Diamond Fundamentals
The Timiskaming diamond project consists of 3,865 hectares of non-contiguous mineral claims in the Cobalt-New Liskeard-Elk Lake-Notre Dame du Nord (Ville Marie) region of northeastern Ontario and northwestern Quebec. Between 1995 and 2012, Stornoway and its predecessor companies conducted comprehensive diamond exploration programs within the project area resulting in the discovery of nine kimberlites.
Six pipes have proven diamondiferous, including the 95-2 pipe which, in a mini-bulk sampling program conducted between 2003 and 2004, was shown to possess a commercial population of high-quality diamonds at marginally sub-economic grades. In contrast to diamond projects which are in remote, undeveloped portions of Canada, the Timiskaming Diamond Project is located in an established historical mining area that offers existing mine-related infrastructure and support. Stornoway believes the deposit has the potential to be economic at some point in the near future if rough diamond prices continue to increase as predicted.
Six of the nine kimberlites discovered (95-1, 96-1, SC-118, KL-01, KL-22, and Baby) and some untested geophysical targets are subject to an option agreement with North Arrow Minerals Inc. announced on March 14, 2013. Under the agreement, North Arrow will have the option to earn an 80% interest in the Timiskaming diamond project by completing an option work program that includes testing three separate geophysical targets, each with at least one diamond drill hole. The option work program must be commenced by January 2015 and completed by January 2016.
Surficial sediment sampling and geophysical data from the Timiskaming diamond project suggest additional undiscovered kimberlites may be located within the project area.
| Mar 14, 2013 Stornoway Options Non-Core Exploration Projects Stornoway Diamond Corporation (TSX-SWY) is pleased to report that it has entered into option agreements with 0954506 B.C. Ltd. (the “Optionee”), a private company controlled by Ms. Eira Thomas, for... |
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| May 14, 2007 STORNOWAY PROVIDES EXPLORATION UPDATE On Schedule For First Renard Diamond Results In Q2 Stornoway Diamond Corporation (TSX-SWY) is pleased to provide an update on its extensive portfolio of diamond exploration and development properties. Stornoway's Board of Directors has approved an ... |
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