Junior Archangel Diamond (VSE) is encouraged by final results from the discovery hole on pipe 441 at the Verkhotina diamond project in northwestern Russia.
Thirty-one macrodiamonds and 152 micros were recovered from 85.41 kg of core material. Six of the macros measure 1-2 mm in at least one dimension, and one of the diamonds measures 2-4 mm. The results include a previously reported 10.03-kg sample, which yielded 8 macros and 34 micros.
The stones total 0.075 carat in weight, giving a preliminary grade of 0.88 carat per tonne. The diamonds are mostly colorless and octahedral.
The 441 kimberlite was intersected from a drill core depth of 69-105 metres, before the program was shut down as a result of drilling problems. Most of the kimberlite material is of the crater facies.
Archangel holds a 40% interest in the Verkhotina joint venture and is responsible for funding the project through to the feasibility study stage. The state entity Arkhangelskgeologia holds a half interest, and a private company holds the remainder.
The joint venture is proceeding with a 10-tonne mini-bulk sample on the 441 pipe and intends to begin drill testing the 10 geophysical anomalies that are in the vicinity of the newly discovered pipe.
Archangel has agreed to a brokered private placement of 1.4 million common shares at a price of $1.90 per share. The proceeds will be used for continued exploration and development of its Russian joint ventures.
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