Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
A total of US$6.4 million obtained Lucara Diamond Corp. (TSX:LUC,BOTS:LUC,First North:LUC) for the sale rough diamonds at its second tender of gems recovered from the Mothae mine in Lesotho. The company reported that all 28 lots offered received multiple bids with 7,190 carats garnering an average price of $893 per carat.
”The results of this sale re-confirm the presence of a population of large, top quality diamonds within the Mothae kimberlite and demonstrate that these stones can be recovered with a regularity which greatly enhances the economic potential of the project,” said William Lamb, Lucara’s chief executive.
Lamb added that the company is particularly pleased with the enthusiastic market response to Mothae production, which, according to the executive, suggests that they “can always expect strong demand for our type of diamonds regardless of market conditions.”
The three stones with the highest per carat value, all Type IIa, were a 28.89 carat diamond which sold for $1.6 million ($57,113/ct, a record for Mothae), a 56.51 carat diamond which sold for $2.1 million ($37,019/ct), and a 19.20 carat diamond which sold for $490,000 ($25,520/ct). These prices signify the exceptional quality and size of the stones that are regularly recovered from Mothae.
The trial mining program at Mothae is expected to be completed in the third quarter of 2012. A total of 720,000 tonnes of kimberlite is scheduled to be processed of which 430,000 tonnes has been processed to date.
