Vancouver – Mini-bulk sampling on Kensington Resources’ (KRT-V) Fort la Corne joint venture in central Saskatchewan has yielded a 10.5-carat clear and colourless diamond.
In addition to the large, high-quality stone, five other macrodiamonds were recovered from sampling of kimberlite 140-141, including a 1.3-carat stone.
Material extracted was part of the 2004 evaluation program and is being processed by project operator and partner De Beers at its Johannesburg diamond laboratory. The large stone is undergoing formal valuation.
The sampling program consisted of five large-diameter drill holes targeting the upper section of kimberlite breccia beds within the southern, higher-grade portion of pipe 140-141. Recovered stones will be used in grade forecasts and provide some preliminary valuations.
Kimberlite 140-141 is showing indications of a significant large stone population, which can benefit potential economics.
The 22,500-hectare Fort la Corne joint venture is owned 42.245% by Kensington Resources, 42.245% by De Beers Canada, 5.51% by Cameco (CCO-T) and a 10% carried interest is held by UEM (whose North American assets are equally held by Cameco and Cogema). The project is adjacent to and northwest of Shore Gold’s (SGF-T) Star kimberlite.
The joint venture has budgeted $25.6 million for its 2005 advanced exploration and evaluation program. The accelerated plan foresees a pre-feasibility decision in 2008.
Kensington shares jumped about 24% on news of the recovery, touching a nine-year high of $4.06 per share, before closing at $3.19 on volume of over 5.4 million shares.
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