Vancouver – Brazilian diamond developer Vaaldiam Resources (VAA-V) is getting geared up for alluvial production from its Duas Barras project, located 150 km north of Diamantina in Minas Gerais State.
With plant construction complete, processing of a 3,000 cubic metre bulk sample will proceed, designed to test diamond grade and value.
The alluvial processing plant, with a 40-cubic-metre-per-hour capacity, consists of a primary feed and screening circuit followed by a series of jigs to concentrate heavy minerals. A gold-bearing fraction will be routed to a gold circuit, producing a concentrate. Diamond bearing concentrates will be processed over a grease table for final recoveries.
The company also recently completed a topographic survey over the deposit area and is continuing drilling to delineate pay-gravels enroute to a resource estimate.
Vaaldiam is earning a 70% interest in Duas Barras from Brazilian partner Minerao Marly by paying US$150,000 and providing US$1.5 million for project development. The 7,000 hectare project covers about 5 km of the Jequitinhonha River, along which a number of both larger-scale alluvial operations and garimpeiros are active.
The planned bulk sample will test previous reported grades of 0.26 carat per cubic metre. In 2002, Minerao Marly reported diamond recoveries of over 1,100 carats from about 4,300 cubic metres of gravels, with the stones selling for an average of US$222 per carat. A small amount of coarse, free gold was also recovered in the bulk sample.
In addition to the alluvial diamond property, Vaaldiam is advancing its Pimenta Bueno project, in Rondonia State, where joint venture partner Rio Tinto (RTP-N) is spending US$12.5 million to earn 51% interest. Pimenta Bueno hosts a number of diamondiferous kimberlites in a cluster of at least 33 pipes.
Vaaldiam posts a market capitalization $48 million based on its 60 million shares outstanding and recent trading level of 80 per share.
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