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Five Star Diamonds: New Kimberlite Discoveries at Catalao Diamond Project
TORONTO, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Five Star Diamonds Limited (TSX-V:STAR) Five Star Diamonds Limited (“Five Star” or the “Company”) is pleased to anno
About this update from Trinity One Metals Ltd.
[{"type":"text","content":" TORONTO, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Five Star Diamonds Limited (TSX-V:STAR) Five Star Diamonds Limited (“Five Star” or the “Company”) is pleased to announce very promising results from the ongoing diamond drilling programme at the Catalao project. CATALAO DIAMOND PROJECT The Catalao Diamond project is located in Goias State, Brazil and contains an indicated mineral resource of 517,000 tonnes grading 23.5 cpht and additional inferred mineral resources of 7.76 Mt grading 26.7 cpht, both estimated based on a US$ 200/ct average carat value. The actual project resources were distributed in three kimberlite pipes named CAT-01A, CAT-01B and CAT-01C (together “CATs-01ABC”). The indicated resources represent the upper oxide zone of the three pipes and the inferred resources are related to the fresh material (Catalão Diamond Project – NI 43-101 Technical Report dated 9 February 2017 and prepared by S.Hutchin). As previously announced, the Company has acquired the majority of the equipment to commence mining at the oxide zone. A Dense Media Separator plant (“DMS plant”) and major equipment is already on site. The construction of the DMS plant is expected to take 6-8 months from receipt of final funding with production of the oxide material from CATs-01ABC to commence shortly thereafter. The decision to bring the Catalao mine in to production, specifically CATs-01ABC, is not based on a feasibility study establishing mineral reserves demonstrating economic and technical viability and thus may increase uncertainty and specific risks of failure associated with this production decision. In early August 2018, Five Star started a diamond drilling programme to test new exploration targets which were selected based on the results of a detailed ground magnetic survey and a shallow auger drilling programme previously developed by the Company since exploration activities started in 2015. From early August to date, the Company has concluded 14 exploration drill holes for a total of 948.65 linear-meters. All drill holes are using an HQ (63.5mm) diameter and have been drilled vertically or inclined at 60 degrees. The ongoing drilling programme is being conducted by a major Brazilian drilling company and Five Star has an additional budget to drill another 2,500 linear-meters this year. The actual exploration drilling&nb...