Stellar Diamonds plc (LSE:STEL) announced it has begun drilling at its Tongo diamond project in eastern Sierra Leone.
As quoted in the press release:
- Objective of doubling existing 660,000 carat inferred diamond resource
- Up to 3,000m of drilling to be undertaken with 10 holes planned
- Drilling of 0.6km un-drilled section of 2.5km long dyke and to 300m depth for whole resource
- CAE Mining Africa appointed as independent technical consultants to compile an updated resource statement
Stellar’s Chief Executive, Karl Smithson said:
We are firmly focused on significantly expanding the resource at Tongo, which has shown exciting potential to date. This drilling and evaluation programme is designed to double Tongo’s existing inferred diamond resource to over 1.2 million carats. The previously announced resource has a grade of 120cpht and a modelled diamond value of between $225 and $270 per carat, demonstrating the strength on Tongo within the Stellar portfolio.