London-listed Gem Diamonds has seen significant increases in resources and reserves at its 70%-owned Letšeng diamond mine in Lesotho as a result of recent infill drilling programmes, improved estimation techniques and detailed geological studies.
The Letšeng Indicated Resource category has been extended in depth from approximately 100 m beneath the current pit bottoms to a new depth classification of approximately 350 m below the current mine pits on both Satellite and Main pipe orebodies.
“This increase in the Indicated Resource base is a result of improved confidence in the Resource through infill drilling programmes, improved estimation techniques and detailed geological studies,” Gem Diamonds said in a statement.
This extension has not only resulted in a significant increase in the Indicated Resource tonnage and contained carats but has also allowed for a significant increase in the Letšeng Probable Reserves, with the entire 22 year Life of Mine Plan now classified as Reserve.
“The average diamond price for the Letšeng probable reserves has also improved by 19% to $2 045/ct, from a previous average of $1 715/ct. The higher average reserve price reflects increased market pricing and improved recovery of large, high-value Type II stones,” said Gem Diamonds.
Gem Diamonds reveals 132% indicated resource base increase at Letšeng
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