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Diamcor sells first large gem-quality diamond

24th October 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The coffers of TSX-V-listed Diamcor Mining, which was progressing with testing and commissioning exercises at its Krone-Endora at Venetia project, in South Africa’s Limpopo province, on Thursday stood swelled from the sale of its first large gem-quality diamond, which sold for $817 920 at a recent auction.

Diamcor said the 91.71 ct octahedron diamond, the first sold in the +50 ct category since the company started processing larger-sized ores, sold for $8 917.58/ct, and was part of a total tender of 2 654.63 ct of rough diamonds, that sold for total proceeds of $1.15-million, or $431.55/ct.

The majority of the rough diamonds sold were recovered in conjunction with ongoing testing and commissioning exercises on the lower-grade upper zone material in the +1.2 mm to -12 mm size fractions.

Despite the fact the lower-grade upper zone material was expected to produce lower value and smaller size stones, the value per carat achieved from selling these diamonds exceeded the company's expectations.

The remaining diamonds, including the 91.71 ct stone, came from the limited processing of material in the +12 mm to -26 mm size fractions.

To date, the company had tendered and sold a total of 14 110.48 ct, for total proceeds of $2.93-million, or on average $207.51/ct from the ongoing commissioning and testing exercises being performed at the project.

Diamcor noted that these testing recoveries and sales, did not form part of the initial National Instrument 43-101 technical report the company filed in July 2009.

The project is located directly next to De Beers’ flagship Venetia mine and its deposits had been identified as occurring as a result of the direct shift and erosion of an estimated one vertical kilometre of material from the higher adjacent grounds of the Venetia kimberlite pipes.

Edited by Creamer Media Reporter

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