Vancouver – Vaaldiam Resources’ (VAA-T, VAAFF-O) Pimenta Bueno joint venture partner Rio Tinto (RTP-N) has committed to funding the second year of exploration on the diamond project.
Rio Tinto spent US$4.94 million in its first year program on the project, located in the State of Rondonia in western Brazil, and has raised the tally of kimberlite pipes discovered to 34. Twenty four of the known pipes occur in a large cluster and 15 of the 34 pipes have proven out as diamondiferous.
Mini-bulk sampling of the 2.5-hectare Cosmos 1 pipe resulted in the recovery of 117 macro diamonds (greater than 0.85 mm) weighing a total of 2.45 carats from 62.2 dry tonnes of processed kimberlite. The largest stones weighed 0.14 and 0.12 carats respectively. The sample was extracted by a large diameter reverse circulation drill program and processed by dense media separation.
Another mini-bulk sample, from the 12-hectare Cosmos 3 pipe, returned just 16 macro diamonds weighing a total of 0.28 carats from 56.5 dry tonnes of kimberlite. Meanwhile from the Pepper 4 pipe, a 32.6 dry tonne kimberlite sample yielded 25 macro-sized stones totaling 0.42 carats in weight.
Shares of Vaaldiam fell three pennies to close at 82 apiece, on modest volume of 73,000, following the diamond recovery report. With its 81.4 million shares outstanding, the company posts a $67-million market capitalization.
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