bulk sampling on the J3 kimberlite target. Similar samples will be processed from the J1, J2 and J4 kimberlite pipes. A total of eight kimberlite pipes (J1-J8) have been identified and continue to remain under assessment and evaluation at Jaibaras. Previous mini bulk sampling of the J1 and J2 kimberlite pipes has already resulted in the recovery of gem quality macro diamonds from clay weathered kimberlite.
Construction of the 0.5tph bulk sampling plant is now completed and will commence processing a 20t sample from the J3 kimberlite pipe. The bulk sampling plant is a 0.5tph mobile wash and jig concentrate sampling plant which recovers diamonds above 1.5 mm in size. As observed from recently completed programmes the kimberlite pipes at Jaibaras occur on or very close to surface which allows the Company to quickly test the diamondiferous quality of the pipes. Initial results from the bulk sampling programme should be available in the coming month.
Bulk Sampling plant at Jaibaras
Diamond core drilling focusing on the J1 and J2 kimberlite pipes is well underway with 20 drill holes completed at the J1 kimberlite pipe and 14 drill holes completed at the J2 kimberlite pipe. Initial results are meeting the Company's expectations with a total of 1,064 meters completed to date.
The key objective of the drill programme is to cross cut the clay weathered zone and penetrate approximately five metres into the fresh rock. This has been successful to date and will allow the Company to delineate the lateral boundaries of the pipe and the vertical depth extent of the clay weathered zone. Once completed this will then provide the necessary data to conduct a tonnage estimation of the J1 & J2 clay weathered zones.
The 5tph Pilot Plant wash and rotary pan concentrate plant, used to complete the pilot programme at the Company's Catalao Diamond project, has been dismantled and is awaiting granting of the trial mining licence prior to mobilisation to the Jaibaras Project.
ABOUT FIVE STAR DIAMONDS
The Company is listed on the TSX Venture Exchange under the ticker symbol STAR.
The Company controls a dominant and highly enviable position in the Brazilian kimberlite diamond sector owning 23 diamond kimberlite projects comprising an aggregate of 72 exploration licences and applications across 123,667 hectares.
Five Star Diamonds is focused on acquiring and developing advanced staged diamond projects in Brazil. Since it was established, it has pursued an accelerated growth strategy and aims to be one of the first producers of diamonds from kimberlite deposits in Brazil. The Company is focused on the development of sustainable kimberlite pipes and is not involved in alluvial diamond mining with its associated environmental issues. The Company works closely with local, state and federal authorities in Brazil to foster an open, transparent and legal diamond industry in Brazil.
This release is an update by the Company on its 100% owned Jaibaras Diamond Project. The Company is also running active programmes across its 100% owned Catalao, Riacho, Verissimo and Caiapo Diamond Projects. It is expected that the company will be able to provide further updates over the coming months and we look forward to keeping shareholders informed of our progress as we move towards building a truly unique Brazilian Diamond Company.
Qualified Person
Mr Paulo Ilídio de Brito, BSc Geology
Mr. Paulo de Brito is a geologist based in Brazil, has over 30 years of experience in the mining industry, dealing primarily with gold, copper, nickel, iron, industrial minerals and more recently diamonds. Mr. Brito is a Principal of consulting group Brasgeo and was until recently Exploration Manager of Paringa Resources Limited. Previously, he worked as a senior geologist with WMC Resources Ltd for 18 years until the closure of their activities in Brazil in 2002.
The exploration activities and their related results included in this announcement were directly supervised and managed by Mr. Brito. According to Mr. Brito, all exploration work carried out to date on the Projects mentioned in this release follow clear mining industry standards.
Mr. Brito, is a member of AIG (Australian Institute of Geoscientists), a member of AusIMM (The Minerals Institute) and a Qualified Person as defined in National Instrument 43-101. Mr. Brito reviewed and approved the scientific and technical information contained in this press release.
