TSX-V/OTC-QX listed Diamcor Mining is preparing diamond inventory for its largest tender to date, with approximately 6 800 carats of rough diamonds recovered from its Krone-Endora at Venetia project in South Africa.
Rough diamonds in this initial tender of the company’s third fiscal quarter ending 31 December 2015 will consist of approximately 2 800 carats of rough diamonds from material recovered and processed from the beginning of October to the 25th of the month.
This is along with ~4 000 carats of rough diamonds which the company previously announced were held as rough diamond inventory as of 30 September 2015.
Rough diamonds being offered for the planned tender will include certain higher value rough diamonds which Diamcor withdrew from the previous tender, namely eight individual 2-3 carat rough diamonds, as well as one 10.93 carat “special” (+10.8 carat rough diamonds), and four additional individual “specials” ranging in size between ~11.72 carats and ~18.05 carats.
Rough diamonds being tendered are the result of the continued processing of material in the +1.0 mm to -26 mm size fractions, along with limited processing of material from various larger size fractions during the period.
The recovery of all rough diamonds to date are incidental to the on-going commissioning and testing exercises performed at the project.
In February 2011, Diamcor acquired the Krone-Endora at Venetia project from De Beers Consolidated Mines, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5 888 ha directly adjacent to De Beers’ flagship Venetia diamond mine.
On 11 September 2014 Diamcor announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia project encompassing 657.71 ha of the project’s total area.
The company has also submitted an application for a mining right over the remaining areas of the project.
The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “alluvial” basal deposit which is covered by a lower-grade upper “eluvial” deposit.
The deposits on Krone-Endora occur in two layers with an average total depth of less than 15 m from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source.