SASKATOON, SK,
Sept. 5,
2024 /CNW/ - Star Diamond Corporation ("Star
Diamond" or the "Company") is pleased to announce that the
Technical Report documenting the Revised Mineral Resources Estimate
(see News Release dated July 24,
2024) for the Star – Orion South Diamond Project (the
"Project") has been filed on SEDAR+
(www.sedarplus.ca). This Technical Report has also
been posted on the Star Diamond website: Technical Report
2024.
The scientific and technical information contained in this press
release has been prepared and verified by A.C.A. Howe International
Limited ("Howe"), under the supervision of Mr. Daniel C.
Leroux, M.Sc., P. Geo. and the Mineral Resource estimation
methodology under the supervision of Peter
Ravenscroft, FAusIMM, of Ravenscroft Mining Advisors, an
independent mining consultant, and a Qualified Person ("QP") within
the meaning of National Instrument 43-101 – Standards of Disclosure
for Mineral Projects ("NI 43-101") of the Canadian Securities
Administrators. This Revised Mineral Resources estimate uses
diamond industry standard methods which are rigorously applied to
the Star and Orion South evaluation data, acknowledging the
significant control that fundamental kimberlite geology has on the
distribution of diamonds within these deposits.
The Revised Mineral Resources estimate will now be incorporated
into a re-optimized open pit mine plan for the Project, which will
include a re-evaluation of Mineral Reserves and an economic
assessment based thereon. It is anticipated this work will be
completed during 2024-25 and will result in an updated
Pre-feasibility Study including a revised statement of Mineral
Reserves for the Project, if warranted, and an economic assessment
based thereon. Accordingly, the Mineral Resources and economic
assessment previously disclosed by Star Diamond for the Project
should no longer be relied upon.
All technical information in this press release has been
prepared under the supervision of George
Read, Senior Vice President Corporate Development, a
registered Professional Geoscientist in the Provinces of
Saskatchewan and British Columbia and Mark Shimell, Vice President Exploration, a
registered Professional Geoscientist in the Provinces of
Saskatchewan and Alberta, who are Star Diamond's QP's under the
definition of NI 43-101.
About Star Diamond Corporation
Star Diamond is a Canadian-based corporation engaged in the
acquisition, exploration and development of mineral properties.
Shares of Star Diamond trade on the Toronto Stock Exchange under
the trading symbol "DIAM". Star Diamond's most
significant asset is its 100% interest in the Fort à la Corne
Project in central Saskatchewan. These kimberlites are
located in close proximity to established infrastructure, including
paved highways and the electrical power grid, which provide
significant advantages for future mine development.
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Caution Regarding Forward-looking Statements
This press release contains "forward-looking statements" and/or
"forward-looking information" (collectively, "forward-looking
statements") within the meaning of applicable securities
legislation. All statements, other than statements of historical
fact, are forward-looking statements. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "believe", "expect", "plan", "intend", "forecast",
"target", "project", "guidance", "may", "will", "should", "could",
"estimate", "predict" or similar words suggesting future outcomes
or language suggesting an outlook. In particular, statements
regarding Star Diamond's future operations, future exploration and
development activities or other development plans constitute
forward-looking statements. By their nature, statements referring
to mineral reserves or mineral resources constitute forward-looking
statements.
Forward-looking statements in this press release include but are
not limited to statements with respect to the Revised Mineral
Resources Estimate; improvement in the Mineral Resource estimate;
the re-optimization of the Star and Orion South open pits; the
publication of the Technical Report; and the aim of the Company to
undertake a PFS and Feasibility Study and
timelines.
These forward-looking statements are based on Star Diamond's
current beliefs as well as assumptions made by and information
currently available to Star Diamond and involve inherent risks and
uncertainties, both general and specific. Risks exist that
forward-looking statements will not be achieved due to a number of
factors including, but not limited to, developments in world
diamond markets, changes in diamond prices, risks relating to
fluctuations in the Canadian dollar and other currencies relative
to the US dollar, changes in exploration, development or mining
plans due to exploration results and changing budget priorities of
Star Diamond, the impact of changes in the laws and regulations
regulating mining exploration, development, closure, judicial or
regulatory judgments and legal proceedings, operational and
infrastructure risks and the additional risks described in Star
Diamond's most recently filed Annual Information Form, annual and
interim MDA.
SOURCE Star Diamond Corporation