DIAMOND PAGE — Archangel expands Russian Grip

Drill results have increased the size of the Grip kimberlite pipe in northwestern Russia for Archangel Diamond (AAD-V).

The program, designed to outline the limits of the 14-ha pipe, identified a wide root zone to a depth of 500 metres. Based on 68 holes, the pipe has grown to 98.4 million tonnes from 73 million tonnes. Also, the total number of carats has grown to more than 67 million from 51 million.

Meanwhile, a technical review by De Beers Consolidated Mines (DBRY-Q) found that the average grade dropped slightly to 69 from 70 carats per hundred tonnes, though the average value per carat increased by 10% to US$79 per carat.

In July, Archangel and its Russian partner, Arkhangelskgeoldobycha (AGD), agreed to form a partnership known as Almazny Bereg 2, whereby Archangel will hold a 40% interest; AGD, 50%; and investor group IBME, the remainder.

To date, Archangel has spent US$16.5 million on the property, including US$2 million in accrued payments.